Favour Uche, Associate On 29 August 2024, Nigeria’s Securities and Exchange Commission (SEC) announced the granting of “Approval-in-Principle” to two digital asset exchanges, Busha Digital Limited and Quidax Technologies Limited, under its Accelerated Regulatory Incubation Program (ARIP). The approval granted.. Read more
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Blockchain Technology
Policy & Regulations
Regulatory Compliance
September 2, 2024
Regulatory Update: SEC’s Approval-in-Principle for ARIP Applicants
Data Protection and Privacy
Policy & Regulations
Regulatory Compliance
August 31, 2024
NDPC’s ₦555.8 Million Fine against Fidelity Bank over Alleged Data Privacy Violation: Insights and Lessons
The Nigeria Data Protection Commission (NDPC) has reportedly fined Fidelity Bank the sum of ₦555.8 million for data-privacy violations. In this piece, Pamela Victor-Ibitamuno, associate at Infusion Lawyers, shares insights and lessons for data controllers and data processors.
Policy & Regulations
Startups
July 28, 2024
The National Council of Digital Innovation and Entrepreneurship: Imperatives for Nigeria’s Startup Ecosystem
Following the introduction of the Nigeria Startup Act 2022 (NSA), the National Council for Digital Innovation and Entrepreneurship (Council) was eventually inaugurated in April 2023. But the effective implementation of the NSA has been a major concern. In this article, Gabriel Eze, associate at Infusion Lawyers, considers the imperatives for Nigeria’s startup ecosystem.
Blockchain Technology
Policy & Regulations
Regulatory Compliance
April 9, 2024
A Comprehensive Guide on Digital Asset Exchanges in Nigeria: Registration and Operation under the Securities and Exchange Commission Rules
Favour Uche, Associate PDF version downloadable here. 1.0. Introduction The emerging virtual asset ecosystem, including cryptocurrencies and digital assets, has seen remarkable growth in adoption in Nigeria over the years, attracting regulatory attention. As the leading African country in.. Read more
Policy & Regulations
Regulatory Compliance
December 11, 2023
Disconnecting Switching Companies, PSSPs, Super Agents, and Others from NIBSS Instant Payment (NIP) Outward Transfer Platform
With immediate effect, Payment Solution Service Providers (PSSPs), Super Agents (SAs), Switching Companies (Switches), and others are to be disconnected from outward payments on the NIBSS Instant Payment (NIP) platform.
Policy & Regulations
Regulatory Compliance
August 3, 2023
Understanding the Nigeria Data Protection Act 2023: Obligations of Digital Platforms and Businesses
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.
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?