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 …
GOING PUBLIC THROUGH SPECIAL PURPOSE ACQUISITION VEHICLE (SPAC)
Understanding SPAC Special purpose acquisition vehicle (SPAC) is regarded as a “blank check” company without any business interest or performance history, set up specifically for raising capital from the public for purposes of acquiring a target company. A company can go public through the traditional initial public offering (IPO), or through the novel option of …
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Open Banking in Nigeria: Legal Considerations for Data Sharing in Financial Services
“Economies that embrace data sharing for finance could see GDP gains of between 1 and 5 per cent by 2030, with benefits flowing to consumers and financial institutions.” -McKinsey Introduction Data is considered one of the most valuable assets in the world today. The amount of data being collected has grown exponentially with the rapid …
Credit Rating Agencies: Overview and Registration Requirements in Nigeria
Introduction Credit rating agencies play a vital role in the global financial market, by providing independent assessments of a company’s creditworthiness to investors. These agencies offer opinions on the financial status and ability of entities that issue financial instruments such as bonds, stocks, and other fixed securities to fulfil their obligations. Additionally, as a result …
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AN OVERVIEW OF BUSINESS AND NON-PROFIT ORGANIZATIONS IN NIGERIA
Introduction Choosing the right legal structure for your organization is essential for its overall effectiveness and success. The Companies and Allied Matters Act, 2020 (CAMA), which regulates the registration of entities in Nigeria, provides four options: business name, company, partnership, and incorporated trustee. It is important to understand the different organizational structures, their nuances, and …
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GENERAL ADMINISTRATION OF THE PETROLEUM INDUSTRY
Objectives The exploitation of oil, gas, or minerals is usually treated as a sovereign, national policy and administration issue. However, in other to foster the development of a competitive economic region and integration into the Global Economy, it is necessary to adopt international best practices and standards that are directly related to the oil and …
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OVERVIEW OF THE NIGERIAN MINING SECTOR: CHALLENGES AND OPPORTUNITIES
Introduction Nigeria is richly endowed with abundance of mineral resources. The country boasts of more than 40 valuable mineral deposits including clay and kaolin, gold, gypsum, iron ore, lead and zinc, phosphate, and tin across the 36 States.