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Nigeria's Central Bank has introduced sweeping data localisation requirements that will fundamentally reshape how payment service providers, banks, and financial institutions handle transaction data. With a January 2027 compliance deadline, these new rules mandate that all payment transaction data generated within Nigeria must be stored and managed locally, raising critical questions about cloud infrastructure, vendor relationships, and operational readiness. This analysis examines the scope of the requirem

Internal controls have become a key business area for all organisations to maintain the risks facing the company within the defined risk tolerance levels.

In February 2015, the National Pension Commission took the first step towards revamping the existing framework for the investment of pension fund assets in Nigeria, by issuing an exposure draft of proposed amendments ...

On Tuesday, August 5, 2025, the Nigerian President, Bola Ahmed Tinubu signed into law the Nigerian Insurance Industry Reform Act (NIIRA or the "Act") 2025.

It is no longer news, that there has been a phenomenal increase in the amount of internet users in Nigeria.

On October 25, 2021, the Central Bank of Nigeria ("CBN"), Nigeria's apex financial and monetary regulator, issued a governing framework for the administration of the eNaira in Nigeria.

On June 3, 2024, the Central Bank of Nigeria (CBN) revoked the banking license of Heritage Bank PLC. According to the CBN, this decision was taken in accordance with its mandate to promote...

Credit rating agencies play a vital role in the global financial market, by providing independent assessments of a company's creditworthiness to investors.

As part of its objectives of promoting a transparent, liquid, and efficient foreign exchange market, the Central Bank of Nigeria has released the Nigeria Foreign Exchange Code containing guidelines for good practice and responsible participation in the Nigerian Foreign Exchange Market.

On the 7th of March 2023, the Central Bank of Nigeria (CBN) in collaboration with industry stakeholders, developed and released the Operational Guidelines for Open Banking in Nigeria ("Operational Guidelines").

In March 2024, the Central Bank of Nigeria (CBN) introduced new minimum capital requirements for Non-Interest Banks (NIBs), marking a decisive step toward strengthening the resilience of Nigeria's banking sector.

Discover the transformative power of effective record-keeping and explore practical solutions to overcome the challenges faced by SMEs.

In our previous article, we provided a summary of the key provisions in the Framework for Open Banking (the "Framework") released by the Central Bank of Nigeria (CBN) on February 17, 2021.

The Securities and Exchange Commission has issued new guidance requiring collateral management companies, warehouse operators, and commodity exchange-linked warehouses to formally register within 90 days. Entities operating under informal arrangements must now meet specific capital requirements ranging from ₦200 million to ₦500 million and submit comprehensive documentation demonstrating operational capacity, governance structures, and financial standing.

The Central Bank of Nigeria ("CBN"), on June 6, 2018, issued the Regulations for Transactions with Authorized Dealers in Renminbi ("Regulations").

The CBN recently issued a directive, dated 31st January 2018, barring Deposit Money Banks and Discount Houses that do not meet the minimum Capital Adequacy Ratio set by the CBN...

The Secured Transaction in Movable Assets Act 2017 ("STMA") was enacted into law in 2017 to provide a comprehensive legal framework for the creation, registration and enforcement of security interests over movable assets.

On June 9 2022, the Central Bank of Nigeria ("CBN") issued the "Revised Guidelines For The Operation of Non-Interest Financial Institutions' Instruments by the Central Bank of Nigeria" (the "Guidelines")...