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

New Central Banking Regulations for Cryptocurrency Companies in Nigeria

In a new 2023 Regulation for the Operation of Virtual Asset Providers in Nigeria, issued by Nigeria’s Central Bank, Nigeria has effectively lifted a previous ban that prohibited local Nigerian banks from transacting with or providing business banking services to cryptocurrency companies and virtual asset service providers ("VASPs").

January 3, 2024

Explainer

Fintech Lenders: From Unsecured to Secured Lending

We have a theory. It's not original but it works: Fintechs and other lenders will significantly diminish loan losses as well as the risk of loan defaults if the...

November 23, 2023

Case Reviews

Why Has the UK Supreme Court Just Decided that Deliveroo Riders are not Employees?

A new decision of the UK Supreme Court (“UKSC”), delivered today, will have implications for the contractual relationship between tech platforms, gig workers and other key stakeholders.

November 21, 2023

Debt-for-Nature Swaps in Nigeria: Key Commercial Considerations

Especially for developing countries in Africa, debt-for-nature swaps are great tool for sovereigns to replace expensive debt and to put increasing sovereign deb...

November 19, 2023

Infrastructure, Power & Energy

Legal Updates

Infrastructure Funds: Key Protections for Investors in Nigeria

For global pension funds and institutional investors investing in Nigeria's infrastructure sector for the first time, investing in Nigeria through an infrastructure fund addresses some of the traditional risks associated with emerging/frontier markets and provides some level of risk management. This legal update outlines some key protections for infrastructure fund investors in Nigeria.

October 12, 2023

Raising Money via Securitizations: Key Considerations for Startups

Contrary to common belief, the financing round following a Series A financing need not be a Series B equity financing. In between one equity financing round and the other, it is often prudent for founders to explore other innovative strategies for raising capital.

September 28, 2023

FX Liquidity: Driving Growth through Non-Resident Accounts

In this update, we reflect on some learnings from recent corporate financing and fund formation transactions in sharing some insights around the need for Nigeria's central bank to review its rules around the operation of non-resident accounts.

September 25, 2023

Policy Update

Foreign Direct Investments in Nigeria - Policy Updates: 2024/25

Compared to other African countries, Nigeria has one of the most investment-friendly laws and continues to be an attractive destination for foreign direct inves...

September 15, 2023

Venture Capital Portfolio Roll-Ups Can Refine Exit Strategy in Africa

Portfolio add-ons and roll-ups are a great way for venture capital funds focused on tech companies in Africa to qualify an existing portfolio for an IPO, grow revenues, lower costs and improve an underperforming portfolio

September 10, 2023

Immunity of the Central Bank: Legal Issues Arising

The recent suspension and subsequent arrest of Nigeria’s central bank Governor and some Deputy Governors, as well as the appointment of an independent panel to ...

September 10, 2023

Explainer

Anton Piller Orders - A Powerful Tool to Protect your Intellectual Property

When an employee or vendor steals your intellectual property or another company monetises your trademarks, patent or intellectual property rights, without your consent, one of the legal strategies that can be used to checkmate such illegal activity is to get an Anton Piller order from the courts

September 4, 2023

Doing Business in Nigeria Using Joint Venture Structures

Joint ventures have proven to be a highly resilient market-entry structure for conducting business in Nigeria. These strategic partnerships allow foreign busine...

September 4, 2023

Legal Updates

Finance Act 2023: Key Updates to Nigeria's corporate tax regime

This legal update provides a high-level summary of the changes made by the Finance Act 2023 which became effective as of May 1, 2023. Businesses are advised to ...

September 4, 2023

Is Web Scraping Illegal in Nigeria?

This legal update highlights some key legal issues for web scraping companies in Nigeria, based on a recent client engagement.

September 3, 2023

Infrastructure, Power & Energy

Legal Updates

Carbon Trading in Nigeria: Key Considerations for Investors

The carbon trading market is finally taking off in Nigeria. There are at least 5 regulatory developments which support this conclusion. First, is the publication of the revised National Policy on Climate Change (2021-2030)

September 3, 2023

A Highlight of the Key Protections for Private Asset Management Companies

The Bank and other Financial Institutions Act 2020 (the "BOFIA 2020") provides a number of protections for Private Asset Management Companies in Nigeria. In 2017, Nigeria's Central Bank ( the "Central Bank") proposed a legal framework for licensing Private Asset Management Companies ( the "PAMC Regulation").

August 19, 2023

Infrastructure, Power & Energy

Assignment or Transfer of License & Permit Regulations, 2023: Some Key Considerations for Investors

Petrol stations, pipeline companies, products storage, gas distribution & oil refining companies are now required to obtain regulatory consent for a change of their names and for a transfer/sale of their licenses or permits (“License”)[1]. This legal update highlights some of the key considerations for investors looking to acquire shareholding or other economic interests in the downstream and midstream sector in Nigeria.

July 13, 2023

Recent Changes to the Operation of Domiciliary Accounts in Nigeria

As part of efforts to unify the foreign exchange market in Nigeria, the Nigerian Central Bank recently announced changes to the operation of domiciliary accounts in Nigeria. This legal update summarizes the most recent changes to the operation of domiciliary accounts in Nigeria and provides a primer on the operation of domiciliary accounts in Nigeria.

June 20, 2023