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On 2nd of August, 2023, the Federal Competition & Consumer Protection Commission (“FCCPC”) issued a new directive that all previously approved digital money lenders in Nigeria must revalidate the information they submitted to the FCCPC. The foregoing means that existing loan companies in Nigeria must …

Federal Competition & Consumer Protection Commission (FCCPC) has permanently delisted three digital loan Apps belonging to Orange Loan Limited, Purple Credit Limited and another company which are licensed as approved Digital Mobile Lenders (“DMLs”) in Nigeria. According to the Commission, the deleted loan Apps were …

Companies doing business in Nigeria are required by the Corporate Affairs Commission (“CAC“) to make some mandatory compliance filings failure of which may attract severe penalties including deletion of any defaulting company from the CAC’s Register of Companies in Nigeria. In 2022, the CAC published …

Rwanda is one of the fastest developing African countries with a thriving Information Communication and Technology (ICT) sector. According to the Rwanda Development Board (RDB), as of 2020, the ICT sector grew by 29%, contributed 2% of the country’s GDP and employed around 8,962 workers …

Quarrying business is an important sub-sector of the Nigerian mining industry. The mining and quarrying sector contributed over N100 billion to Nigeria’s GDP in 2021. The quarrying business sector is regulated by the Federal Ministry of Mines and Steel (“Ministry”) in terms of issuance of …

Hotel business is a flourishing business in most parts of the commercial cities of Nigeria. Lagos State, as the commercial capital of the country, is a preferred destination for investors seeking to do hotel business in Nigeria. This article details out the requirements, procedures and …

The apex bank and regulator of the financial sector in Nigeria, the Central Bank of Nigeria (“CBN”), on 10th July 2023 released an official list of licensed International Money Transfer Operators (“IMTOs”) in the country. This comprehensive list is a constructive notice to the general …

What is a non-interest bank or financial institution? A non-interest bank or other financial institution is one of the specialized institutions that can be licensed by the Central Bank of Nigeria (“CBN”), as complements of the conventional banking system, to undertake banking, trading, investment and …

Doing digital lending business in Nigeria generally requires an operational licence that must be renewed annually in addition to fulfilling other regulatory compliance obligations if the company must remain compliant with the law. In Lagos State, for example, a company cannot operate a business of …

The Federal Competition and Consumer Protection Commission (“FCCPC”) has announced its decision to begin to receive applications for registration of new digital money lending companies in Nigeria. On August 18, 2022, the FCCPC, as part of its Joint Regulatory and Enforcement Task Force (“JRETF”), introduced …