Consumer protection refers to measures taken to safeguard the interests of buyers and customers against harmful, degrading, and/or harsh market practices. It also refers to measures that enable consumers make well-informed decisions about their choices and have access to effective redress mechanisms.
Insight type: Legal Alert
CBN Issues Circular on Harmonised Reporting Requirements for Banks’ Foreign Currency Exposures
The Central Bank of Nigeria (the CBN) recently issued a circular titled the “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks” (the Circular), which it stated is aimed at managing risks and preventing potential losses that could pose significant challenges to the Nigerian financial system. The Circular comes as the CBN expressed its concerns over the escalating foreign currency exposures of banks, particularly through their Net Open Position (NOP) and their involvement in foreign currency speculations that involve purchasing or holding foreign currencies with the expectation of profiting from exchange rate fluctuations.
Revised Levies and Sanctions for Non-Compliance Under Nigeria’s Financial Reporting (Amendment) Act, 2023
The Financial Reporting Council of Nigeria (Amendment) Act 2023 (the Amendment Act) made several changes to the Financial Reporting Council of Nigeria Act 2011. One of its amendments is a new Section 33 which provided that the Financial Reporting Council of Nigeria (FRC) must maintain a fund into which shall be paid all incomes accruing from annual levies/dues charged from every registered professional, not less than NGN 5,000 annually. The Amendment Act empowers the FRC to maintain a fund into which all monies accruing from annual dues, payable by registered professionals, registered firms, public interest entities (PIEs), other entities as prescribed by FRC and approved by the supervising minister, must be paid.
Directive to Disconnect Switching Companies, PSSPs, and SAs from NIP Outwards System
On 5 December 2023, the Nigerian Inter-Bank Settlement System (NIBSS) issued a notice directing all deposit money banks, merchant banks, payment service banks, microfinance banks, mortgage banks, and mobile money operators (MMOs) to delist non-deposit-taking financial institutions (NDFIs) such as switching and processing companies, Payment Solution Service Providers (PSSPs), and Super Agents (SAs) as beneficiary institutions on their respective NIP funds transfer channels.
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Should you have any questions regarding this alert, do not hesitate to contact Ajibola Asolo.
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Contributors
1. Tomilola Tobun – Senior Associate
2. Aaron Alasa – Associate
3. Glory Akani – Associate
When Yes means No – A Look at Kenya’s evolving Data Protection Framework
Privacy is a fundamental human right and is central to the protection of human dignity. In its simplest form, the right to privacy allows each human being to be left alone in a core that is inviolable. As we continue to celebrate Data Privacy Day, we look at key takeaways from recent decisions issued by the Office of the Data Protection Commissioner (ODPC) as data protection jurisprudence continues to evolve in Kenya.
Notable Intellectual Property Decisions from East Africa, in 2023
ALN Uganda reviews some of the Intellectual Property (IP) rulings/judgements from 2023 within East Africa and this list is not in any particular order. Due to increased awareness of IP rights in the region, rights owners have taken precautionary measures against infringement. These measures include the registration of their IP and enforcement through various avenues. Where these rights have been infringed upon, owners have pursued litigation, opposition, and cancellation proceedings among others. As a ripple effect, judicial and quasi-judicial bodies are taking infringement cases and setting precedents for future cases to follow.
Update on Public Interest Entities under Financial Reporting Council of Nigeria Act, 2023
The Financial Reporting Council of Nigeria (Amendment) Act 2023 (the Amendment Act) made several changes to the Financial Reporting Council of Nigeria Act 2011. A key amendment is the expansion of the definition of Public Interest Entities (PIE). The PIE was previously defined to include governments, government organisations, quoted and unquoted companies, and any organisations required by law to file returns with any regulatory authorities excluding private companies that only file returns with the Corporate Affairs Commission and the Federal Inland Revenue Service.
Advent of Partnership Law in Rwanda
The Republic of Rwanda enacted for the first time a Law governing partnerships (Law N° 008/2021 of 16/02/2021) (the Law). This Law defines partnerships as a relationship between two or more partners carrying on a business in common with a view to making a profit under a partnership. Rwanda has been making significant strides in developing its legal system, enacting several laws, to promote economic growth, including the partnership law.
Overview of the Trading and Settlement of Derivative Contracts in Nigeria
Among other things, the derivatives market is essentially about mitigating financial market risk, and derivative contracts are the financial instruments used for that purpose. A derivative contract derives its value or price from an underlying asset such as currency, commodities, stocks, or bonds. Derivative contracts provide opportunities for financial market participants to capture value from anticipated price movements of the underlying assets they may not directly own. In a derivative contract, the parties take positions based on their expectation of future market movements, aiming to take advantage of price fluctuations.
Succession and Family Law in Kenya – A Year in Review (2023)
As we start the new year, we highlight some important legal developments in 2023 which impacts on estate and succession planning and emphasises the need for families to do their estate and succession planning effectively noting the changing legal landscape.