Uganda’s legal system follows the common law tradition where binding legal rules are gradually developed by a hierarchical judiciary that interprets and applies the Ugandan Constitution, statutes passed by Parliament, applicable international treaties, subsidiary laws, the English Common Law and doctrines of Equity, and in limited circumstances, local customary law.
Insight type: Legal Alert
Analysis of the New Competition Act, 2023
In 2022, the Minister of Trade, Industry and Cooperatives (Minister) tabled before Parliament the Competition Bill, 2022 and after undergoing several revisions, it was assented to by the President on 2 February 2024. In the past, there were only sector specific competition laws for example in the banking, telecommunications, and energy sectors therefore the Competition Act, 2023 (the Act) cures this by providing for Uganda’s first ever national law on competition.
CBN Exposure Draft on Regulatory and Supervisory Guidelines for Bureau De Change
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).
Court Voids Fraudulent Preferential Payments Made by Directors of Distressed Company
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.
CBN Issues Directives on Foreign Currency Cash Pooling by Banks
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).
SEC Calls for Applications for its Regulatory Incubation Program
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.
CBN Revised Guidelines for International Money Transfer Services
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.
Fintech M&A in Nigeria: Key Considerations and Projections
Nigeria’s financial technology (fintech) industry has experienced unprecedented growth over the last decade, and this has transformed the country’s financial landscape. The fintech industry offers innovative solutions by facilitating financial payments, access to credits and consumer financing solutions, flexible savings, and investment products. A sizeable youth population, increased smartphone penetration, and regulatory developments have engineered a thriving fintech industry in Africa, particularly in Nigeria.
CBN Issues New Guidelines On International Money Transfer Services
The Central Bank of Nigeria (CBN) recently issued two (2) policies that pertain to foreign exchange remittances – the Guidelines for the Operation of International Money Transfer Services in Nigeria (the IMTO Guidelines) and the circular on the Removal of Allowable Limit of Exchange Rate Quoted by the International Money Transfer Operators (the Allowable Limit Circular). These policies are aimed at addressing the issues of foreign exchange volatility.
Powering Nigeria: A Recap of Developments in the Electric Power Sector
The year 2023 recorded significant legal milestones in the Nigerian Electric Supply Industry (NESI) owing to an amendment to the Constitution that allows states to establish electricity markets within the states and the enactment of the Electricity Act, 2023 (the Electricity Act or the Act). The Electricity Act repealed the Electric Power Sector Reform Act, 2005 and enacted policies towards propelling the NESI into the post-privatisation phase while providing a framework for energy transition amongst others.