Tag: #moneylender

Introduction The Money Lending business in Nigeria has witnessed a paradigm shift particularly in the way money lenders do their business. Moreso, is the aggressive campaign by the Federal Competition Consumer Protection Commission (“FCCPC”) in collaboration with other law enforcement agencies to bring sanity into …

Aggressive Regulatory Enforcement against Unregistered Money Lenders In our earlier Koriat’s Update on Fintech Lending Law in Nigeria (January 2022), we provided update that the Federal Competition and Consumer Protection Commission (“FCCPC”) had announced that a Joint Committee (comprising federal regulators and law enforcement agencies) was set …

1. Strong Regulatory Supervision Builds up in the Fintech Lending Industry In November 2021, the Federal Competition and Consumer Protection Commission (“FCCPC”) announced that a Joint Committee was set up by the Federal Government to tackle violation of consumer rights and unfair practices in the money …

Introduction A Micro Finance Bank (“MFB”) is a subsector company in the financial industry licensed by the Central Bank of Nigeria (“CBN”) to carry on the business of providing financial services such as savings and deposits, loans, domestic funds transfer and non-financial services to individuals …

1. The current trends of Money Lenders’ operations in Nigeria The year 2022 will be an important milestone in the history of money lending business in Nigeria. As of the time of this publication, 1st week of December 2021, money lenders operate with unfettered freedom and …

There is some confusion amongst human resources professionals and in-house counsel about the validity and effect of an employee’s notice of resignation that is short of the period agreed in the employment contract. Corollary to the foregoing is the issue regarding whether an employer can …

Expatriate Quota: The regulatory process of employing a foreigner to work in Nigeria begins with the Expatriat Quota. Every company in Nigeria seeking to employ a foreigner into the country is required to obtain an Expatriate Quota from the Nigerian Immigration Service (“NIS”). Expatriate quota …

Social media is an essential part of the human space. Social media establishes the user’s online identity. A lot is happening on social media and human resource managers and, indeed, business owners cannot disregard the impact of online activities on their business or service. For …

i. Probation is a period of assessment of (1) an employee by the employer on suitability and competence and (2) of work environment by the employee to determine whether he/she should stay or resign. ii. All rights and obligations agreed to by the parties to …

In every credit business, the major questions on the mind of any financier are “how do I get my money back?” and “how seamless is it to do so?” As simple as the questions appear, they are not so easy to resolve in practice. The …