Thought Leadership
Insights from our Legal Experts
Cost Efficiency Incentives Order, 2025
The Upstream Petroleum Operations (Cost Efficiency Incentives) Order, 2025
Should VC Funds be Regulated like Mutual Funds?
Delaware should be the bench mark and part of the goal should be to position Nigeria as a magnet for risk capital, attracting tech founders and fund managers.
Data Protection or Data Privacy: What Does Section 37 Really Guarantee?
If we treat every breach of data protection obligations as a breach of constitutional rights, we risk (a) flooding the courts with claims that should be regulatory in nature
Paystack and the Holding Funds Rule: Implications for a PSSP
We analyse the “holding funds” rule as it applies to a PSSP and what this means for the design and structure of fintech products
Data Protection Considerations in Mergers & Acquisitions in Nigeria
Nigeria’s consumer protection agency fined Meta $220 million because it believed that Meta breached data protection laws and that the breach was so egregious as...
Protecting Global Luxury Brands in Nigeria: Key Legal Strategies
Whilst Africa’s luxury market offers immense potential, global luxury brands risk losing revenue and reputation to counterfeiters, without a proactive brand protection strategy.
NNPC Limited: Rethinking the Rationale for an IPO
We are of the view that the Federal Government should continue to retain full ownership and strategic control of NNPC Limited
The FCCPC: A Review of the Scope of its Investigation Powers
The FCCPC can request confidential or proprietary information and trade secrets.
The Nigeria Tax Bill - Revisiting the New Rent Relief Allowance
It would appear that landlords and dependent adults will no longer be entitled to income tax reliefs under the Nigeria Tax Bill.
Series A Financing - What to Expect
In this update, we highlight some key Series A considerations for founders looking to raise a Series A financing
Consortium Agreements: Structuring Considerations in Nigeria
Consortium Agreements remain one of the crucial ways to win and execute public private partnerships and high-stakes public and private contracts.
Can Lagos’ Electricity Market Serve as a Blueprint for Other States?
Our analysis suggests that a tailored approach is essential for designing sustainable electricity markets across the country.
E-Commerce Regulations in Nigeria - Key Considerations
Nigeria, Africa’s largest economy, offers significant growth potential for global e-commerce platforms seeking to expand into emerging markets
Lagos Electricity Law: Investment Opportunities for 2025
With growing electricity demand driven by Lagos’ population of over 20 million and its position as Nigeria’s economic engine, 2025 is poised to be a transformative year for power sector investors in Lagos
Lagos Electricity Market: Key Incentives for Investors
The Lagos Electricity Law stands out as a transformative piece of legislation poised to redefine the Lagos electricity market. One of its most noteworthy features is its clear focus on fostering investor confidence through robust legal protections.
Content Moderation in Nigeria: Legal Frameworks & Recent Developments
On December 3, 2024, the NITDA issued a public notice regarding the state of compliance with the Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries, 2023.
Pre-Series Financing: Key Insights for Founders
We find that some startups attach the “Pre-” label to a funding round because they didn’t secure the full target amount or feel the amount raised doesn’t align with what’s typically associated with that stage. But what does it really mean, and when should you use it?
How VCs Support Start-Ups Post-Investment
It’s often overlooked but venture capital is more than just a financial investment—it’s a partnership that fuels growth. Beyond the cash infusion, VCs provide critical post-investment management support to help startups achieve critical product and revenue milestones. So, what should you expect from your VC after closing a round?
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.
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.
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.
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.
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...
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
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.
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
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...
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.
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.
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