CBN LIFTS BAN ON CRYPTOCURRENCY IN NIGERIA

In a landmark announcement, the Central Bank of Nigeria (CBN) has officially lifted the ban on cryptocurrency transactions in the country. This move marks a significant turning point in Nigeria's stance on digital currencies, as it opens up new opportunities for innovation, financial inclusion, and economic growth. The new regulation from CBN will now [...]

By |December 27th, 2023|Business Operation & Licenses|Comments Off on CBN LIFTS BAN ON CRYPTOCURRENCY IN NIGERIA

PROCEDURE FOR ISO CERTIFICATION IN NIGERIA

In Nigeria, organizations can obtain ISO (International Organization for Standardization) certification for the validation of the efficiency and effectiveness of quality management by following a structured process that aligns with international standards. ISO is an independent body that tends to develop standards for ensuring the quality, safety, and efficiency of the products or services [...]

By |December 20th, 2023|Business Operation & Licenses|Comments Off on PROCEDURE FOR ISO CERTIFICATION IN NIGERIA

BUSINESS & COMPANY REGISTRATION IN NIGERIA – 2023

Business registration in Nigeria is a central process done through a federal commission. The Corporate Affairs Commission (CAC) was established by virtue of the Companies and Allied Matters Act (CAMA) 2020 to regulate the formation and operations of companies in Nigeria, the commission oversees the registration of companies & businesses and post-incorporation matters. The [...]

By |September 30th, 2023|Business Formation, Business Operation & Licenses|Comments Off on BUSINESS & COMPANY REGISTRATION IN NIGERIA – 2023

THE IMPORTANCE AND LOCATIONS FOR BVN ENROLLMENT

BANK VERIFICATION NUMBER (BVN) IN NIGERIA The enrollment of a Bank Verification Number (BVN) is an essential process that plays a significant role in the Nigerian banking sector. BVN is a unique identification system introduced by the Central Bank of Nigeria (CBN) to curb fraud, enhance security, and ensure a smooth working financial transaction. [...]

By |July 27th, 2023|Business Operation & Licenses|Comments Off on THE IMPORTANCE AND LOCATIONS FOR BVN ENROLLMENT

LAWS GOVERNING MONEY LENDING COMPANIES IN NIGERIA

MONEY LENDING REGULATIONS IN NIGERIA The primary law governing money lending in Nigeria is the Money Lenders Law of various states, which set out the licensing requirements and regulations for money lenders operating within the state. The Federal Competition and Consumer Protection Commission (FCCPC) also regulates money lending activities in Nigeria and protects the [...]

By |April 10th, 2023|Business Operation & Licenses, Finance|Comments Off on LAWS GOVERNING MONEY LENDING COMPANIES IN NIGERIA

Overview of Foreign Ownerships of a Company in Nigeria

Foreigner ownership of Nigerian companies refers to the ownership of a company registered in Nigeria by non-Nigerian individuals or entities. It is possible for foreign investors to own all or part of a Nigerian company, subject to the regulations and restrictions set by the Nigerian government. Foreign ownership of Nigerian companies is regulated by [...]

By |April 10th, 2023|Business Formation, Business Operation & Licenses, Corporate Matters|Comments Off on Overview of Foreign Ownerships of a Company in Nigeria

Overview of Lithium Mining & Buying License in Nigeria

LITHIUM LICENSE IN NIGERIA Lithium mining is a growing industry in Nigeria, and the government has recently issued permits to allow companies to begin mining operations. The Nigerian government has identified lithium as a strategic mineral and is keen to develop the industry to benefit from its potential economic benefits. Exploration for Lithium in [...]

By |March 5th, 2023|Business Operation & Licenses|Comments Off on Overview of Lithium Mining & Buying License in Nigeria

THE REQUIREMENTS FOR FCCPC REGISTRATION FOR DIGITAL & MONEY LENDING COMPANIES IN NIGERIA

 FCCPC REGISTRATION FOR DIGITAL LENDING COMPANIES The Federal Competition and Consumer Protection Commission (FCCPC) is the regulatory authority responsible for, among other things, the administration and enforcement of the Federal Competition and Consumer Protection Act 2018 (the Act).  Recently the FCCPC, NITDA (National Information Technology Development Agency) together with other federal agencies have been looking [...]

By |December 13th, 2022|Business Operation & Licenses|Comments Off on THE REQUIREMENTS FOR FCCPC REGISTRATION FOR DIGITAL & MONEY LENDING COMPANIES IN NIGERIA

KEY PROVISIONS OF THE NIGERIAN ANTI-MONEY LAUNDERING ACT 2022

Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, and embezzlement by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime. In Nigeria, the Money Laundering (Prevention [...]

By |August 28th, 2022|Business Operation & Licenses, Criminal Matters|Comments Off on KEY PROVISIONS OF THE NIGERIAN ANTI-MONEY LAUNDERING ACT 2022

OVERVIEW OF BUSINESS PERMIT AND EXPATRIATE QUOTA IN NIGERIA

Business Permits and other necessary licenses must be obtained by any foreign-owned company for a seamless business operation in Nigeria. In addition to obtaining a business permit, any foreigner wishing to work as an employee or control a company in Nigeria must also obtain an Expatriate Quota through the company for that purpose. Both the [...]

By |August 28th, 2022|Business Formation, Business Operation & Licenses|Comments Off on OVERVIEW OF BUSINESS PERMIT AND EXPATRIATE QUOTA IN NIGERIA

SEC ISSUES NEW REGULATIONS ON CRYPTOCURRENCIES IN NIGERIA

The Securities Exchange Commission (SEC) of Nigeria has recently released new rules regarding the issuance, exchange and custody of digital assets (i.e digital token that represents assets such as debt or equity claim on the issuer) in Nigeria. Digital assets here refer to all types of crypto assets. The rules shall apply to all issuers [...]

By |June 12th, 2022|Business Operation & Licenses|Comments Off on SEC ISSUES NEW REGULATIONS ON CRYPTOCURRENCIES IN NIGERIA

HOW TO START A BUSINESS IN NIGERIA AS A FOREIGNER

HOW TO START A BUSINESS IN NIGERIA  There are a set of rules guiding foreign participation in Nigerian business. The Nigerian business environment is open to all foreigners. For a foreigner to start a business in Nigeria, the first step is to register a company with the Corporate Affairs Commission (CAC), which is the sole [...]

By |June 12th, 2022|Business Formation, Business Operation & Licenses|Comments Off on HOW TO START A BUSINESS IN NIGERIA AS A FOREIGNER

CRYPTOCURRENCY TRADING IS NOT ILLEGAL IN NIGERIA – COURT RULED

A Federal High Court sitting in Abuja, in a Ruling delivered by Justice Taiwo O. Taiwo on 18th October 2021, has held that the Central Bank of Nigeria circular, referenced as BSD/DIR/PUB/LAB/014/001 of February 5, 2021, is not a law and the CBN lacks the requisite authority to declare the trading of Cryptocurrency illegal by [...]

By |November 3rd, 2021|Business Operation & Licenses|Comments Off on CRYPTOCURRENCY TRADING IS NOT ILLEGAL IN NIGERIA – COURT RULED

REQUIREMENTS FOR IMPORTATION OF ELECTRIC POWER GENERATOR IN NIGERIA

Generator importation requires an import permit from the Nigeria Electricity Regulatory Commission (NERC). The Nigeria Electricity Regulatory Commission (NERC) is an independent regulatory body with the authority to supervise Nigeria's electricity industry The main purpose of establishing NERC is to supervise the electricity prices of government-owned or controlled power generation companies and any other [...]

By |June 11th, 2021|Business Operation & Licenses|Comments Off on REQUIREMENTS FOR IMPORTATION OF ELECTRIC POWER GENERATOR IN NIGERIA

OVERVIEW OF GAMING LAWS IN NIGERIA – SPORTS BETTING LICENCE

HOW TO OBTAIN SPORTS BETTING LICENSE IN NIGERIA  There are various laws in Nigeria regulating gambling & gaming licensing at both federal and state levels of government. Some of the laws governing gaming in Nigeria include the National Lottery Act 2005; National Lottery Regulations 2007 (as amended); Lagos State Lottery Law 2004 and various [...]

By |September 4th, 2020|Business Operation & Licenses|Comments Off on OVERVIEW OF GAMING LAWS IN NIGERIA – SPORTS BETTING LICENCE

OVERVIEW OF THE CBN LICENSING REGIME FOR FINTECH & PAYMENTS SYSTEM PROVIDERS

PAYMENT SERVICE PROVIDER LICENSE CBN FINTECH LICENSE In the most recent times, financial technology (otherwise known as FINTECH) companies have been evolving with numerous innovative products relating to payment services, which are gaining acceptance in Nigeria. Consequently, the Central Bank of Nigeria(CBN) commenced a new licensing regime for all categories of payment service providers [...]

By |September 4th, 2020|Business Operation & Licenses|Comments Off on OVERVIEW OF THE CBN LICENSING REGIME FOR FINTECH & PAYMENTS SYSTEM PROVIDERS

COMMERCIAL LAW FIRMS IN NIGERIA| BUSINESS LAWYERS IN LAGOS NIGERIA

BUSINESS LAWYERS IN NIGERIA Resolution Law Firm is one of the foremost commercial law firms in Nigeria, with experienced business lawyers in Nigeria who are versatile in commercial law. The firm maintains commercial law firms in Lagos that focus on aspects of commercial transactions. The firm advises several local and multinational clients operating in [...]

By |September 4th, 2020|Business Formation, Business Operation & Licenses, Legal Services|Comments Off on COMMERCIAL LAW FIRMS IN NIGERIA| BUSINESS LAWYERS IN LAGOS NIGERIA

PROCEDURE FOR NIPC REGISTRATION IN NIGERIA

PROCEDURE FOR NIPC REGISTRATION IN NIGERIA Nigerian Investment Promotion Commission (NIPC) is a Federal Government Agency in Nigeria established by the NIPC Act 1995. The objective of the NIPC is to promote, coordinate and monitor investments in Nigeria. The commission initiates and supports the enhancement of the investment climate in Nigeria for both Nigerian [...]

By |September 4th, 2020|Business Operation & Licenses|Comments Off on PROCEDURE FOR NIPC REGISTRATION IN NIGERIA

HOW TO OBTAIN A BUSINESS PERMIT IN NIGERIA

A business Permit in Nigeria is the authorization for the start and operation of a business by a foreigner either as an individually owned company, a branch or a subsidiary of a foreign company in Nigeria. A registered company wholly owned by foreigners is required to obtain a business permit from the Ministry of [...]

By |September 4th, 2020|Business Operation & Licenses|Comments Off on HOW TO OBTAIN A BUSINESS PERMIT IN NIGERIA