Knowledge Centre

Goldsmiths Solicitors PIA Series 1 The Petroleum Industry Act (the PIA) was signed into law by Nigerian President, Muhammadu Buhari on 16 August 2021. Before its passage into law, it was a Bill pending for over 20 years at the National Assembly. Its passage represents a breakthrough for the petroleum industry in Nigeria with its Read More

The Petroleum Industry Act 2021 (PIA) was recently signed into law by the Nigerian president, Muhammadu Buhari. This is a very voluminous piece of legislation. Over the next few weeks Goldsmiths solicitors shall be providing insights into specific areas of the new PIA. In the first of our series on the new PIA, we consider Read More

Introduction Nigeria operates a free-market economy and there are no restrictions on foreigners setting up companies in Nigeria. Subject to the laws of Nigeria, a foreign individual or entity can set up a fully owned company in Nigeria and operate, employ expatriates and repatriate profits. However, before any foreigner can carry on business in Nigeria, Read More

Introduction On 4 August 2021, the Central Bank of Nigeria (CBN) issued the Exposure Guidelines to regulate the activities of Credit Guarantee Companies (CGCs) in Nigeria. The Guidelines are expected to create a conducive atmosphere for Micro, Small and Medium Enterprises (MSMEs) to access credit at low interest rates from banks and financial institutions in Read More

On 9th July 2021, the Central Bank of Nigeria (CBN) released a single-document circular, setting out the framework and guidelines for the operations of Mobile Money Services in Nigeria (the Guidelines and Framework). The Guidelines and Framework sets out the rules which governs the business of mobile money operation in Nigeria and stipulates the minimum Read More

Introduction On 26 May 2021, the CBN published its Guidelines for Shares Services Arrangements for Banks and other Financial Institutions in Nigeria (the Guidelines). These Guidelines come into effect on 1st June 2022. Prior to this publication, there were no stated uniform practice for Shared Services Arrangements for Banks and other Financial Institutions in Nigeria. Read More

On 30 June 2021, Goldsmiths Solicitors in collaboration with Afriwise, held the first of its Webinar series which examined the regulatory issues for FinTech to be aware of when doing business in Nigeria. The salient points from that discussion was published by the well respected African Law & Business publication, a very credible pan-African source Read More

Introduction On 16 June 2021, the Nigerian Securities and Exchange Commission (SEC) announced an imminent roll-out of an Incubation Programme called SEC Regulatory Incubation (RI) programme for FinTechs operating or seeking to operate in the Nigerian Capital Market. There is no doubt that FinTech operations in Nigeria have continued to gain enormous grounds.  In order Read More