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").
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Corporate LawWHY CBN’S DIRECTIVE TO FIs TO OBTAIN THE SOCIAL MEDIA HANDLE OF CUSTOMERS POTENTIALLY VIOLATES THE DATA PROTECTION ACT
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
Corporate LawWHAT IS NEW: A COMPARISON BETWEEN THE DATA PROTECTION ACT 2023 AND THE NIGERIA DATA PROTECTION REGULATIONS 2019
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.
Nigeria's tax laws and regulations have undergone various amendments in the past, with the Finance Act 2023 (“the Act or “FA”) being the most recent amendment. The Act, which became effective on 1 May 2023 though assented to on 28 May 2023 modified certain sections of the Capital Gains Tax Act, Companies Income Tax Act,
In a bid to reenergize the Nigerian creative economy and make it more globally competitive in the digital age, on March 17 2023, President Muhammadu Buhari signed the Copyright Bill 2022 into law (“the Act”) which repeals the Copyright Act, Cap C28, Laws of the Federation of Nigeria, 2004 (“the old Act”). The main objectives of the Act are to:
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