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A banker-customer relationship is a special relationship that is founded on contract, governed by common law, equity and, in some limited respect, statutes such as Acts of the National Assembly, subsidiary legislations including several guidelines and circulars of the Central Bank of Nigeria. In providing …

Doing business in Nigeria is easy as the Federal Government of Nigeria has removed the bottlenecks to business registration, licensing and regulation. Generally, a limited liability company is the most common type of company for business undertakings in Nigeria. By virtue of section 18 of …

The long wait is over! The Central Bank of Nigeria (“CBN”) has announced, in its Press Release of 20th September 2023, the unveiling of a new digital platform for submission of microfinance bank (“MFB”) licence applications, known as the CBN Licensing, Approval and Other Requests …

Doing business in Nigeria is easy if business promoters are properly guided on the requirements for company incorporation, licensing procedures, applicable taxes and related costs. For example, as parts of the efforts of the Federal Government of Nigeria to promote investment opportunities, the Business Facilitation …

The Ministry of Home Affairs and Tourism (“Ministry”) of the Lagos State Government has renewed the operational licence for digital lending business for our client, Igho Finance Limited. This renewal of the digital lending licence is a confirmation of the company’s compliance with regulatory standards …

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 …

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 …