Doing Business in Nigeria

Doing Business in Nigeria: 2024 Enterprise Outlook

In 2023, Nigeria's business landscape grappled with formidable challenges and macroeconomic issues. Businesses and individuals faced rising costs, a scarcity of foreign exchange, and significant value erosion due to inflation.

OALP TAX PRACTICE QUARTERLY NEWSLETTER 2nd Quarter 2023

The second quarter of the year 2023 had an interesting start. It commenced with heightened curiosity as to what to expect after the general elections which ushered in a new government. Nigerians...

Taxation of International Shipping Companies in Nigeria: The Legal Regime

Following the issuance of a public notice by the Federal Inland Revenue Service(FIRS) to International Shipping Companies (ISCs) deriving income in Nigeria to regularize their tax compliance status, the FIRS recently issued...

CBN (Customer Due Diligence) Regulations 2023: Overview and Potential Implications

On 20 June 2023, the Central Bank of Nigeria (CBN) issued the CBN (Customer Due Diligence) Regulation 2023 (the CDD Regulations). This regulatory initiative is aimed at assisting financial institutions to comply...

The Petroleum Industry Act 2021 – Key Highlights

On August 16, 2021, the much awaited Petroleum Industry Act (PIA or the Act) 2021 was finally signed into law by President Muhammadu Buhari. It introduces various changes to...

FAQ on Fintech Acquisitions of Microfinance Banks

Due to the absence of a definitive regulatory framework on digital banking in Nigeria, Fintechs have devised alternative means for offering certain banking services. As Microfinance banks (MFBs) are permitted to offer...
Summary of OA Publications

Catch up with all our publications in the past year

The year 2020 turned out to be an unprecedented one in global business, and in order to help our clients stay up to date with the latest developments, and to be cognisant...
BOFIA 2020

The Banks and Other Financial Institutions Act 2020 and Impact on Fintech Companies in...

On 13 November 2020, the President of the Federal Republic of Nigeria signed the Banks and Other Financial Institution Act (2020) (BOFIA or the Act) into law. The Act repealed the extant BOFIA 1991 (as amended) and...
Netting Provisions

An Appraisal of Netting Provisions Under the Companies and Allied Matters ACT 2020

The new Companies and Allied Maters Act, 2020 (the Act or CAMA 2020), made significant amendments and introductions to the Nigerian companies’ laws, one of which is the provision for statutory enforcement of netting...
IMTS Guidelines

Guideline to the provision of International Money Transfer Services in Nigeria – Part A

The far-reaching effects of the ongoing COVID-19 pandemic on the global economy have been extensively discussed within the contexts of the technology, business, finance, and energy sectors, as no industry has been...