OVERVIEW OF THE CBN’s GUIDELINES FOR CONTACTLESS PAYMENTS IN NIGERIA 2023

The Central Bank of Nigeria (CBN) has always strived to ensure that the Nigerian electronic payment system keeps up with global advancements in technology. In recognition of the technological advances made in...

REVIEW OF NIGERIAN ELECTRICITY REGULATORY COMMISSION’S GUIDELINES FOR SECONDARY ESCROW ACCOUNT MANAGEMENT FOR BILATERAL...

The payment waterfall set out in the Multi-Year Tariff Order 2022 (MYTO 2022) and the Principal Collection Account (PCA) set up and managed by the NESI Stabilization Securities LTD (NESI-SSL) into which...

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...

Nigeria Data Protection Act 2023: Spotlight on Notable Provisions

The Nigeria Data Protection Act 2023 (the “NDPA”) was enacted in June 2023 to provide a comprehensive legal framework for data protection and privacy in Nigeria. In this edition...

TECH Digest for June

Olaniwun Ajayi’s Technology, Innovation, and Fintech Team presents its Technology News Highlights (Highlights) for the month of June. The Highlights contain a summary of major local and international developments in the Technology...

OALP Dispute Resolution Practice Quarterly Newsletter 2nd Quarter 2023

The dawn of the year 2023 forebode a new beginning in the administration of the Federal Republic of Nigeria; the promise of which came to pass in the second quarter of 2023,...

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...

Constitutional Amendment Relating to the Railway Transport Sector: A Panacea for Resuscitating the Railway...

As one of the astounding farewell accomplishments of the erstwhile President of the Federal Republic of Nigeria, His Excellency Muhammadu Buhari (the Erstwhile President), the Erstwhile President signed 16 (sixteen) constitution alteration...

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...

REVIEW OF NERC’S ORDER ON MIGRATION OF CUSTOMERS AND COMPENSATION FOR SERVICE FAILURE UNDER...

The Nigerian Electricity Regulatory Commission (NERC) introduced the service-based tariff (SBT) regime in the Multi-Year Tariff Order 2020 (MYTO 2020), a form of incentive-based regulation, permitting distribution companies (DisCos) to receive higher...