Technology, Media & Digital Economy
Cutting-edge legal services for technology companies, media organizations, and digital economy businesses navigating innovation, regulation, and growth.
We support our Clients with:
Notable Experience
Fintech Securitisation Financings
Advised and acted on behalf of multiple fintechs on the negotiation and closing of senior structured securitisation financings of over $250 million, from international investors.
Venture Capital Transactions for Technology Companies
Advised and acted on behalf of multiple tech companies and venture capital investors, in connection with the drafting, negotiation and closing of multiple venture capital investments, including Series A & B Financings.
Nigerian Market Entry for Fintech Unicorn
Advised a leading fintech unicorn on market entry into Nigeria, including regulatory compliance, obtaining all necessary licenses, and establishing local operations in accordance with Nigerian legal and commercial frameworks.
Insights & Updates
Intermediary Liability: Legal Considerations for Tech Platforms in Nigeria
Intermediary liability, as a legal and policy concern, raises the question: To what extent should tech platforms bear financial or criminal responsibility for the online actions or omissions of their users? As digital platforms continue to reshape industries and societies, this issue lies at the heart of balancing innovation with accountability
Software as a Service in Nigeria: Some Commercial Issues
When global companies offer Software as a Service (SaaS) in Nigeria, they encounter distinct commercial challenges shaped by the country’s unique legal, economic, and business landscape. From navigating regulatory compliance and overcoming payment barriers to addressing data protection requirements and managing infrastructure limitations, these issues present significant hurdles.
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.
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.
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”).
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.
CBN Issues New Rules for International Money Transfer Firms
Nigeria's Central Bank ( the "CBN") is intensifying its efforts to safeguard the Naira from ongoing devaluation pressures. A key battleground in this mission is the international money transfer and remittance sector. This sector is particularly strategic compared to the foreign direct investments (FDI) markets because there is generally no requirement for repatriation of capital, as would be the case with FDI investments.
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").
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...
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.
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.
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