The Federal High Court in Suit No: FHC/L/CS/742/2020 between Wale Taiwo SAN v. Stanbic IBTC Plc. & 4 Ors. restrained Stanbic IBTC Plc from complying with a demand by the House of Representatives Joint Committee on Finance and Banking & Currency to disclose sensitive confidential customer information, particularly foreign exchange transactions conducted through the Plaintiff’s
In July 2016, the Federal Government established the Presidential Enabling Business Environment Council (“PEBEC”) to address the constraints facing businesses in Nigeria. One key focus area has been improving the ease of doing business, including the process of starting a business.
Streamsowers & Köhn is pleased to announce the appointment of Associate Partners in the Firm, reinforcing our position as a leading law firm dedicated to excellence and client-centered services. With extensive expertise and a commitment to legal excellence, they bring valuable insights and a proven track record of success to our team. Their promotion to partnership further enhances our capabilities across key practice areas and strengthens our ability to provide innovative legal services to our clients.
On 31 May 2023, the Governor of the Central Bank of Nigeria (CBN) in exercising powers granted under the Banks and Other Financial Institutions Act 2020 (the Act) issued the Central Bank of Nigeria (Customer Due Diligence) Regulations 2023 (the CDD Regulations). One of the objectives of the Regulations is to
On 12 June 2023, President Bola Ahmed Adekunle Tinubu signed the Data Protection Bill into law (“the Act”), now referred to as the Data Protection Act 2023. Prior to the Act, the principal law on data protection in Nigeria was the Nigeria Data Protection Regulations (“NDPR”) amongst other relevant data privacy provisions across various statutes and sector-specific regulations.
Technology continues to gain ground globally and affect businesses and governments alike. Nigeria, like many other countries was not sufficiently poised for the changes the digital economy brought to taxation and only tried to recover from an eroded tax base by relying on the BEPS Action Plans. Beyond the digital economy,
Nigeria's first meaningful foray into renewable energy can be traced back to the Nigeria Energy Policy of April 2003, which set out the framework for the development, exploitation and supply of all Nigeria's energy resources.
The Arbitration and Mediation Act 2023(“the Act”) was assented to by the former President of the Federal Republic of Nigeria, President Muhammadu Buhari on 26 May 2023 after several years of review and criticism of the Arbitration and Conciliation Act, Cap A18, Laws of the Federation of Nigeria 2004 ("ACA").
On 3 May 2023, the Nigerian government approved a National Blockchain Policy for Nigeria ("Policy"). As the leading digital economy in Africa, Nigeria is the first in the continent to adopt this important technology on a nationwide.
The repeal and re-enactment of the Electric Power Sector Reform Act, 2005 (the ESPRA) as the Electricity Act 2023 (the Act) is a major game changer in the Nigerian Electricity Supply Industry (NESI). On Thursday 8th June 2023, His Excellency, President Bola Tinubu GCFR, assented to the Act.
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