The Federal Inland Revenue Service (FIRS) as an agency of the Federal Government, has been solely responsible for the administration and management of VAT assessment and collection in Nigeria.

Nigeria is a contracting party to DTAs with several countries which sets out various withholding tax rates chargeable in line with the provisions of the respective DTAs.

In our earlier article, we had highlighted the intention of the primary regulator of investments and securities in Nigeria, the Securities and Exchange Commission (the "Commission") to regulate virtual/digital assets in Nigeria.

The African Continental Free Trade Area (AfCFTA) agreement was entered into in 2018 with the primary aim of promoting commerce and creating a single market that liberalizes trade among state parties in Africa.

In our previous newsletter, we highlighted the key provisions of the recently signed Nigeria Data Protection Act 2023 (NDPA 2023). Following the passage of the NDPA 2023...

Generally, skepticism expressed about cryptocurrencies stems from their classification as high-risk assets'' which are extremely volatile and speculative in terms of price.

In our previous newsletter, we analyzed the Central Bank of Nigeria ("CBN") categorization of the Fintech licenses into four categories based on CBN circular dated December 9, 2020...

In our previous article, we identified the various stages commonly adopted by Startups in raising funds. Each funding round would typically involve the issuance of shares by the Startup to investors...

As the 30th United Nations Climate Change Conference (COP30) convenes in Belém, Brazil, it presents an opportunity to examine Nigeria's legal and policy measures relevant to clean-energy and climate-aligned activities.

On February 14, 2014, the Central Bank of Nigeria (CBN) deployed a centralised BVN system.

The Banking sector worldwide is undergoing major changes and the key drivers of these change are You and I. In today's world (described as the Experience Economy by Pine and Gilmore...

In Nigeria, technology plays a prominent role in driving the growth and development of the society. In recent times, several tech startups/tech hubs have been established to solve social, cultural,...

The AfCFTA Digital Trade Protocol is evolving from framework to operational instrument, with eight new annexes adopted in February 2025 covering rules of origin, cross-border payments, and data transfers. As Africa's digital economy races toward a projected $712 billion by 2050, businesses and governments face critical decisions about compliance, market access, and regulatory alignment. What practical steps should stakeholders take now to prepare for implementation, and how will ratification timelines affec

In our previous article, we highlighted some key provisions of the Nigeria Finance Bill 2022 (the "Bill"). In a final move by former President Mohammadu Buhari, the Bill...

The year 2025 marked a pivotal period in Nigeria's regulatory and business landscape, with notable reforms introduced across the insurance, capital markets, and tax sectors.

On the 5th day of February 2021, the Central Bank of Nigeria ("CBN") instructed banks and other financial institutions to refrain from dealing with cryptocurrency (a digital currency) and facilitating payment for cryptocurrency exchanges.

The Securities and Exchange Commission (SEC) on June 28 2024, released the Framework on Accelerated Regulatory Incubation Program (ARIP) for the onboarding...

With the rapid growth of technology, start-ups have continually found ways to improve financial services. This trend has been matched by the growing appetite of the consumers for faster and more convenient financial services.

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

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...