The 2026 Shift: Recent Tax and Securities Legislation Impacting the Onshore Footprint of Offshore Private Equity and Venture Capital Funds

A Primer on Construction Financing in Nigeria

Construction financing refers to a short-term loan specifically used to fund the construction of a building or other real estate project. For real estate developers in Nigeria, this financing is essential during the construction phase when the project generates little or no income but requires significant capital to cover costs like land acquisition, materials, labor, permits, and other expenses.

September 7, 2024

Case Reviews

Central Bank Immunity and Fundamental Human Rights: Matters Arising

A recent court decision, Chris vs. CBN, raises important questions regarding the doctrine of central bank immunity in Nigeria. In this case, the Court upheld a new central banking regulation (“Regulation 6a”) that requires Nigerian banks to collect customers' social media account details as part of standard Know Your Customer (KYC) procedures. The Court based its decision on the fact that Regulation 6a was issued in good faith.

September 3, 2024

JCT Standard Form Contracts: 2025 Updates

On August 21, 2024, the Joint Contracts Tribunal (JCT) published 2024 updates to the Standard Building Contracts and associated sub-contracts suite. This follows the release of earlier updates, such as the Design & Build Contract, Minor Works Contracts, and Intermediate Building Contracts

September 1, 2024

Technology, Media & Digital Economy

Case Reviews

Social Media Handles & Data Privacy Rights of Bank Customers

In a recent judgment, a Nigerian Court upheld a new central banking regulation requiring banks to collect customers' social media account details as part of standard Know Your Customer (KYC) process. Additionally, the Court offered some side remarks on the data privacy rights of bank customers in relation to social media handles, raising concerns about the validity of these observations. This legal update assesses those obiter remarks within the framework of data privacy and constitutional law.

August 30, 2024

Private Equity Investments in Private Companies – Financial Assistance Considerations

The prohibition of financial assistance to private equity firms and other equity investors is probably the most important legal barrier to the growth of the local leveraged buyout market. With the passage of the Companies Act in 2020, private companies in Nigeria can now legally provide financial assistance to private equity firms and strategic investors in connection with an acquisition of their shares.

August 19, 2024

Some Compliance Learnings from FCCPC's $220 million fine on Meta

Until FCCPC's Decision imposing a $220m fine on Meta has been successfully appealed, the legal principles enumerated in the decision as well as the conclusions reached therein are generally legally binding on businesses operating in Nigeria. Without a doubt, the Decision has wide-ranging implications for tech companies and online platforms, operating in digital markets in Nigeria. In this client update, we highlight some of the key learnings from the Decision.

August 15, 2024

Technology, Media & Digital Economy

Key Competition Law Considerations for SaaS Suppliers and SaaS Resellers in Nigeria

A growing area of regulatory risk for SaaS resellers and SaaS suppliers involves the requirement and enforcement of resale price maintenance in SaaS Agreements. Under Nigerian competition law (the “FCCP Act”), contractual clauses which stipulate the price which any goods or services must be resold are generally void and unenforceable. Parties to the such contract can also be the subject of a regulatory investigation and a potential imposition of fines by (the “FCCPC”).

August 14, 2024

Technology, Media & Digital Economy

FCCPC fines Meta Platforms Inc & Whatsapp LLC $220 million

The FCCPC’s decision (the "Decision") to impose a $220,000,000 fine (the "Fine") on WhatsApp LLC ("WhatsApp") and Meta Platforms Inc. ("Meta") warrants an appellate review due to its unprecedented nature. This Decision affirms the powers of a competition regulator to investigate and penalize breaches of local data privacy regulations (the "NDPA/NDPR"), marking a significant development in Nigeria's data privacy jurisprudence.

August 13, 2024

NERC Shifts Nigerian Electricity Market to Bilateral Trading

The Nigerian Electricity Regulatory Commission (NERC) has directed the Nigerian Bulk Electricity Trading Company (NBET) to stop entering into new contracts for purchasing and reselling electricity or ancillary services.

July 27, 2024

A Primer on Hell or High Water Clauses in Aviation Leases

"Hell or high water clauses" are a standard fixture of aviation leases and it appears that courts will generally enforce "hell or high water clauses" in aviation leases, in the absence of extenuating factors. This legal update provides a primer on hell or high water clauses as relates to aviation leases under English Law.

May 23, 2024

Proposed New Rules on the Issuance and Allotment of Private Companies: Some Legal Considerations

The Securities & Exchange Commission (the “SEC”) is seeking to regulate debt issuances by private companies and has recently published a draft of the new ru...

May 14, 2024

Assessing Key Man Risk for Limited Partners in Africa-focused Private Equity Funds

Limited partners investing in Africa-focused private equity and venture capital funds are increasingly prioritising key man risk, as evidenced by several recent opinions we've issued on the topic. In one of those cases, a key man in a private fund departed to set up his own fund with a similar investment thesis. A dispute then arose as, to the extent to which the key man could legally leave the fund as well as establish a fund with a similar investment strategy.

May 13, 2024

Service-Based Electricity Tariffs in Nigeria: Key Considerations

The increase in the price of electricity tariffs payable by electricity customers in Band A, as notified in the 2024 Multi-Year Tariff Order puts into sharp focus the legal framework around Service-Based Tariffs in Nigeria

April 17, 2024

Aircraft Financing in Nigeria: Some Key Legal Considerations

For a number of reasons, aircraft financing is one of the more complex forms of corporate financing. Where the airline borrower or lessee is operating in a developing country like Nigeria, another layer of intricacy emerges. In this update, we draw some key points from aircraft financing transactions, we have advised on for the benefit of lenders and promoters looking to close an airline financing transaction in Nigeria.

April 12, 2024

New Minimum Share Capital Requirements For Nigerian Banks: Some Legal Considerations for Bank Investors and Shareholders

New Minimum Share Capital : Policy & Regulatory Context The latest central banking policy decision facing commercial banks in Nigeria is a new poli...

April 1, 2024

New Minimum Share Capital Requirements for Nigerian Banks

As part of a new Banking Sector Recapitalization Program, Nigeria’s Central Bank has just announced an increase in the minimum share capital requirement of Nige...

March 30, 2024

Fiscal Incentives for Deepwater & Midstream Developments

Nigeria’s President recently announced a number of fiscal incentives and administrative changes aimed at improving the competitiveness of the oil and gas indust...

March 7, 2024

Fixing the Price of Cement in Nigeria: Some Key Competition Law Considerations

The recent announcement of an agreement between the Nigerian Government and cement manufacturers in Nigeria to peg the price of a 50kg bag of cement at between N7000 and N8000 (the “Pricing Mandate”) raises some important questions of competition law because price fixing is generally prohibited by Nigeria’s competition law

March 4, 2024

Policy Update

The Expatriate Employment Levy: New Rules for Sponsoring Foreign Skilled Workers in Nigeria

The latest policy of the Nigerian government impacting the sponsorship of skilled foreign workers for employment in Nigeria is a new annual expatriate employment levy of up to $15,000 payable by Nigerian companies for each skilled foreign worker (the “Levy”). This policy update attempts to rationalise the Levy for the benefit of foreign skilled workers and their Nigerian employers.

March 4, 2024