The Court of Appeal recently issued its ruling on an application by the Cabinet Secretary for Health (the CS) seeking a stay of the High Court’s decision of 19 July 2024. The High Court declared some provisions of the Social Health Insurance Act (SHIA), the Digital Health Act (DHA), and the Primary Health Care Act (PHCA) unconstitutional but suspended the effect of its judgment for 120 days to allow for amendments to the unconstitutional provisions and public participation. However, the Court of Appeal has now granted a stay of the entire High Court judgment.
Insight type: Legal Alert
Strengthening Resilience: Catastrophe Bonds and Emerging Risks
In recent years, Nigeria has been increasingly exposed to various natural disasters, including flooding, droughts, and disease outbreaks, which have taken a toll on its economy and population. According to the United States Government’s Nigeria Complex Emergency Fact Sheet,[1] seasonal heavy rains and subsequent flooding had adversely affected more than 157,000 people and displaced an estimated 68,000 people across Nigeria as of October 2023, exacerbating already high levels of humanitarian need and requiring urgent food and shelter assistance.
Supreme Court Rules on Employee Rights in Corporate Restructuring
In the recent landmark decision of Symon Wairobi Gatuma v. Kenya Breweries Limited & 3 Others, SC Petition No. E023 of 2023, the Supreme Court of Kenya (SCOK) addressed the complexities surrounding the impact of changes in employment terms, particularly remuneration, on employee rights within the context of parent and subsidiary companies.
NUPRC Proposes Amendments to 2023 Production Curtailment and Domestic Crude Regulations
The Nigerian Upstream Petroleum Regulatory Commission (the Commission) released the Production Curtailment and Domestic Crude Oil Supply Obligations (the Regulations) in 2023 pursuant to section 8 (c) and section 109 of the Petroleum Industry Act 2021 (the Act). The Regulations aim to ensure that licensees and lessees meet production quotas set by the Commission and also ensure they supply the crude oil needs of domestic refineries on a willing buyer, willing seller basis.
NERC Transfers Regulatory Oversight to State Commissions
As part of the process of reformation of the electricity sector in Nigeria, the Nigerian Electricity Regulatory Commission (NERC) pursuant to the powers conferred on it by section 230 of the Electricity Act 2023, issued orders for the transfer of regulatory oversight of the electricity market from NERC to the Edo, Oyo, Enugu, Imo, Ekiti, and Ondo State Electricity Regulatory Commission (SERC).
SEC Grants Approvals in Principle to VASPs in Nigeria
The Nigerian virtual asset and cryptocurrency space has been the subject of regulatory scrutiny in recent times. The Securities and Exchange Commission (SEC or the Commission) is keen to ensure the safety of investors in the space, while encouraging innovation. To achieve this objective, the SEC has undertaken several actions this year.
Assessing the Implementation of the Kenya-EU EPA and Its Broader Economic Impact
The Kenya-EU Economic Partnership Agreement (EPA) officially entered into force, marking a significant milestone in the EU-Kenya Strategic Partnership. The EPA is aimed at boosting trade in goods between Kenya and the European Union (EU) as well as promoting mutual economic development. This legal update delves into the EPA’s background, its effects on Kenya-EU trade, and its relation to commitments within other trading pacts.
Nigerian Court Greenlights Single Shareholder for All Private Companies Limited by Shares
The enactment of the Companies and Allied Matters Act (CAMA) 2020, introduced a significant change in Nigerian corporate law by allowing the registration of private companies with single shareholders. Under the previous law, the incorporation of any company required a minimum of two shareholders.
NBE Issues Directive on Ethiopia’s FX Regime
The National Bank of Ethiopia (NBE) recently unveiled a groundbreaking Foreign Exchange Directive, merging previous directives into a unified and comprehensive document known as Foreign Exchange Directive No. FXD 01/2024 (Foreign Exchange Directive). Dubbed the ‘Green Directive’ by the NBE Governor, this framework brings in several new regulations and flexibilities in the foreign exchange regime, which are anticipated to impact business operations, investment, and financing activities nationwide.
New CBN Guidelines on Bureau De Change Operations and Impact on Fintechs
The Central Bank of Nigeria (CBN) recently issued new Regulatory and Supervisory Guidelines for Bureau de Change (BDC) Operations (the Guidelines). This follows an exposure draft issued for stakeholder input in February 2024. The Guidelines issued on 22 May 2024 supersede the Revised Operational Guidelines for Bureau de Change in Nigeria issued in November 2015.