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Aluko & Oyebode | Nigeria | 22 Sep 2021

Innovative NICN judgments could rewrite labour law jurisprudence

When determining employment cases, courts in Nigeria have consistently applied common law labour principles established in previous decisions. The decisions of the trial courts in Nigeria suggest that the application and/or adherence to these principles is, however, gradually changing. This is especially the case for the National Industrial Court, which appears to be carrying out a quiet......
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Aluko & Oyebode | Nigeria | 1 Sep 2021

Practical considerations for training bonds

"Training bonds" are contractual measures that prevent an employee from resigning after acquiring new skills or certifications financed by their employer. This article provides practical insights into the operation and drafting of "reasonable" training bonds for the benefit of both the employer and the employee.
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Aluko & Oyebode | Nigeria | 31 Aug 2021

CBN issues revised guidelines on mobile money services in Nigeria

The Central Bank of Nigeria recently issued a new regulatory framework on mobile money services in Nigeria, replacing the guidelines on mobile money services that were issued in 2015. While the new guidelines largely replicate the 2015 version, they introduce a number of new features, which are outlined in this article.
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Streamsowers & Köhn | Nigeria | 23 Aug 2021

Updated guidelines on obtaining ministerial consent to assign interest in oil and gas assets

In March 2021 the Department of Petroleum Resources issued updated guidelines on the assignment of interests in oil and gas assets. The guidelines establish the procedure for obtaining the prior written consent of the minister of petroleum resources that is required for the assignment of a participating interest in upstream oil and gas assets, in accordance with the primary legislation, the......
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Aluko & Oyebode | Nigeria | 3 Aug 2021

Implications of CBN circulars on cryptocurrency transactions in Nigeria

In February 2021 the Central Bank of Nigeria issued a letter to all deposit money banks, non-bank financial institutions and other financial institutions to remind them that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited. However, it appears that decentralised currency innovations such as cryptocurrencies are here to stay, which suggests that a......
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Abdulai Taiwo & Co | Nigeria | 2 Aug 2021

Effective local strategy for combatting IP pandemic – counterfeiting

While the world is grappling with the effects of the covid-19 pandemic, the IP world has continued to be plagued with another pandemic – counterfeiting. In Nigeria, the National Agency for Food and Drug Administration and Control (NAFDAC) has proven to be an effective and cost-efficient recourse in fighting counterfeiters and counterfeit goods. The success of NAFDAC procedures may depend on......
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Aluko & Oyebode | Nigeria | 20 Jul 2021

Open banking: risk management, customer rights and data protection

In line with its mandate to promote the stability and deepening of the financial system, the Central Bank of Nigeria has issued the regulatory framework for open banking in Nigeria. The framework stipulates, among other things, the access requirements for data and application programming interfaces (APIs), API principles and data, technical and information security specifications. This......
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Aluko & Oyebode | Nigeria | 13 Jul 2021

Open banking: roles and responsibilities

In line with its mandate to promote the stability and deepening of the financial system, the Central Bank of Nigeria has issued the regulatory framework for open banking in Nigeria. The framework stipulates, among other things, the access requirements for data and application programming interfaces (APIs), API principles and data, technical and information security specifications. This......
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Aluko & Oyebode | Nigeria | 6 Jul 2021

Open banking: customer data and services and API specifications

In line with its mandate to promote the stability and deepening of the financial system, the Central Bank of Nigeria has issued the regulatory framework for open banking in Nigeria. This article discusses the data and service categories eligible to be exchanged under the framework and the guidance that the framework provides with regard to application programming interface specifications and......
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Sofunde Osakwe Ogundipe & Belgore | Nigeria | 5 Jul 2021

A long road to convictions for white collar crimes in Nigeria

In Nigeria, it is often the case that defendants in high-profile cases seek to terminate charges on technical grounds and evoke appeals; an anticipated strategy employed as part of their defence so as to ensure that there is no quick resolution to the case. This is sometimes described as the "an adjournment is as good as an acquittal" strategy. However, with two recent examples of this tactic......
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