Team size: 7

What are the most significant cases or transactions that your legal team has recently been involved in?

The company has been involved in significant cases and transactions including, but not limited to, loan transfers from one financial institution to another, fundamental human right cases, insurance contract matters where the company was successfully defended.

The legal team played a very significant role in these transactions, and the lessons that were learnt from them have led to improved insurance contract management, corporate governance and risk management. The team was able to translate these legal challenges into opportunities to protect value, manage risk and reinforce the organisation’s strategic and regulatory standing.

How is your legal team navigating Nigeria’s evolving regulatory compliance requirements, particularly under CAMA 2020, ISA 2025, and Central Bank directives?

To adequately prepare for potential legal and regulatory challenges, the foundation must stay informed and educated. This makes it easy to develop strategies or build frameworks ahead of these challenges even before they occur. Of course, this will mean involving the board, management, and all relevant stakeholders. The team takes responsibility for providing relevant advice that will inform decisions made by the board, management, and relevant stakeholders regarding strategies and frameworks.

We are now in the world of emerging technologies, including AI, and the rest, and, of course, this has and will continue to impact the regulatory environment due to the nature of the risks associated with these technologies. Emerging technologies also mean evolving regulations, and as a team, we are committed to ensuring that we improve our awareness level and stay prepared for the challenges that come with evolution.

We keep track of regulatory updates and when a regulatory change is made, make proper classifications and assess the impact of these changes on the business. The insurance industry has been known for making constant changes to regulations, business practices, and guidelines. For instance, the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 which was signed into law on 31st July 2025. The legal advised on it and convened various sessions to educate the company on the Act to ensure compliance.

Various transactions and business engagements have potential legal challenges, and one way to ensure that the business is adequately protected is to have water-tight contractual documentation. To achieve this, you must be properly informed and aware of the technicalities that such contracts involve. This goes back to the initial point of being informed and educated. As lawyers, we stay abreast and are aware of all salient issues in the regulatory and legal environment.

What strategies has your legal team adopted to manage disputes and mitigate risks in Nigeria’s dynamic business environment?

In Nigeria’s dynamic and highly regulated business environment, the legal team plays a critical role in managing disputes and mitigating various risks. One major strategy employed by the legal team is proactive risk identification and prevention. Usually, the team identifies possible risks (legal, reputation, regulatory, etc.) through audits, spot checks, review of contracts, regulatory reviews, and governance practice reviews. Once the risks are identified, the team advises on possible mitigants that should be in place to prevent the occurrence of the risks or any form of exposure. So far, this has proven very productive due to the lean size of the company’s litigation portfolio.

Another strategy is contract risk management, as well-drafted contracts have proven to be a significant defence against disputes. When drafting contracts, the team ensures that there is clarity in major clauses, both commercial and boiler templates.

Where a dispute eventually occurs, the strategic use of alternative dispute resolution is important in how the team addresses disputes. Where litigation is avoidable, the team has a case management strategy, which ensures the evaluation of the case in totality, including the merits, costs, timelines and possible impacts.

Other strategies that are deployed by the team for efficient management of disputes and risks include constructive relationships with regulators to enhance regulatory engagements, and strong corporate governance and internal control.

In conclusion, for effective risk and dispute management, the legal team combines legal expertise, commercial awareness, and regulatory insight to protect the organisation’s long-term legal value.