Newsletter on the CBN’s Directives on Payment Messaging and Geo-tagging of Terminals
Introduction On August 25, 2025, the Central Bank of Nigeria (CBN), through its Payments System Supervision Department, issued a circular[1] to all licensed operators in the Nigerian payments ecosystem, including Deposit Money Banks, Microfinance Banks, Mobile Money Operators, and Switching and Processing Companies, and Payment Terminal Service Providers. The circular introduces two primary directives: the […]
Funding Options for Startups
Introduction The Importance of Funding for Startup Success The role of capital in startup growth cannot be overstated. Founders require capital to conduct market research and surveys, develop their products or services, and attract talent. As invaluable as a founder’s passion and dedication are, they are not, in themselves, sufficient to sustain or scale a […]
Newsletter on the Investment and Securities Act, 2025: Ushering a New Era for Nigeria’s Capital Market
Introduction On 25th March 2025, the President of the Federal Republic of Nigeria signed into law the Investment and Securities Act, 2025 (ISA 2025), thereby repealing the long-standing Investment and Securities Act, 2007. The ISA 2025 marks a watershed moment in the regulation of Nigeria’s capital market, introducing a comprehensive and innovation-driven regulatory framework that […]
Newsletter on the Nigeria Data Protection Act General Application and Implementation Directive (GAID) 2025
Introduction The Nigeria Data Protection Commission (NDPC or the Commission) has issued the Nigeria Data Protection Act General Application and Implementation Directive (GAID or the Directive) 2025, pursuant to the Commission’s power under Sections 1(a), 6(c), 61 & 62 of the Nigeria Data Protection Act (NDPA or the Act) 2023, to provide clarity on compliance obligations under the Act. The Directive […]
Announcing the 2024 Credence Nigerian Law School Scholarship Recipients!
We proudly introduce the outstanding law students selected for the Credence Nigerian Law School 2024 Scholarship, a prestigious award recognizing academic excellence, leadership, and commitment to the legal profession. Meet Our Scholars: Queensly Ehiedu, a graduate of Ahmadu Bello University, Zaria, is passionate about justice, advocacy, and leadership. She has excelled academically and distinguished herself […]
CBN’s Cash-Out Limits for Agent Banking Transactions
Introduction On 17 December 2024, the Central Bank of Nigeria (CBN) issued a circular on cash-out limits for agent banking transactions to advance the cash-less economy while addressing challenges in the agency banking space (the Circular). This policy intervention introduces new limits and operational standards for agents, to reduce fraud, improve service delivery, and ensure […]
CBN’s Directive for Payment Service Providers on Connectivity to Payment Terminal Service Aggregators
Introduction The Central Bank of Nigeria (CBN) on September 11, 2024, issued a Directive mandating all Payment Service Providers (PSPs) [1] to route Point of Sale (PoS) transactions through CBN licensed Payment Terminal Service Aggregators (PTSAs) – (the “Directive”). The Directive is aimed at decentralizing the routing of PoS transactions through multiple aggregators and improving the […]
FAQs on Data Protection Audit and Compliance
Background As a licensed Data Protection Compliance Organization (DPCO), we are fully equipped to monitor, audit, report, and offer comprehensive data protection compliance services to organizations across various industries. We have prepared a set of FAQs to help you better understand our new role and how we can support your organization’s data protection needs and […]
Common Legal Issues Faced by Early-Stage Companies in Africa
Introduction The African startup ecosystem has evolved in the past few years. Many startups have emerged, some thriving while others have struggled or shut down completely. Regardless of the industry or the nature of the products or services being offered by a startup, there are some common success factors applicable to startups on the continent; […]
Interpretation of Single Shareholding under CAMA 2020
Introduction On 30 July 2024, the Federal High Court delivered a judgment on the interpretation of Section 18(2) of the Companies and Allied Matters Act (CAMA) 2020 in the case of Primetech Design and Engineering Nigeria Limited & Julius Berger Nigeria Plc v. Corporate Affairs Commission in Suit no: FHC/ABJ/CS/665/2023, (the “Primetech case”) The central […]
Newsletter on The SEC Accelerated Regulatory Incubation Program
Background On the 21st of June, 2024, the Securities Exchange Commission ( the SEC) issued a notice (the Notice) on the amendment of the Rules on Digital Assets Issuance, Offering Platforms, Exchange and Custody (the VASP Rule). Consequently, the SEC opened a regulatory incubation window known as the Accelerated Regulatory Incubation Program (ARIP) to accept […]
SEC Proposed Rules on the Issuance and Allotment of Private Companies Securities
Background The Securities Exchange Commission in Nigeria (SEC or the Commission) recently published the proposed rules on the issuance and allotment of securities by private companies which govern the issuance of debt securities by private Companies in Nigeria (the Proposed Rules). These rules have been proposed in furtherance of the recent amendment of Section 67(1) […]
Newsletter on CAC’s Directive on Registration of PoS Agents
Introduction On May 7, 2024, the Corporate Affairs Commission (CAC) issued a directive requiring Point of Sale (POS) agents to register as businesses with the CAC within a two-month deadline (July 7, 2024). The directive is an attempt to curb the increasing concern over fraudulent activities facilitated through POS transactions in Nigeria. This newsletter examines […]
Digital Assets Regulation in Nigeria: Recent Regulatory Developments
Introduction The digital assets regulatory landscape in Nigeria has been marked by significant shifts and developments over the past years. The Central Bank of Nigeria (CBN) imposed a ban on digital assets transactions in 2021[1] prohibiting financial institutions from providing services to digital assets exchanges or facilitating digital asset or cryptocurrency transactions. However, in December […]
Highlights of the Revised Regulatory and Supervisory Guidelines for Bureau de Change Operations in Nigeria
Background On the 23rd of February 2024, the Central Bank of Nigeria (CBN) released an exposure draft of the Revised Regulatory and Supervisory Guidelines for Bureau de Change (BDC) Operations in Nigeria (the Draft Guidelines), inviting the public to provide comments on the Draft Guidelines. The Draft Guidelines aim to strengthen the regulatory framework that […]
A Review of the SEC Proposed Amendment To Rules on Private Equity Funds
e Securities and Exchange Commission in Nigeria (SEC) on December 22, 2023, introduced new set of proposed rules and amendments (the Proposed Amendment) applicable to different capital market products and operators including, Green, Social, and Sustainability-Linked and Transition Bonds, Collective Investment Schemes, Commodity brokerage, portfolio management operations, private equity funds, amongst others.
Promoting Local VC Participation in Nigeria: Creation of Safe Harbors for VC Funds by the SEC
Venture capital (VC) investments play a major role in fostering innovation, supporting entrepreneurs, and driving economic growth globally. However, despite the burgeoning potential within Nigeria’s emerging startup and technology ecosystem, only five venture capital fund managers are officially registered with the Securities and Exchange Commission (SEC or the Commission) in Nigeria[1]. This article examines the […]