OVERVIEW OF CENTRAL BANK’S CIRCULAR ON OPERATIONAL GUIDELINES OF GLOBAL STANDING INSTRUCTION (GSI) FOR INDIVIDUAL
INTRODUCTION In 2019, the Central Bank of Nigeria issued a directive mandating banks to increase their loan portfolios. This was further to the Monetary Policy Committee (MPC) meeting held on 19th and 20th of September 2019 where members lamented the significantly low credit to the private sector relative to the absorptive capacity of the economy …
LEGAL MECHANISM FOR INVESTOR PROTECTION IN PRIVATE EQUITY TRANSACTIONS IN NIGERIA
INTRODUCTION According to the African Private Equity and Venture Capital Association, 73 percent of the total value of private equity deals in West Africa between the years 2013 to 2018 were recorded in Nigeria. This trend continued into 2019 and 2020 with a high volume of deals recorded in the financial services, information technology and …
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LEGAL AUDIT AS A CRUCIAL RESPONSE TO THE LEGAL AND FINANCIAL UNCERTAINTIES FACED BY ORGANISATIONS IN THE 21st CENTURY
If we are left intact, we would try to fix the department to what it ought to be –effective, efficient and responsive to the public. I see myself as part of the solution. This audit is something we requested. Helen White INTRODUCTION The term legal audit may sound unfamiliar in the Nigerian businesses due to …
GUIDELINES FOR HOLDING VIRTUAL CORPORATE MEETINGS
INTRODUCTION Company meetings are key to the decision-making process of a company. Management, Board, Committee(s) and General Meetings are avenues through which a company deliberates and makes decisions bordering on its management, control and administration. Thus, it is imperative that these meetings are convened in line with the protocols and procedures stipulated in the relevant …
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CROWDFUNDING IN NIGERIA – A REVIEW OF THE SECURITIES AND EXCHANGE COMMISSION PROPOSED RULES
INTRODUCTION Crowdfunding, also known as “online financing,” is defined as raising funds to finance a project or business from the public using an online platform.[1]A crowdfunding platform could be a website portal, intermediary portal, mobile application, or other similar medium of exchange employed to facilitate interaction between fundraisers and the investing public.[2]The concept of crowdfunding …
CORPORATE GOVERNANCE AND INVESTOR CONFIDENCE IN NIGERIA
INTRODUCTION The potential of an economy to attract investment depends largely on the state of governance of the economy and the policy thrusts of the managers of the economy. The primary duty of the managers of an economy is to use and maximize the limited resources of the economy efficiently to achieve the objectives of …
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CONVERTIBLE PROMISSORY NOTES: A FINANCING MODEL FOR TECH STARTUPS IN NIGERIA
INTRODUCTION According to Bloomberg, about 80 percent of startup businesses fail within the first 18 months. A major reason for this is limited access to finance and Nigeria is not left out of these statistics. In fact, recent study suggests this numbers have risen to a whopping 90 per cent. The prohibitive interest rate and …
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COMPLIANCE REQUIREMENTS IN NIGERIA’S ANTI-MONEY LAUNDERING LANDSCAPE
Introduction Money laundering has become a global concern in recent years, with wrongdoers using financial systems to hide illegal proceeds. The Nigerian Money Laundering (Prevention and Prohibition) Act of 2022 (the “Act”) is a legislation aimed at combating money laundering in Nigeria. It repeals and replaces the Money Laundering (Prohibition) Act of 2011, and aims …
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BLOCKCHAIN POLICY: A Positive Development for Nigeria’s Ecosystem
Introduction Blockchain technology, known as BT, has gained widespread attention for its potential to revolutionize various sectors such as finance, education, healthcare, supply chain, and transportation worldwide. Nigeria, being the largest economy in Africa, has quickly recognized the advantages of this innovative technology. Nigeria has recently introduced a National Blockchain Policy aimed at promoting economic …
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A REVIEW OF THE BUSINESS FACILITATION ACT, 2022: Impact on Corporate Governance and Legal Investment Framework
INTRODUCTION Nigeria is a populous country with abundant natural resources, despite this, it has witnessed an exodus of international companies in the last few years.[1] Nigeria is currently ranked 131 out of 190 economies in the World Bank ease of doing business index.[2] This ranking is based on the friendliness of a country’s regulatory environment …