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.
More
Сhoose
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?
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.
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.
Industry Insight
Regulatory Compliance
Startups
Tech Entrepreneurs
June 4, 2021
Crowdfunding portals and digital commodities investment platforms in Nigeria: Before crowdfunding is crowded out
by Senator Ihenyen, Lead Partner Download the PDF version here. Introduction Crowdfunding today is no longer charity. It is serious business. And the ever-growing digital economy has been a big part of this. New business models as well as.. Read more
Blockchain Technology
Industry Insight
Regulatory Compliance
Technology Law
August 6, 2020
Deal or no deal, cryptocurrency transactions remain legal in Nigeria and environs.
In the inaugural edition of Blockchain Street, we considered whether blockchain technology—a decentralized ledger technology which has been described as a ‘trustless technology’—can really solve the problem of trust in a centralized world. In the month of July, we consider the.. Read more
Blockchain Technology
Industry Insight
Technology Law
June 5, 2020
Blockchain Technology: Can it really solve the problem of trust in a centralized world?
Introducing Blockchain Street, a monthly walk into an emerging decentralized economy powered by the blockchain. In this month’s Blockchain Street, we consider whether blockchain technology—a decentralized ledger technology which has been described as a ‘trustless technology’—can really solve the problem.. Read more
Blockchain Technology
Industry Insight
Updates & Headlines
May 6, 2020
Infusion Lawyers: Exclusive Contributor (Nigeria) to the Comparative Guide to Blockchain 2020
We are delighted to be exclusive contributor (Nigeria) to the Comparative Guide to Blockchain 2020. The Comparative Guide to Blockchain 2020 provides an overview of some of the key points of law and practice in blockchain. It allows readers to.. Read more
Data Protection and Privacy
Industry Insight
Technology Law
July 15, 2019
Nigeria: New regulation demonstrates a serious approach to data protection
This is a fresh piece published by DataGuidance by OneTrust. It is written by our Lead Partner Senator Iyere Ihenyen who is Nigeria’s expert contributor to DataGuidance by OneTrust. Excerpt “On 25 January 2019, the National Information Technology Development Agency.. Read more