OALP Finance and Capital Markets Wrap-up 2023 and 2024 Outlook

The banking and capital markets segments of the financial services sector witnessed significant changes in 2023 with a number of participants in both segments adopting new strategies to remain afloat given the...

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...

Foreign Exchange Rate Convergence in Nigeria

Following an announcement by President Bola Ahmed Tinubu on his administration’s plan to unify the different foreign exchange market rates, the Central Bank of Nigeria (CBN), in its Press Release issued on...

Banking and Capital Market 2022 Wrap-Up / 2023 Outlook

The financial services sector (with the banking and capital market segments being the larger slice) of the Nigerian economy, which is a key contributor to the Gross Domestic Product (GDP), witnessed significant...
BOFIA-GB

The Banks and other Financial Institutions Act 2020 – Spotlight on Notable Provisions

On 13 November 2020, the President of the Federal Republic of Nigeria assented to the Bill to repeal the almost three-decade old Banks and Other Financial Institutions...
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...
SEC Statements on Digital Assets

Securities and Exchange Commission’s Statement on Digital Assets

Previously, digital assets such as cryptocurrencies and tokens were unregulated in Nigeria, with regulators taking a cautious approach, and urging the public to tread carefully when investing in such assets.
CBN Guide

CBN Guidelines on Global Standing Instruction for Individuals

As part of the regulatory strides to reduce the vast non-performing loans (NPLs) in the Nigerian banking system, the Central Bank of Nigeria (CBN) on 13 July 2020, published the Operational Guidelines...
NSE

Nigerian Stock Exchange Proposed Rules for Broker to Fintech Collaborations

The Nigerian Stock Exchange (NSE or the Exchange) recently released its Exposure Draft of the Proposed Rules for Broker to Fintech Collaborations (BFC or Collaboration) (the Proposed Rules). The Proposed Rules seek to regulate any business...
NAICOM

NAICOM Issues Circular on Segmentation of Minimum Paid up Share Capital Requirement

Following circulars released in May and December of 2019, introducing new capital requirements for insurance companies in Nigerian and extending the deadline for recapitalization, the National Insurance Commission (NAICOM) on 3 June...