From 1 March 2023, the National Identification Number (NIN) shall be the only acceptable mode of identification for all processes to be filed at the Corporate Affairs Commission (“CAC” or “the Commission”). Consequently, applicants shall be required to enter their NIN in the appropriate fields on the appropriate online-application form provided via the CAC portal.
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Corporate Law & Practice
Regulatory Compliance
Updates & Headlines
March 20, 2023
Regulatory Update: Mandatory use of National Identification Number (NIN) for applications to the CAC in Nigeria
Industry Insight
Regulatory Compliance
March 16, 2023
Digital Money Lending and Loan Sharks: Complying with the new registration requirements in Nigeria
In this piece, I discuss the investigations of digital money lenders or loan apps and the regulatory measures taken by relevant regulators to curb loan sharks. For both existing and intending digital money lenders, requirements of the FCCPC Framework and deadline for obtaining FCCPC’s approval are also discussed. In addition to other applicable regulatory requirements for digital money lenders in Nigeria, digital money lenders are strongly encouraged to comply—and timeously too—with the registration regime introduced by the FCCPC.
Regulatory Compliance
Startup Law
Startups
Technology Law
February 24, 2023
The Nigerian Startup Act 2022: Prospects for Startups in Nigeria and Potential Pitfalls
Gabriel Eze, Associate and Tobechukwu Ndunagu, Lead Associate Introduction According to Statista’s startup ecosystem index score, Nigeria is the second-leading country for startups after South Africa, with Lagos as one of the leading cities in Africa. By its February 2022.. Read more
Blockchain Technology
Regulatory Compliance
Technology Law
January 1, 2023
A Rundown of Crypto Regulations Around the World in 2022
Given the high rate of regulation in the preceding year, 2022 started on a promising note for the crypto industry, with a total market cap of $2.2 trillion on January 1. At the time of writing, global market cap is about $810 billion, representing a drop of over $1.3 trillion. This is huge. And this perhaps demonstrates why crypto regulation is vital. Consumer protection and investor safety must be safeguarded. Here’s a rundown of crypto regulations around the world in 2022.
Corporate Law & Practice
Industry Insight
Regulatory Compliance
Technology Law
September 28, 2022
International Businesses in the Digital Economy: Why Nigeria Adopted its Significant Economic Presence (SEP) Rules over OECD’s Corporate Tax Agreement
In this article, Jude Ayua briefly highlights and discusses the provisions of the OECD framework on base erosion, profit sharing, and taxation of international businesses in the digital economy, the three reasons why the FIRS rejected it, and the four steps FIRS has taken to ensure that Nigeria’s revenue is not hurt by its decision.
Industry Insight
Startup Law
Technology Law
September 24, 2022
What Digital Platforms and Intermediaries Should Know about NITDA’s Code of Practice for Nigeria’s Digital Space
In this article by Gabriel Eze, we consider part by part the provisions of NITDA’s draft Code of Practice for Interactive Service Computer Platforms and Digital Intermediaries (draft Code of Practice). looking at both sides of the coin as well as the edge.
Blockchain Technology
Technology Law
July 2, 2022
The Role of Centralized Crypto Exchanges in Sanitizing the Crypto Market: Lessons For Nigeria
According to the Chainalysis Crypto Crime Report 2022, about $8.6bn worth of cryptocurrency were laundered in 2021, which means a 30% increase from the 2020 report.
As we observed in the introductory paragraphs, KYC, AML/CFT controls are some of the effective ways centralized exchanges are combating fraud and other criminal activities like money laundering, terrorism financing, scams, ransomware, etc. To set up adequate rules and protocols, centralized exchanges often rely on the services of data analytics experts (including legal experts) to ensure that where and when necessary, there is due compliance with the law and relevant rules and regulations in operation within a given jurisdiction as well as international standards and practices.
Blockchain Technology
Startups
Technology Law
June 2, 2022
Crypto Lending: Using Cryptocurrency as Security for Fiat Loans and the Status of Cryptocurrency in Nigeria
Stephen Azubuike Introduction Beyond the mere promise to repay loans, prudent business entities and financial institutions generally rely on security in advancing loans to borrowers. The idea of security is the underlying assurance tied to something of value which flows.. Read more
Data Protection and Privacy
Tech Entrepreneurs
August 26, 2021
NITDA fines Sokoloan N10 Million for privacy invasion: Lessons for Businesses that Control Personal Data in Nigeria
by Gabriel Eze, Associate Privacy breaches by online lending platforms; the new normal that must be curbed? Data-privacy breaches by a number of online lending platforms in Nigeria appear to be the new normal that must be curbed… Read more
Startup Law
Startups
Tech Entrepreneurs
June 24, 2021
Incorporating your company in the US
Whether it is in Delaware, Wyoming, or other states in the US, incorporating a US company for your business is at your fingertips Many entrepreneurs and innovators, for various reasons, are increasingly looking to incorporate their companies in the US… Read more