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…
The Federal Government of Nigeria is implementing a 7.5% Value-Added Tax (VAT) on fees for various electronic banking services, including USSD (Unstructured Supplementary Service Data) transactions, mobile transfers, and card-related fees. Effective January 19, 2026, banks and fintech companies are required to collect…
As we draw nearer to the close of 2025, Nigerian businesses stand at the threshold of one of the most significant regulatory transitions. A number of legislative reforms enacted in 2025 will take effect from 1st January 2026, fundamentally reshaping…
