In the recent past, the President of the Federal Republic of Nigeria, President Muhammadu Buhari GCFR, has refused to give his assent to several bills forwarded to his office for his approval by the National Assembly. The President’s refusal to assent to the bills has been a cause for concern to many Nigerians. Prominent among the bills to which the President refused assent are the Nigerian Film Commission Bill 2018, the Chartered Institute of Pension Practitioners of Nigeria Bill 2018, the Immigration Amendment Bill 2018, the Climate Change Bill 2018, the Digital Rights and Freedom Bill 2018, the Chartered Institute of Training and Development of Nigeria (Establishment) Bill 2018, the Nigerian Aeronautic Research Rescue Bill 2018, the Federal Mortgage Bank of Nigeria Bill 2018, the National Housing Fund Bill 2018, the National Institute of Credit Administration Bill 2018, the National Bio-Technology Development Agency Bill 2018 as well as the Ajaokuta Iron and Steel Completion Fund Bill. Continue reading “Recent Spate of Refusal of Assent to Bills by the President”
Historically, there has been a dearth of a comprehensive antitrust and competition legislation in Nigeria. Prior to the enactment of the Federal Competition and Consumer Protection Act, 2019 (“FCCP Act” or the “Act”), the Investment and Securities Act, 2007 (“ISA”) had some anti-trust provisions which gave the Securities and Exchange Commission (“SEC”) power to regulate competition in Nigeria. Before the FCCP Act, the ISA had wide antitrust provisions (when compared with other sector-based antitrust legislations) which mostly regulate SEC’s grant of consent to mergers between business entities. SEC could refuse consent to a merger, acquisition or takeover, on the ground that it is inimical to competition. It could, on the other hand, order the breakup of a company if its activities substantially lessen or prevent competition. Another instance of sectorial legislation with antitrust provisions is the Electric Power Sector Reform Act, 2005 which regulates the power sector. In addition, certain sector-specific regulations are also in force to govern competition within various sectors. However, to provide for an all-encompassing and comprehensive legislation to regulate competition and protect the interests of consumers across all sectors, the FCCP Act was enacted.
The Federal High Court of Nigeria on 19 March 2019 sanctioned the merger between Access Bank Plc and Diamond Bank Plc (the “Banks”). The record-breaking merger which would no doubt engender the growth of the Nigerian Banking Sector resulted from the approval given by the shareholders of the Banks at their respective Court-Ordered Meetings held on 05 March, 2019. Continue reading “Access Bank and Diamond Bank Merger: Creating Nigeria and Africa’s Largest Retail Bank”
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On 18 March 2019, the Central Bank of Nigeria (“CBN”) published a circular dated 07 March 2019 to all microfinance banks in Nigeria (“MfBs”) titled, “Review of Minimum Capital Requirement for Microfinance Banks in Nigeria’’ (“Revised Circular”). The Revised Circular seeks to revise the minimum capital requirement for all MfBs on which it had earlier issued a circular on 22 October 2018.
With the conclusion of the 2019 Nigeria presidential election which has yielded another 4 years to President Muhammadu Buhari, all attention has been turned to the Governorship elections which are scheduled to hold on 09 March 2019 following the postponement of same by the Independent National Electoral Commission from 02 March 2019 when it was previously Continue reading “APPLICABLE SANCTIONS FOR THE OFFENCE OF SNATCHING BALLOT BOXES UNDER THE ELECTORAL ACT”
In Nigeria, there was a void in the corporate sector due to the absence of a comprehensive legislation in corporate governance regime. However, this absence was mitigated for by sector-specific corporate codes issued by their respective regulators to address this challenge. In order to consolidate the various codes of different sectors and establish a unified corporate governance framework, the Financial Reporting Council of Nigeria (“FRCN”), released the National Code of Corporate Governance 2016. However this was suspended as there were questions relating to its legality and how it may negatively impact the ease of doing business in Nigeria.
The President of the Federal Republic of Nigeria on Wednesday, 06 February 2019, assented to the Federal Competition and Consumer Protection Bill, now Federal Competition and Consumer Protection Act 2019 (“The Act”). By the passage of the Act, the Federal Government has demonstrated commitment towards the welfare of consumers and the citizens at large. Continue reading “President Muhammadu Buhari Assents to the Federal Competition and Consumer Protection Bill”
On 02 February, 2019, our Managing Partner, Mrs. Mfon Ekong Usoro, ran the 3rd Annual Access Bank 10km Lagos City Marathon race to create awareness for clean oceans and the need to recycle plastics. Continue reading “Access Bank Lagos City Marathon- Creating Awareness for Clean Oceans”
On 25 January 2019, the Nigerian President, Muhammadu Buhari, signed the Executive Order 007 on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (the “Scheme”). The Scheme is aimed at closing the gap in the infrastructural deficit plaguing the country, particularly in the road transport sector. Continue reading “President Muhammadu Buhari Signs The Executive Order 007 OF 2019”