Insight type: Legal Alert

On 28 February 2024, the President of the Federal Republic of Nigeria issued a directive on Local Content Compliance Requirements (the Directive) aimed at improving foreign participation in the Nigerian oil and gas industry (the industry) and attracting investments into the industry by enabling a conducive operating and investment environment.

The Directive was issued pursuant to Section 100 of the Nigeria Oil and Gas Industry Content Development Act 2010 (the NOGICD Act) and was published in a Federal Government Gazette on 6 March 2024.

In Kenya’s dynamic employment landscape, terminating employees on medical grounds poses significant challenges for employers as employers must weigh between productivity and being sensitive in the face of medical incapacity. While the Employment Act, 2007 (the Employment Act) provides criteria for dismissal by referencing physical incapacity, gaps exist regarding medical incapacity terminations such as mental health issues, creating a dilemma for employers navigating the dismissal process. Given the lack of clarity in the legislation employers have to turn to judicial decisions which play a pivotal role in interpreting and applying employment laws.

The Affordable Housing Act, 2024 was gazetted on 19 March 2024 after being signed into law by the President on the same date. The Act serves to implement constitutional mandates regarding the right to accessible and adequate housing and sanitation standards while establishing a mechanism for levies to support affordable and institutional housing. Additionally, the Act provides the legal framework for executing affordable housing programs and projects. 

The Central Bank of Nigeria (CBN) recently released an exposure draft of the Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations (BDCs) in Nigeria (the Draft Guidelines). The Draft Guidelines seek to amend the extant guidelines for BDCs in Nigeria made in 2015 (the 2015 Guidelines).

The High Court recently delivered a ruling in respect of an application by the administrator (the Applicant) of Malde Holdings Limited (the Company) against the directors of the Company and a tenant of the Company. The court allowed the application which sought to void preferential payments made by and for the benefit of the directors of the Company and a third party, who were all unsecured creditors, for two years immediately preceding the onset of insolvency of the Company and whilst the application to place the Company under administration was pending determination by the High Court.

The Central Bank of Nigeria (the CBN) in a circular dated 14 February 2024, issued directives to all Authorised Dealers on the requirements for foreign currency cash pooling on behalf of International Oil Companies (IOCs) in Nigeria (the Circular).

The Securities and Exchange Commission (the SEC or the Commission) has announced the launch of applications for the second cohort of its Regulatory Incubation Program (RI Program). The Commission noted that applications will remain open till 8 April 2024.

The Central Bank of Nigeria (CBN) recently released the revised Guidelines for International Money Transfer Services in Nigeria (the Guidelines) which effectively repealed the previous guidelines issued in 2014 (the 2014 Guidelines). The Guidelines were issued in light of the recent reforms to liberalise the foreign exchange market, and to boost diaspora remittances and other foreign capital inflows to Nigeria, among others.