Insight type: Legal Alert

The Securities and Exchange Commission (the Commission) recently issued two circulars that impact the operations and processes of several capital market operators in Nigeria.

The Land Use Act of 1978 (the LUA or the Act) – the primary legislation governing land rights in Nigeria, recognises the creation of various types of rights of occupancy in land. Typically, rights of occupancy created under the Act are evidenced by a certificate of occupancy (the Certificate) and are subject to the terms set-out in the Certificate. Given the qualification of the rights – they are not absolute, the State retains significant control and may revoke them in certain circumstances. Under the Act, the State’s power of revocation may be exercised either as a punitive measure or for overriding public interest.

The Federal Executive Council on Monday, 5 May 2025, approved the National Integrated Electricity Policy (NIEP), which replaces the National Electric Power Policy of 2001. The NIEP now stands as Nigeria’s comprehensive blueprint for addressing the inefficiencies in the country’s electricity sector and promoting sustainable energy development. The NIEP was developed pursuant to Section 3(1) of the Electricity Act 2023 (EA) which mandated the Federal Government, through the Federal Ministry of Power to commence the process for the preparation and publication of the NIEP and Strategic Implementation Plan (SIP) within one (1) year of the commencement of the EA.

In the landmark decision of Kuda Microfinance Bank Ltd v. Amarachi Kenneth Blessing, CA/EK/48/2024, the Court of Appeal, Ekiti Division, held that banks in Nigeria can lawfully freeze customer accounts without first obtaining a court order, provided there is a report of fraud or suspicious activity, and the customer has agreed to such terms.

In a landmark decision, the Federal High Court has provided clarification on the powers of the Advertising Regulatory Council of Nigeria (ARCON) to regulate advertising, including the power to oversee advertising activities on social media platforms (the Ruling). This Ruling was delivered by Honourable Justice Aluko in a suit filed by Digi Bay (operating as Betway Nigeria), Super Group, and Otunba Kunle Olamuyiwa, against the Attorney General of the Federation and ARCON, where they sought clarification on the scope of ARCON’s powers to regulate online advertising and unlicensed advertising practitioners.

The Kenya Revenue Authority (KRA) has recently moved to impose Value Added Tax (VAT) on membership-related fees charged by professional bodies in Kenya. This development has raised concerns across various professions, including members of the Institute of Certified Public Accountants of Kenya, the Architectural Association of Kenya, the Engineers Board of Kenya, the Kenya Medical Association, and other similar organisations. 

In a significant policy shift aimed at strengthening copyright governance in Nigeria, the Nigerian Copyright Commission issued the Collective Management Regulations, 2025 (CMR) under the authority of the Copyright Act, 2022. These new regulations repeal and replace the Copyright (Collective Management Organisation) Regulations, 2007, which had governed the operations of Collective Management Organizations (CMO) for nearly two decades.

The Finance Bill, 2025 (the Bill) was tabled before the National Assembly on 30 April 2025 and is expected to undergo the legislative process for the next two months. The Bill sets out a wide range of proposed changes to Kenya’s tax laws, including the Income Tax Act (Chapter 470, Laws of Kenya), the Value Added Tax Act, 2013, the Tax Procedures Act, 2015, the Miscellaneous Fees and Levies Act, 2016 and the Excise Duty Act, 2015.

The position under Section 13 of the Land Act and Land (Allocation of Public Land) Regulations, 2017, has been that Kenyan citizens who hold a leasehold interest in land enjoy a right of first refusal (pre-emption) when such leases near expiry. Non-citizens do not have similar pre-emption rights.