Revenue of the Federation and Constitutional Jurisdiction: Reassessing the Supreme Court in A.G., Abia State & Ors. V. A.G., Federation
The term “revenue of the Federal Republic of Nigeria” (in précis, “revenue of the Federation”) encompasses all sums standing to the credit of all the federating units of the federation and liable to be paid into the Federation Account. Guided by the principle of the common good, the revenue of the Federation is held in […]
The Nigerian Overnight Financing Rate – A Turning Point for Nigerian Financial Markets
In a bid to align the Nigerian financial market with global standards and strengthen the efficiency of its financial market infrastructure, the Central Bank of Nigeria (CBN), in collaboration with the Financial Markets Dealers Association (FMDA), introduced a new benchmark reform known as the Nigerian Overnight Financing Rate (NOFR). At its core, the NOFR […]
The Presidential Executive Order to Safeguard Federation Oil and Gas Revenues and Provide Regulatory Clarity, 2026 – Commentary by Tope Adebayo, Senior Partner, Tope Adebayo LP
On February 13, 2026, the President of the Federal Republic of Nigeria signed Executive Order 9 of 2026 (“the Order”) pursuant to Section 5 of the Constitution of the Federal Republic of Nigeria 1999 (as amended) (“ the Constitution”). The order mandates direct remittances of all Royalty Oil, Tax Oil, Profit Oil, Profit Gas, and […]
From Listed to Lost Liquidity: Understanding What Happens to Shareholders When Companies are Delisted from the NGX
Introduction On 9th April 2026, the Nigerian Exchange Limited (NGX) removed two companies from its Daily Official List: DN Tyre & Rubber Plc and Greif Nigeria Plc. What appeared as a routine regulatory notice carries significant consequences for shareholders. A delisting means their shares, still legally theirs, can no longer be bought or sold on […]
Regulating Off-Plan Real Estate in Nigeria: Comparative Insights and Reform Options
Off-plan property acquisitions have become an increasingly popular feature in Nigeria’s real estate market. The commercial appeal is clear. Buyers commit to today’s price for properties yet to be constructed, often paying a significant portion, or sometimes the entire purchase price, upfront, in anticipation of delivery of a completed asset that will have appreciated by […]
Holding the Line: A Practical Guide to Contempt Proceedings in Nigerian Courts Vol.1
Introduction After years of protracted litigation, repeated adjournments, and considerable legal expense, a litigant finally obtains a favourable judgment, positive order, or ruling from a court of competent jurisdiction. The litigant holds the Certified True Copy (CTC) of the court’s decision, relieved that justice has been served – but then the Nigerian reality sets in. […]
When Letters of Credit Fail: Five Recurring Dispute Patterns in Trade Finance
The letter of credit is one of the most successful instruments ever devised for managing payment risk in cross-border trade. It provides a simple but powerful assurance: if the seller ships the goods and presents conforming documents to the bank, the bank will pay, regardless of whether the buyer is willing, solvent, or satisfied. For […]
Unlocking Upstream Liquidity: Assessing the Impact of the CBN’s March 2026 FX Circular on IOC Operations
In March 2026, the Central Bank of Nigeria (CBN) introduced a significant shift in Nigeria’s foreign exchange (FX) framework by revising its approach to cash pooling for International Oil Companies (IOCs). This regulatory pivot signals a transition away from restrictive controls toward a more pragmatic and investor-friendly regime within the oil and gas sector. […]
Status Update on CBN’s Banking Sector Recapitalization
In March 2024, the Central Bank of Nigeria (CBN) released the Banking Sector Recapitalization Programme (FPR/DIR/PUB/CIR/002/009), requiring all commercial, merchant, and non-interest banks to significantly increase their minimum paid-in capital. The new requirements represented a substantial increase across board. International commercial banks had to grow their capital from N50 billion to N500 billion, while national […]
OPL 245 Dispute Settlement: A Milestone in Repositioning Nigeria’s Economic Landscape
Dear Readers, After nearly three decades of legal battles, arbitration proceedings, and international scrutiny, the long-running dispute over OPL 245 has finally come to an end. On March 5, 2026, the Nigerian government announced it had reached a settlement with Italian energy giant Eni and its subsidiary Nigerian Agip Exploration Limited (NAEL) over the ownership […]
