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Editorial

Legal market overview

Nigeria has experienced growth in its agricultural and solid minerals sectors, but the country’s economy has been impacted by the drop in crude oil prices, sales of which account for around 70% of government income. After initial delays, the government allowed its currency – the naira (₦) – to trade freely and is expected to sell off several lucrative state assets to boost public finances.

The Nigerian legal system is based on English common law, as modified by legislation, Nigerian court decisions, the Constitution, Customary law and Islamic law. Foreign lawyers are not entitled to practise law in Nigeria unless they have also been called to the Nigerian Bar and foreign law firms cannot obtain a licence to open an office. Consequently, domestic legal practices dominate transactional and contentious practice areas: examples include Aluko & Oyebode, Banwo & Ighodalo, G. Elias & Co, AELEX and Udo Udoma & Belo-Osagie.

Significant domestic legal market news included Bloomfield Law Practice hiring aviation and shipping law expert Adedoyin Afun as well as power, oil and gas specialist Ayodele Oni from Banwo & Ighodalo.

Certain international firms also regularly act on Nigeria-related matters. At Clifford Chance, Frankfurt-based and Nigeria-qualified partner Edmund Boyo is a member of the firm’s global energy and infrastructure group, frequently working on Nigerian transactions. He is particularly noted for international project financings in the roads, ports and airports sectors, as well as in the energy, mining and telecoms industries.

Firms in the spotlight

Olaniwun Ajayi LP
www.olaniwunajayi.net

Olaniwun Ajayi LP is a leading law firm with a broad financial, corporate, energy and natural resources, and regulatory advisory practice. With over 50 years’ experience in helping organisations, governments and individuals achieve their goals, the firm has developed particular expertise in sophisticated commercial transactions, a fact illustrated by a track record of involvement in some of the largest and most complex transactions across many dynamic sectors of the Nigerian economy.

The In-House Lawyer

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Legal Developments worldwide

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  • New Industrial Property Law

    The Industrial Property Law abrogating the patchwork of decrees that governed intellectual and industrial property rights has been published in the Official Gazette and entered into force on January 10, 2017.
  • Cross-shareholding Rules and Dividend Tax Exemptions Clarified

    19 Apr 2017 at 04:00
  • Labour E-Contract

    On 13 December 2016, the Ministry of Administrative Development, Labor and Social Affairs (MADLS) of the State of Qatar Read more..
  • Privatization of Domestic Coal-Fired Power Plants in Turkey

    The privatization tender of Çayırhan-2 coal reserve area and the construction of a coal-fired power plant project (“Çayırhan-2 Project ”) was concluded on February 6, 2017, which has been the first of the new wave of privatization of coal reserves and construction of lignite coal-fired power plants in Turkey in line with the recent incentives regarding utilization of domestic coal reserves for electricity generation. This client alert outlines the main novelties in relation to this new wave of lignite-fired power plant tenders, which is expected to continue with several other privatizations in 2017 as explained below.
  • Important Changes to the Electricity Market Licensing Regulation

    On February 24, 2017, the Energy Market Regulatory Authority (“EMRA ”) published a Regulation (“Amending Regulation ”) containing important changes to the Electricity Market Licensing Regulation (“Licensing Regulation ”), including the removal of the share transfer restriction at the pre-license period for transfers to foreign companies and foreign-capital companies, and changes related to the Renewable Energy Resource Areas (“YEKA ”). Highlights of major changes are as follows:
  • The New ICC Arbitration Rules

    As of 1 March 2017, the new Arbitration Rules of the International Chamber of Commerce (“New ICC Rules ”) have come into effect and superseded the former version of the ICC arbitration rules, which have been in effect since 2012.
  • Information law for company participants – the search for a balance of interests

    At the present time, in various legal relationships there exists the acute problem of observing a balance of interests concerning the parties involved in these legal relationships, their legal rights, and their mutual economic needs. Judicial practice, when considering disputes between these kinds of parties, takes into consideration not only the formal requirements of legislation, but also the real economic and legal goals and interests of the participants.
  • Cyprus: Changes To The Inheritance Process Under European Succession Regulation 650/2012

    The growing importance of cross border successions within the European Union and the difficulties and complications resulting from the diversity of succession and private international law rules relating to succession, prompted the European Commission to examine the possibility of introducing a Regulation that would facilitate and streamline cross border successions.
  • A fight against corruption by the proposed introduction of Criminal Record Certificates for Companie

    Due to existing problems with regards to companies competing for the undertaking of public projects, on the 28 th  September 2015 the Cabinet decided to give an end to the scandals involving the squander of millions of public money by approving an amendment Bill, which would add to the conditions for public tenders, the requirement of providing a Criminal Record Certificate for legal entities. Until today, this was not required due to gaps and loopholes in the existing Law. Provided this Bill will be passed into Law by its publication at the Official Gazette of Cyprus, companies applying for public tender will be asked to produce a certificate that would show they have a clean criminal record.
  • Innovation & Thailand 4.0: Value Creation for Business using Trade Secrets

    Thailand 4.0 stands for the new stage to transform the country currently relying on heavy industries (3.0 stage) into a creativity and innovation-driven economy. Trade secrets are definitively value-based and could help pursing Thailand 4.0.

Press Releases worldwide

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to