On 28 November 2023, the Federal High Court (the Court) delivered its judgment in the case of Ikigai v National Information Technology Development Agency Suit No. FHC/ABJ/CS/1246/2022. The Plaintiff, Ikigai, a non-profit organisation, requested the Court to interpret the provisions of the Nigerian Data Protection Regulations 2019 (NDPR) and
A fundamental function of the government is to promote the prosperity of its people by implementing policies and programs that facilitate economic growth and development. The economic model of every state is uniquely designed to ensure that individuals have access to finance either through the state (the socialist model) or private individuals (the capitalist model).
A 2021 report by the International Survey on Revenue Administration reveals that only about 16.7% of the Nigerian economically active population pay tax1. The informal sector is estimated at 65% of the gross domestic product (GDP)2 and according to SMB Intelligence, the reason for the low tax-to-GDP ratio in Nigeria is because of the large size of the country’s informal economy.3
On 25th July 2023, the Corporate Affairs Commission (“the Commission”) in partnership with the NBA-SBL organised a training workshop on the use of the Beneficial Ownership Register (“BOR").
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.
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").
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