Category: Publications

In Nigeria, there are limitation periods for initiating litigation, so it is necessary to understand the limitation period before going to court. A limitation period is the period during which a lawsuit can be brought in court. And when the period specified in any Limitation …

Who is a customer of a bank? A customer is a person who has an account with a bank or has a relationship with a bank even though he has no account with the bank. The definition of a customer is important to determine who …

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 …

Copyright is simply a set of exclusive rights granted by law to an author or creator of an original work, including the right to copy, distribute or, license, and reproduce the work throughout his lifetime and thereafter for a term of years. This right (i.e. …

Is a foreigner required to satisfy special requirements for company incorporation in Nigeria? Yes. This is because any company with foreign participation cannot be categorized as a small company, which enjoys many exemptions from some of the incorporation requirements in Nigeria.  Prior to the enactment …

Introduction Payments Terminal Service Provider (“PTSP”) companies are some of the major drivers of the Nigerian payments sub-sector. According to a 2022 report by Insider Intelligence, Nigeria (with record 3.7 billion transactions) ranked 6th amongst top 10 countries in the world (and the 1st in …

The consumer lending sub-sector in Nigeria is rapidly growing in terms of the number of market entrants (over 200 loan companies operating in the country), the licensing requirements and regulatory changes introduced to address consumer complaints against some business malpractices like privacy rights violations and …