Regulatory Update: Increase in the Minimum Share Capital Requirements for Banks
REGULATORY UPDATE: Increase in the Minimum Share Capital Requirements for Banks Introduction The Central Bank of Nigeria (CBN) recently unveiled the Banking Sector Recapitalization Programme 2024 (the “Programme”) which mandates commercial, merchant, and non-interest banks to increase their minimum paid-in common equity capital before 31st March 2026. This marks the first increase since 2004 and […]
Power Sector Industry Overview 2024
Introduction The year 2024 was transformative for the Nigerian Power Sector, marked by several significant developments including the handover of the 700MW Zungeru hydropower plant, the successful implementation of Service-Based Tariff and the removal of the electricity subsidy for Band-A consumers, the initiation of the transition to State-level regulation, among other milestones. This 2025 Power […]
Examining the Abuse of Naira Notes in Nigeria: A Legal and Comparative Perspective
Introduction Currency serves as the lifeblood of any nation’s economy, embodying its value and facilitating economic transactions. In Nigeria, the Naira stands as a symbol of national pride and economic stability. However, despite its significance, the abuse of Naira notes has become a pervasive issue in the country, undermining its integrity and the respect it […]
Beyond Banks and Debt Markets:as a More Flexible Alternative Financing Option for Businesses
Securing capital is integral to the growth of any business and companies typically explore two primary avenues: debt financing and equity financing. While debt financing often involves traditional banks and capital markets (like issuing bonds or commercial papers), these channels are exposed to stringent regulatory hurdles. Private credit has evolved to be a more flexible […]
Is Nigeria’s Regulatory Landscape Built to Support Energy Dependence?: A Case Study of Dangote Petroleum Refinery and Petrochemical (“Dangote”) vs. the Nigerian Midstream and Downstream Petroleum Regulatory Authority (“the Authority’’) & 6 Others.
Introduction Energy is essential for socio-economic development, contributing significantly to poverty reduction, improved quality of life, and national security. Over the past 50 years, the World Energy Assessment has highlighted global advancements while underscoring the importance of energy security—defined as the reliable, affordable, and adequate supply of energy. Nigeria, one of Africa’s leading energy giants, […]
Navigating Divestment in Nigeria’s Oil and Gas Sector: Regulatory Framework, Implications, and Future Prospects
INTRODUCTION Divestment also referred to as ‘divestiture’ is the process wherein a company sells a portion of its assets, often to enhance overall company value and achieve greater operational efficiency. This strategic plot is frequently utilized by companies to offload peripheral assets, enabling their management teams to refocus on their core business with increased precision. […]
Lagos State Government Offers a 90-Day Amnesty for Planning Permit Compliance
Are you a property owner or developer with existing developments lacking proper Planning Permits? This is to inform you that the Lagos State Government is granting a 90-day amnesty period from May 2nd to July 30th, 2024. During this period, Planning Permits can be obtained without incurring statutory penalty fees. To take advantage of this […]
The Legal Propriety of Public Officers Owning Shares in Private Businesses or Corporations
The anti-corruption drive of the President Bola Ahmed Tinubu administration has received its first stress test arising from the crisis in the Ministry of Humanitarian Affairs, Disaster Management and Social Development (‘MHADMSC’). The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, recently announced that arising from allegations concerning the alleged misappropriation of N585,000,000 […]
Concurrent Delay in Construction Contracts: A Pragmatic Perspective
Introduction Delays on construction projects are common, often creating disputes over responsibility, extension of time and liquidated damages. Concurrent delays, where both the contractor and the employer contribute to the delay simultaneously, often create complexities. The legal principles governing concurrent delays are unsettled and inconsistent across common law jurisdictions. Nigeria has a significant dearth of […]
The Legal Advisor
Ring in the New Year with Insight! Welcome to the inaugural issue of “The Legal Advisor” by Tope Adebayo LP, your go-to resource for everything in Corporate and Commercial Law! This 2024 kick-off edition dives deep into the groundbreaking trends revolutionizing M&A, SPACs, ESG investing, and Innovative Financing. Get the inside scoop on what’s shaping […]
