Balogun Harold - Leading Commercial &amp; Corporate Law Firm

Doing Business in Lagos, Nigeria: A Strategic Legal Guide for Investors Entering Africa’s Fastest-Growing Market

With a population exceeding 18 million people, Lagos is a megacity that generates roughly 20% of Nigeria’s GDP, making it one of the most important sub-national economies on the continent. In November 2025, the Lagos State Government announced a proposed budget of ₦4.237 trillion, the largest by any sub-national government in Nigeria, signalling a bold, infrastructure-led development agenda

December 6, 2025

Legal Update

NCC Internet Code of Practice 2025: New Obligations for Online Platforms

Online platforms operating in Nigeria must adopt internal community rules governing user conduct, content moderation, disinformation, fraud, and unlawful content. These community rules must be submitted to the NCC within six months of the Code’s issuance and must align with clause 146 of the Nigeria Communications Act (the "Act").

December 2, 2025

Obtaining an International Gateway License in Nigeria - Key Considerations

An International Gateway License is advisable for companies aiming to provide satellite internet or point-to-point international communications in Nigeria.

December 1, 2025

Social Media Platforms in Nigeria - Navigating Competition Enforcement Risk

Without clear guidance on digital markets from the FCCPC, digital markets are at risk of being mischaracterized by regulators. For example, a platform’s decision not to roll out a service in a particular region driven by strategic, technical, or economic considerations could be misconstrued as anti-competitive exclusion.

November 28, 2025

Commercial Satellite Operations in Nigeria - Key Considerations for Nigeria Market Entry

The 2015 NASRDA Regulations on Licensing and Supervision of Space Activities establishes general licensing requirements for any “space activity” conducted by Nigerian or foreign operators

November 25, 2025

End User Certificates in Nigeria – Key Considerations for Importers of Controlled Goods

The end user certificate framework applies to a range of controlled goods, including military hardware, parts and components, security-sensitive equipment, and specific chemicals.

November 24, 2025

Explainer

Agency Banking in Nigeria - the Fintech Play

Fintechs aiming to operate in Nigeria’s agency banking space typically obtain a microfinance banking license, though even fintechs without a banking license can participate as super-agents for a principal bank

November 22, 2025

Agency Banking vs. Deposit-Banking: Key Considerations for Fintechs

As agency banking continues to expand financial access in Nigeria, a common misconception is that a fintech must obtain a deposit-taking banking licence, often in the form of a microfinance bank (MFB) licence, to fully tap the opportunities in agency banking. In reality, this licensing strategy may not only be unnecessary, but often strategically counterproductive. We highlight a number of considerations below.

November 22, 2025

The New CBN Agency Banking Regulations - Key Considerations for Venture-Backed Fintechs

The new CBN Agency Banking Regulations represent a major regulatory development that warrants more than just an investor update. In our view, the new CBN Agency Banking Regulations should prompt a strategic conversation at the board level between venture capital investors and their fintech founders

November 22, 2025

Neobanks in Nigeria: Key Considerations for Market Entry - Part I

Neobanks are digital-first financial platforms offering a variety of services, ranging from multi-currency accounts and payments to cards and investing solutions. Neobanks are undoubtedly reshaping global banking and for global Neobanks considering expansion into Africa, Nigeria presents a particularly compelling opportunity

November 10, 2025

Neobanks in Nigeria: Key Considerations for Market Entry - Part II

In Part 2 of our Neobanking Series, we will focus on some of the key legal and regulatory considerations governing market entry, licensing, and operational compliance

November 10, 2025

Stream Financing in Nigeria: An Alternative Financing Strategy for Mineral Title Holders

Stream financing is a form of alternative financing whereby an investor or “streamer” provides upfront capital in exchange for a contractual right to purchase a portion of future mineral production, typically at a discounted price.

November 9, 2025

Could Centralizing the Management of Nigeria's Sectoral Funds Unlock Greater Impact?

A centralized management framework, coordinated through a financially disciplined entity such as the Nigerian Sovereign Investment Authority or the Federal Inland Revenue Service, could enhance the effectiveness of sector fund allocation, allow for co-ordinated allocation across sectors, while preserving sector-specific oversight.

November 8, 2025

Mining Mergers and Acquisitions in Nigeria: Key Legal Considerations for Foreign Investors

This pattern of dormant and inactive mineral titles suggests that many existing promoters may be constrained by limited access to capital, technical expertise, or strategic partnerships necessary to advance projects beyond the licensing stage.

November 7, 2025

SEC Issues Interpretive Guidance on Amended Private Equity Fund Rules

The SEC’s interpretive guidance and amendments aim to streamline compliance for smaller private equity funds, and enhance transparency on fees and governance. Fund managers and sponsors should review their internal policies to ensure consistency with the updated requirements, particularly regarding the ₦5 billion registration threshold, proprietary investment obligations, and fee disclosures.

November 5, 2025

Explainer

Obtaining a Startup Label Under the Nigeria Startup Act, 2022

The distinction between a startup and a scale-up may become critical for for eligibility because a “labelled startup” is defined to mean a startup labelled under this Act and issued a digital certificate. Subject to further clarification from the NITDA, it would appear that the regulatory intent is to exclude scale-ups from obtaining a start-up label under the Nigeria Startup Act.

November 4, 2025

Tax Incentives for Venture Capital and Angel Investors in Nigeria.

Other than fund domicile, perhaps the most important consideration when setting up a venture capital fund in Nigeria is tax planning and tax leakage avoidance.This article highlights two of some of the key tax incentives available to venture capital investors in Nigeria and some practical considerations for venture capital fund structuring.

November 4, 2025

Minimum KYC Requirements for Opening Bank Accounts for Nigerian Entities Offshore

Notwithstanding the removal of Nigeria from the FATF Grey List, foreign banks are still required to conduct full KYC and AML/CFT checks for Nigerian clients, as these obligations remain mandatory under global banking regulations. This article provides some local intel for foreign banks on the minimum requirements for safely and efficiently onboarding Nigerian clients while maintaining compliance with international AML/CFT standards.

October 30, 2025

Defence & Security Financing in Nigeria: Recent Developments

The establishment of the Defence and Security Infrastructure Fund represents a significant step towards strengthening Nigeria’s security architecture

October 29, 2025

New Capital Gains Tax Rules for Nigerian M&A Transactions

While gains on the disposal of shares in Nigerian companies are generally chargeable, the Nigeria Tax Act introduces important exemptions designed to encourage investment and capital market activity.

October 29, 2025