The Corporate Affairs Commission (the “Commission”) have extended the grace period for the full application of penalties for failure to file annual returns by companies, from 1st January 2024 to 1st April 2024. This is contained in the public notice issued by the Commission dated 28th December 2023. The Commission had in its earlier public …
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Full Application of Penalties for Failure to File Annual Returns by Companies
By 1st January 2024, the Corporate Affairs Commission (the “Commission”) will commence the enforcement of penalties for non-compliance with the filing of annual returns. In its Public Notice of November 2nd 2023, the Commission stated that as from that date, the penalties prescribed by the Companies Regulations against a company and each of its directors …
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DEMONSTRATING COMPLIANCE WITH THE NIGERIAN DATA PROTECTION REGULATION
“The NDPR outlined various obligations which an organization must comply with as a way of demonstrating its compliance with the NDPR. These obligations, better described as the ‘Accountability Obligations’ are subsumed in Art. 2.1(3) of the NDPR which provides that “anyone who is entrusted with the personal data of a data subject or who is …
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HIGHLIGHTS OF THE KEY PROVISIONS OF THE BUSINESS FACILITATION (MISCELLANEOUS PROVISIONS) ACT 2022
On 8th February 2023, President Muhammad Buhari signed into law, the Business Facilitation (Miscellaneous Provisions) Act, 2022 (“BFA”). The objectives of the BFA are to promote the ease of doing business in Nigeria and eliminate bureaucratic bottlenecks; amend relevant legislation to promote the ease of doing business in Nigeria, and institutionalize all the reforms to ease implementation. It further amended specific provisions of 21 business-related laws to remove bureaucratic obstacles to doing business in Nigeria. We have reviewed the BFA and highlighted its salient provisions, including the legislations that were consequentially amended.
Highlights of the Nigerian Startup Act, 2022
On 19th October 2022, the Nigerian Startup Act, 2022 (the “NSA”) was signed by the President of the Federal Republic of Nigeria. Amongst other things, the NSA provides for the creation and development of an enabling environment for technology-enabled startups in Nigeria. In this article, we feature the highlights of the NSA, and how it …
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The FIFA Clearing House and the Future of Nigerian Football Clubs
The specific objectives of the FCH are to “process specific payments related to the transfer of football players between clubs; protect the integrity of the football transfer system ; enhance and promote financial transparency in the football transfer system; and prevent fraudulent conduct in the football transfer system.
THE NDPB ISSUES COMPLIANCE NOTICE FOR THE NATIONAL DATA PROTECTION ADEQUACY PROGRAMME WHITELIST
The Nigerian Data Protection Bureau (“NDPB” or “Bureau”) has issued a notice for compliance to its Whitelist for the National Data Protection Adequacy Programme (“NaDPAP”). The Whitelist which was established pursuant to section 37 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and the Nigerian Data Protection Regulation (“NDPR”) 2019, will …
THE FCCPC LIMITED INTERIM REGULATORY/REGISTRATION FRAMEWORK AND GUIDELINES FOR DIGITAL LENDING 2022 AND MONEY LENDING BUSINESS IN NIGERIA
On 26th August 2022, the Federal Competition and Consumer Protection Commission (“FCCPC”) issued the “Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022” (the “Guideline”). It was, indeed, issued pursuant to the powers of the FCCPC under sections 17, 18, and 163 of the Federal Competition and Consumer Protection Act, 2018 (“FCCPA”) – that …
LEXSETTERS SECURES BAN REDUCTION FOR ENYIMBA INT’L FC’S OLADAPO AUGUSTINE
We are delighted to have represented Enyimba International Football Club (“Enyimba”) at the Confederation of African Football (“CAF”) Disciplinary Board (“Board”) in respect of the ban on Enyimba’s player, Oladapo Augustine (“Austin”). Austin was banned from all football activities by the Board after a urine test conducted on him (prior to the match between Pyramids …
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PRACTICAL STEPS FOR PERFECTION OF TITLE TO LAND IN LAGOS STATE
Perfection of title to land in Lagos State is primarily governed by the Land Use Act and the Lagos State Lands Registration Law, Cap L41, Laws of Lagos State, 2015 (“LRL”). Section 2 of the LRL provides that every document of interest or title to land in Lagos State must be registered in accordance with the …
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