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Understanding the Banks and Other Financial Institutions Act 2020: Key changes and Implications

Dec 01, 2020

On the 13th of November 2020, President Muhammadu Buhari signed into law, the Banks and other Financial Institutions Act 2020 (the “Act”) which ushered in significant modifications to the Nigerian banking sector and the financial services market in general. The…

#Banking and Finance

Featured

The 2021 Finance Bill

Nov 26, 2020

Sequel to the enactment of the Finance Act 2020 which introduced sweeping reforms and development in the Nigerian tax regime, the Minister of Finance on 13th November 2020 issued the Proposed Finance Bill 2021 (“Bill”) with incremental changes to the…

#Banking and Finance

Technology

Nigeria Chapter in The Legal 500: Fintech Country Comparative Guide

Nov 12, 2021

What are the sources of payments law in your jurisdiction? The primary laws that regulate payments in Nigeria are the Central Bank of Nigeria (Establishment) Act 2007 (CBN Act) and the Banks and Other Financial Institutions Act (BOFIA). These laws…

Technology

Duale, Ovia & Alex-Adedipe advises Mono Technologies Limited on its US$15m Series A Funding Round

Oct 12, 2021

Duale, Ovia & Alex-Adedipe is pleased to have advised Mono Technologies Limited (an African fintech startup that helps connect consumer’s bank accounts to financial institutions) as Nigerian Solicitors in connection with its US$15m Series A Funding Round led by Tiger…

Business Regulatory & Advisory

Duale, Ovia & Alex-Adedipe advises Dorman Long Engineering Limited (“Dorman Long”) on Africa Capitalworks Holdings’ acquisition of significant stake in Dorman Long

Sep 28, 2021

Duale, Ovia & Alex-Adedipe is pleased to have advised Dorman Long Engineering Limited (“Dorman Long”), one of Nigeria’s leading indigenous oil and gas engineering, and fabrication services company in relation to the acquisition of a significant equity stake in the…

Corporate

The Merger Review (Amended) Regulations, 2021

Aug 21, 2021

On the 2nd of August 2021, the Federal Competition and Consumer Protection Commission (“the Commission”) introduced the Merger Review (Amended) Guidelines 2021 (“Amended Merger Regulations”). The Amended Merger Regulations introduced a significant amendment for computing the processing fee for notified…

Technology

Highlights of the Central Bank of Nigeria (CBN) Guidelines for Licensing and Regularisation of Payments Service Holding Companies in Nigeria

Aug 12, 2021

Following the New Licence Categorisations within the Nigerian Payments System (NPS), The Central Bank of Nigeria (CBN) on 3rd August 2021 released a circular on the new guidelines for the licensing and regulation of Payments Service Holding Companies in Nigeria…

Banking and Finance

Duale, Ovia & Alex-Adedipe advises on the successful launch of “AirCo by Lifebank”, an oxygen production plant at Orozo, Nasarawa State, Nigeria

Jul 26, 2021

Duale, Ovia & Alex-Adedipe is pleased to have advised on the successful launch of “AirCo by Lifebank”, an oxygen production plant at Orozo, Nasarawa State, Nigeria, which launch is set to bridge the medical oxygen gap being experienced nationwide. Duale,…

Banking and Finance

Duale, Ovia & Alex-Adedipe advises Alitheia Capital and other investors in the $8.3 Million pre-Series B funding round of Nigerian fintech and lending startup, Lidya

Jul 15, 2021

We are pleased to have advised Alitheia Capital and other investors in the $8.3 Million pre-Series B funding round of Nigerian fintech and lending startup, Lidya. The Series B was led by Alitheia Capital via its uMunthu Fund. Other participating…

Banking and Finance

Duale, Ovia & Alex-Adedipe advises TeamApt Limited on its Series B Funding Round

Jul 07, 2021

Duale, Ovia & Alex-Adedipe is pleased to have advised TeamApt Limited  (a Nigerian FinTech company that provides financial services for the underserved mass market in Africa) as Nigerian Solicitors  in connection with its Series B Funding Round led by Novastar…

Technology

Solving problems with technology

Jun 14, 2021

DOA Managing Partner, Adeleke Alex-Adedipe talks to Craig Sisterson about giving comfort and support to startups in the fast-growing tech sector. The tech sector in Nigeria and wider Africa has grown tremendously in recent years but we’re still scratching the…

Technology

Licensing Regime for Payments Sector in Nigeria

May 29, 2021

On 24th May 2021, the Central Bank of Nigeria (“CBN”) released a new circular titled “New License Requirements for Payment System” (the “Circular”). The Circular effectively introduces new license categorization requirements for payments systems in Nigeria (the “Sector”). Key Highlights…

Business Regulatory & Advisory

Tax Treatment of Non-Government Organisations (NGOs)

May 04, 2021

On 31st March 2021, the Federal Inland Revenue Service (the “FIRS”) released an information circular titled “Guidelines on the Tax Treatment of Non-Governmental Organisations (“NGOs”), which objective was to clarify the meaning of NGOs under applicable laws and treatment of…

Corporate

Intellectual Property & Small and Medium-Sized Enterprises: Taking Your Ideas to the Market

Apr 26, 2021

Small and Medium Enterprises (“SMEs”) play a pivotal role in the sustenance of any economy. SMEs have made phenomenal contributions to the growth of developed and developing economies. According to the report by the World Bank, SMEs provide for more…

Corporate

Duale, Ovia & Alex-Adedipe advises on the successful launch and listing of the first Commercial Paper Issuance Programme by Parthian Partners Limited

Mar 25, 2021

Duale, Ovia, and Alex-Adedipe advises on the successful launch and quotation of the first Commercial Paper Issuance Programme by the first Inter-dealer brokerage firm in Nigeria – Parthian Partners Limited on the FMDQ Securities Exchange Limited (“FMDQ”) platform. Duale, Ovia,…

Dispute Resolution Practice

Recent Judgment of the National Industrial Court of Nigeria on the Applicability of the Guidelines for the Release of Staff in the Nigeria Oil & Gas Industry 2019 to Employment Relationship

Mar 15, 2021

On 26th February 2021, the Lagos Division of the National Industrial Court of Nigeria (‘NICN”) delivered a rather pivotal judgment on the legality of the Guidelines for the Release of Staff in the Nigeria Oil & Gas Industry 2019 (“the…

Banking and Finance

CBN Naira for Dollar Scheme for Diaspora Remittances

Mar 11, 2021

On 5th March 2021, the Central Bank of Nigeria (“CBN”) released a circular introducing an incentive of N5 for senders and recipients of international money transfers. The circular titled ‘Introduction of the CBN’s “Naira 4 Dollar Scheme” for Diaspora Remittance’…

Banking and Finance

Understanding the Banks and Other Financial Institutions Act 2020: Key changes and Implications

Dec 01, 2020

On the 13th of November 2020, President Muhammadu Buhari signed into law, the Banks and other Financial Institutions Act 2020 (the “Act”) which ushered in significant modifications to the Nigerian banking sector and the financial services market in general. The…

Banking and Finance

The 2021 Finance Bill

Nov 26, 2020

Sequel to the enactment of the Finance Act 2020 which introduced sweeping reforms and development in the Nigerian tax regime, the Minister of Finance on 13th November 2020 issued the Proposed Finance Bill 2021 (“Bill”) with incremental changes to the…

Corporate

Highlights of the Companies and Allied Matters Act 2020 (Series 3)

Sep 05, 2020

FREQUENTLY ASKED QUESTIONS Must all Companies display their Audited Account on their Website? No. Only public companies are mandated to display their audited accounts on their website. Are Companies now required to Keep Electronic Copies of Registers? Yes. In addition…

Taxation

The Companies Income Tax (Significant Economic Presence) Order, 2020

Sep 01, 2020

For a long time, the tax obligations of digital platforms companies owned and operated by non-Nigerians was a moot point. The Finance Act however resolves the contention that profits of digital platform companies are taxable in Nigeria. Section 3(b) of…

Corporate

Highlights of the Companies and Allied Matters Act 2020 (Series 2)

Aug 25, 2020

FREQUENTLY ASKED QUESTIONS How soon must a public company deliver to the Commission a statutory report prepared in furtherance to a statutory meeting? Within 14 days after sending copies of the statutory report to its members. The Repealed Act did…

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