Goldsmiths Solicitors – Legal Recap for the Year 2023

Banking and Finance Law, Business Advisory, Corporate & Commercial, Financial Services, Insights

2023 was election year in Nigeria. It therefore was no surprise that we saw a lot of activities in the legal space in Nigeria, not least in the enactment of new laws, handing down of judicial decisions and the like. In our 2023 legal recap, we have highlighted some of the major legal, regulatory, and judicial changes that occurred.  This recap is divided into four parts representing four quarters of the year. In each quarter, we deal with all the major legal changes that occurred therein.

Termination of Employment in Nigeria: Legal Considerations for Employers.

Business Advisory, Insights, Labour and Employment

Like in all common law jurisdictions, relationships between employers and employees in Nigeria are primarily governed by their contracts of employment and any applicable employment laws for the time being in force. Contracts of employment would typically deal with issues such as nature of work, hours of work, emoluments, holidays, sickness, termination, notice period, disciplinary procedures, etc. Despite the provisions of the contracts, disputes still arise between the parties. Some of the issues that lead to disputes in employment include termination without notice, failure to follow laid down procedure/policies, non-payment of termination benefits, failure to give notice of termination, withholding or deduction of salaries, etc.

What the Electricity Act 2023 Means for the Electricity Market and Stakeholders in Nigeria.

Business Advisory, Construction, Corporate & Commercial, Energy & Natural Resources, Innovation and Technology, Insights, Project Finance, Public Sector, Public-Private Partnerships (PPP)

On 9th June 2023, President Bola Ahmed Tinubu signed the Electricity Act 2023 into law. Notwithstanding all the steps taken by previous governments and administrations, the Nigerian power sector continues…

Better Late than Never: Nigeria Finally Passes the Data Protection Act

Banking and Finance Law, Business Advisory, Corporate & Commercial, Financial Services, Financial Technology (FinTech), Innovation and Technology, Insights, Intellectual Property, Labour and Employment, Media and Entertainment, Startups and MSME Law, Telecommunications, Transportation

On 12 June 2023, the Nigeria Data Protection Act, 2023 (“the Act”) was signed into law by President Bola Ahmed Tinubu. The Act provides a legal framework for the protection…

Trademarks in Nigeria: Registration, Infringement and Enforcement

Business Advisory, Corporate & Commercial, Innovation and Technology, Insights, Intellectual Property, Media and Entertainment, Sports Law, Startups and MSME Law, Telecommunications

A Trademark is a unique sign or mark that distinguishes the goods and services of one business from another. A mark can either be a device, brand, heading, label, ticket, name, signature, word, letter, numeral, or any combination thereof. Most businesses, companies or organizations have distinctive marks that sets them apart from other businesses.

How to Obtain a Payment Solution Service Providers Licence in Nigeria

Banking and Finance Law, Business Advisory, Capital Markets, Corporate & Commercial, Financial Services, Financial Technology (FinTech), Innovation and Technology, Insights, Investment Law, Startups and MSME Law

A Payment Solution Service Providers (PSSP) licence is a financial licence within the payments system which is issued by the Central Bank of Nigeria (CBN). A PSSP licence authorizes the licensee to provide and operate payment processing gateway and portals, solution/application development, and merchant service aggregation and collections services. A  PSSP license does not provide the authorization to hold customers’ funds or create and issue wallets. PSSPs are predominantly Financial Technology (FinTech) companies that enable  and facilitate  online and offline payments solutions which include collections, check-out, biller aggregation and payout services.

An Overview of CBN’s Operational Guidelines for Open Banking in Nigeria

Banking and Finance Law, Business Advisory, Corporate & Commercial, Financial Services, Financial Technology (FinTech), Innovation and Technology, Insights, Startups and MSME Law

By a Circular dated 7th March 2023, the Central Bank of Nigeria (CBN) released the “Operational Guidelines for Open Banking in Nigeria” (‘the Guidelines’). The Guidelines set out rules for sharing the data/information of customers between participants in the open banking system. Although not defined in the Guidelines, open banking system may be defined as the exchange of the data of an entity’s customers with other entities for the purpose of providing innovative financial services.