INTO THE CBN’S NEW LICENCE REQUIREMENTS FOR PAYMENT SYSTEMS

The Central Bank of Nigeria on the 21st of May, 2021 issued new licence requirements for the payments system in Nigeria. On the 9th of December 2020, the Central Bank had earlier issued the Licence Categorization Circular which detailed the licence categorizations for the Nigerian payments system. The New Licence requirements highlight the eligibility, capital…

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CBN’S BAN ON CRYPTOCURRENCIES IN NIGERIA: A REVIEW

Introduction The Central Bank of Nigeria, on the 5th of February 2021 announced a ban on the buying and selling of cryptocurrencies through banks and other financial institutions in Nigeria. The ban was announced via a circular by the country’s apex bank. The circular reiterated the directive in a 2017 circular previously issued by the…

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An In-depth Analysis of The Finance Act, 2019

This is an introductory article of The Solicitor’s Review; a quarterly e-magazine for legal professionals. Your comments are highly welcome. The Finance Bill, 2019 is an Executive Bill presented alongside the Appropriation Bill, 2020 by President Muhammadu Buhari to a joint session of the National Assembly on 14th October 2019. It was passed into law…

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THE HYDRA-HEADED FOURTH ALTERATION

INTRODUCTION Whilst we all know about the 4th alteration to the Nigerian 1999 Constitution; I doubt if we all know that there are about five (5) different versions of 4th alterations (Yes, that many!). However, in our usual way of going the extra mile to make sure all resources needed to make your legal research…

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BANKS TO BE HELD ACCOUNTABLE FOR FAILED OR DELAYED E-FUNDS TRANSFER IN NIGERIA

INTRODUCTION The CBN has, on 13th of September, 2018, issued a circular on the regulation on instant inter-bank electronic funds transfer services in Nigeria to all Deposit Money Banks, microfinance banks, other financial institutions, mobile money operators, development finance institutions, payment service providers and other stakeholders. The regulation is said to be made in furtherance…

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THE PROPOSED COMPANIES AND ALLIED MATTERS ACT 2018: WHAT’S NEW?

PREFACE It is no news that after 28 years, a new Companies and Allied Matters Act (hereinafter referred to as “CAMA”) has been passed by the National assembly to replace the current CAMA. As expected, a lot of the provisions of the current CAMA, having been in force since 1990, have been overtaken by events….

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PUBLIC NOTICE ON VERIFICATION/VALIDATION OF MD METERING EXERCISE

The Nigerian Electricity Regulatory Commission (NERC) in line with its mandate of protecting the rights of customers has, on the 7th of June, 2017 issued a public notice on verification/validation of MD metering exercise. In the public notice, the Commission explained that this public notice is a sequel to its directive earlier issued to distribution…

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WITNESS PROTECTION PROGRAMME BILL, 2017

INTRODUCTION The Senate at its plenary session on Thursday 8th June, 2017 passed the Witness Protection Programme Bill into an Act to provide for the establishment and operation or a program to enable certain persons to receive protection in relation to certain inquiries, investigations or prosecutions. The bill, sponsored by late Sen. Isiaka Adeleke was…

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Counterfeit and Fake Drugs and Unwholesome Processed Food (Miscellaneous Provision) Act (Amendment) Bill, 2015

INTRODUCTION: The Senate, on Thursday, November 3, 2016 passed into law Counterfeit and Fake Drugs and Unwholesome Processed Food (Miscellaneous Provision) Act 2004 LFN (Amendment) Bill, 2015 (S.B. 55) after it scaled through the third reading stage. The Bill was sponsored by Sen. Biodun Olujimi (Ekiti South). According to its long title, the bill is…

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Public Procurement (Amendment) Bill, 2016

INTRODUCTION The Senate on Thursday 16TH of June, 2016 passed the Public Procurement Act 20‎07 (amendment) bill 2016 into law. The bill which is explained by its long title to be a bill for an Act to amend the Public Procurement Act to provide for and adopt Local Content Policy and timely completion of procurement…

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