The objective of this article is to provide a general understanding of the NDPA, highlighting its provisions from five perspectives, namely constitutional, legal & regulatory, administrative, technical/organizational, and economic perspectives. I also point out the NDPA’s relationship with previous and other similar legislation. Finally, I outline obligations digital platforms and businesses must comply with in order to safely do business in Nigeria’s growing digital economy.
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Policy & Regulations
Regulatory Compliance
August 3, 2023
Understanding the Nigeria Data Protection Act 2023: Obligations of Digital Platforms and Businesses
Technology Law
July 22, 2023
How the Use of Emoji in Electronic Communication Can Lead to a Binding Contract
One of the trends in electronic communication in today’s world is the use of emoji. An emoji has been defined as “a digital image that is added to a message in electronic communication in order to express a particular idea or feeling.”
Industry Insight
Policy & Regulations
July 11, 2023
Bridging Gaps in eNaira Adoption in Nigeria
In this article, we consider how well the eNaira has fared, considering its adoption rate and related factors. Towards bridging the gaps we identify, we will briefly discuss four (4) major considerations that can boost eNaira adoption.
Blockchain Technology
Industry Insight
Policy & Regulations
June 30, 2023
Has the “cryptocurrency ban” in Nigeria been lifted?
Immediately after handover to President Bola Ahmed Tinubu on 29 May 2023, the news of a “cryptocurrency tax” in the country hit the public. This was not without its attendant breaking-news, eye-grabbing headlines.2 Understandably, many Nigerians appear to believe, albeit wrongly, that the Tinubu administration had introduced a “cryptocurrency tax” in Nigeria. This, as long as many saw it, signaled the acceptance of cryptocurrency by the Federal Government in Nigeria. Across the blogosphere, social media, and some traditional news channels, the news of how the Federal Government has finally lifted the “cryptocurrency ban” spread fast.3
The question is: Has the “cryptocurrency ban” in Nigeria been lifted?
Updates & Headlines
June 29, 2023
CBN fined by the Federal High Court for denying group access to information
The Central Bank of Nigeria (CBN) has been ordered by a Federal High Court sitting in Abuja FCT on Wednesday 14 June 2023 to pay Media Rights Agenda (MRA) the sum of N1 million as damages for the apex bank’s wrongful denial of access to information. Justice Donatus Uwaezuoke Okorowo of the Federal High Court delivered the judgment.
Blockchain Technology
Updates & Headlines
June 8, 2023
Highlights of the London Blockchain Conference from London
The London Blockchain Conference, the first of its kind, held in London at the Queen Elizabeth II Conference Centre, 31 May to 2 June, 2023. Infusion Lawyer’s Associate, Jude Ayua, shares major highlights of the conference.
Startups
Tech Entrepreneurs
June 7, 2023
Valuing African startups is different.
After 7 years of working with startups and venture capital in Africa, here are the 7 most effective valuation models I’ve found:
1) VC Method
Most commonly used. Calculates the expected return based on exit, terminal value, and discount rate.
Factors in Africa:
– High political risk
– Currency fluctuations
– Thin volume of comparable transactions
Valuations are lower than in developed markets.
Regulatory Compliance
June 7, 2023
Why digital money lenders should take advantage of FCCPC’s interim guidelines to obtain approval in Nigeria
The Federal Competition and Consumer Protection Commission (FCCPC) released a list of approved digital money lenders in Nigeria on 25 May 2023. Titled ‘The Status of Registration of Fintech/Digital Companies with FCCPC on the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022’, the list was published on FCCPC’s website.
In one of our previous updates, we reported that the FCCPC issued the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022 (the ‘Digital Lending Framework and Guidelines’). The purpose of this is to protect consumers from “loan sharks” in Nigeria’s digital lending space. This is by virtue of the FCCPC’s statutory duty to protect and promote the interest and welfare of consumers. One of the ways the FCCPC does this is by ensuring the adoption of measures that guarantee that goods and services are safe for intended use. And it is quite commendable to see the support Google has been giving to the FCCPC by ensuring that these “loan sharks” are taken off the Play Store.
Updates & Headlines
March 27, 2023
‘Law Practice as a Business’, a New Book by Stephen Azubuike, Partner at Infusion Lawyers
Background Law Practice as a Business, a new book on the business of making money in legal practice, has been released by Stephen Azubuike, Partner at Infusion Lawyers. Stephen has a natural inclination to share information with others. Combined with.. Read more
Data Protection and Privacy
Regulatory Compliance
Updates & Headlines
March 23, 2023
Regulatory Update: Nigeria Data Protection Bureau (NDPB) extends deadline for Data Compliance Audit Returns to 30 June 2023.
The deadline for filing the Data Compliance Audit Returns for the year ended 2022 in Nigeria has been extended to 30 June 2023 by the Nigeria Data Protection Bureau (the “NDPB”). This means Data Controllers and Data Processors who have not filed their returns before the regular and statutory deadline of 15 March of every year now have ample time to do so.