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.
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Blockchain Technology
Updates & Headlines
June 8, 2023
Highlights of the London Blockchain Conference from London
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.
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
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.
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.