The Central Bank of Nigeria (CBN), through its Payments System Policy Department, released a circular (hereinafter the ‘Circular’) on the 12th of March 2026 on additional functionalities for Instant Payment (IP) in Nigeria. In line with its mandate to promote…
The Nigerian Communications Commission (“the Commission” or NCC) has proposed a regulatory reform requiring telecommunications operators in Nigeria to provide a minimum of fourteen (14) days’ notice to subscribers before deactivating their SIM cards due to inactivity or post-paid account…
Following the introduction of the General Application and Implementation Directives (GAID) 2025 by the National Data Protection Commission (NDPC or “the Commission”), certain entities are required to submit Compliance Audit Returns (CAR) annually to demonstrate adherence to Nigeria’s data protection…
The Senate has held a public hearing, hereinafter referred to as “The Hearing”, on a Bill for an Act to amend the Banks and Other Financial Institutions Act, No. 5 of 2020 (SB959), hereinafter referred to as “The Bill”. The…
In July 2024, the National Digital Economy and E-Governance Bill was introduced, hereinafter referred to as “The Bill”. The bill, sponsored by the Chairman of the House Committee on Digital and Information Technology, Adedeji Dhikrullahi Olajide, aims to establish a…
The Financial Reporting Council of Nigeria (FRC) has issued a Public Notice announcing the mandatory registration of audit firms and other assurance service providing firms, with enforcement taking effect from the 1st of April, 2026. The notice is issued pursuant…
The Central Bank of Nigeria (CBN) has recently announced the possible upgrade of the operating licences of major Financial Technology Companies (Fintech) and Microfinance Banks (MFB’s) to national status. This upgrade is not a blanket change for all licence classes…
The Federal Competition and Consumer Protection Commission (FCCPC), hereinafter referred to as “the Commission”, in line with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations), has taken steps to clamp down on Digital Money Lending (DML)…
The Securities and Exchange Commission (“the Commission”) has issued a Circular (“the Circular”) titled “Revised Minimum Capital (MC) for Regulated Capital Market Entities. The Circular states revised MC thresholds; the SEC has indicated it will issue separate guidance on compliance…
Entrepreneurship has become the backbone of Nigeria’s economy. A 2023 Forbes Africa statistics report stated that the number of startups in Nigeria surpassed 3,360, ranking among the highest in Africa.[i] The report further states that thesestartups are responsible for a…
