Award debtors routinely employ every conceivable strategy to circumvent the enforcement of an arbitral award against them. One such strategy is to argue that the time limit for enforcing an award or judgment has lapsed, thus rendering the award unenforceable. As this issue has long plagued award creditors, the relevant statutory provisions and judicial decisions in this regard must be evaluated in order to ascertain the ways in which the unsavoury outcome of the statutes of limitation can be avoided.
The National Identity Management Commission recently issued the Mandatory Use of the National Identification Number Regulations 2017, under which "the filing and registration of criminal and civil actions in courts or other arbitration processes" is now included in the list of transactions that require the use of a national identity number. Although this requirement is legitimate, how it will be enforced in private transactions and the effects of non-compliance on such transactions remain unclear.
The Nigerian aviation industry plays a key role in the country's transport system and overall economy. Thus, it is exasperating that air passengers still encounter numerous challenges, such as delays or cancellations of scheduled flights and lost, stolen or delayed baggage. Although existing laws and regulations govern passenger rights, key issues concern the level of passenger awareness regarding such rights and the inadequate enforcement of the laws and regulations.
As a signatory of the Kyoto Protocol to the UN Framework Convention on Climate Change, Nigeria must reduce its greenhouse gas emissions from both domestic and international aviation. To demonstrate its commitment in this regard, Nigeria has developed an action plan to reduce aircraft emissions and implement the Carbon Offsetting and Reduction Scheme for International Aviation. Further, it intends to explore regulatory measures to reduce its aircraft emissions.
For the Nigerian aviation industry 2018 began on a relatively high note. In 2017 the sector experienced a number of milestones which should serve as leverage for building success as the country becomes an air travel hub in West Africa. These developments include the country's increased ranking in the Level 3 State Safety Programme Implementation Process, the International Civil Aviation Organisation certification of two airports and the signing of the Executive Order on Ease of Doing Business in Nigeria.
For the aviation sector to generate more income, the government must address a number of challenges to maximise the sector's full potential. Such challenges include compliance with the International Civil Aviation Organisation global standards, the difficulties experienced by aviation stakeholders wanting to access funds or ensure financing for the modernisation and expansion of their infrastructure, the slow implementation of the Yamoussoukro Decision and Nigeria's requisite skill shortages.
It is important that the safety and security standards adopted in the Nigerian aviation sector be given proper attention to ensure the protection and safeguarding of all stakeholders against acts of unlawful interference or other threats. However, aviation security in Nigeria is fraught with challenges and this has brought about recent deliberations from the government, regulators, the aviation industry and the public.
The financial services and products offered in Nigeria have changed significantly in recent years as a result of scientific and technological innovation and ever-evolving consumer behaviour and needs. In turn, this has resulted in a proliferation of new fintech companies. Due to the value of the fintech sector and the impact that fintech companies and products have had on society, financial services regulators have been left to determine how best to regulate this industry.
A recent Federal High Court decision has raised doubts as to the legality of foreign currency-denominated facilities. The Central Bank of Nigeria Act makes it clear that the naira is the currency of payment for the domestic supply of goods and services in Nigeria. However, the designation of the naira as legal tender in Nigeria does not suggest that the use of any other currency as a medium of exchange within Nigeria is prohibited.
In a bid to promote a sound financial system and enhance access to financial services for low-income earners and the unbanked segments of the Nigerian population, the Central Bank of Nigeria recently issued the Guidelines for Licensing and Regulation of Payment Service Banks (PSBs) in Nigeria. The main objective of establishing PSBs is to enable high-volume, low-value transactions in remittance, micro-saving and withdrawal services in a secured technology-driven environment.
In view of the increasing focus on cybersecurity worldwide and the rise in cyber threats both in and outside Nigeria, the Central Bank of Nigeria recently issued a draft risk-based framework and guidelines on cybersecurity for deposit money banks and payment service providers. The draft guidelines aim to complement and build on the Cybercrimes (Prohibition, Prevention) Act 2015 by promoting cybersecurity and protecting computer systems and networks and electronic communications.
The National Assembly is considering three bills to repeal and re-enact the key pieces of legislation that regulate the banking sector. Collectively, the bills provide for an increase in the Central Bank of Nigeria's autonomy and discretionary powers, an expansion of the banking regulation regime to accommodate electronic transactions and increased penalties for infractions, including the imposition of personal liability on bank officers and directors.
The Department of Petroleum Resources (DPR) recently issued guidelines in order to establish procedures for obtaining the consent of the minister of petroleum resources before releasing Nigerian workers in the oil and gas industry. The guidelines have been met with widespread criticism, mainly with regard to the DPR's legal right to issue regulations which not only interfere with, but also call into question the sanctity of, employer-employee contractual relationships.
Mergers are one way in which companies can increase their revenue and expand their business. However, along with these benefits, there are a number of risks associated with the merger of two or more businesses, including a loss of customers and key employees and business interruptions. This article discusses the challenges and practical realities of managing employees during a merger.
In 2013 the National Industrial Court (NIC) ushered in a new labour law regime with regard to workplace sexual harassment when it held an employer vicariously liable for acts of sexual harassment perpetrated against one of its employees. Based on the NIC's decision, employers which learn of workplace sexual harassment and take no administrative decision to investigate it may be liable for breaching their duty of care to their employees by failing to protect their fundamental rights.
It is clear from the #metoo #hertoo and #timesup campaigns – as well as the numerous allegations of sexual harassment levied against perceived industry leaders – that combating sexual harassment is a global concern. Thankfully, it seems that such conduct will no longer be condoned, considered tenable or swept swiftly and easily under the corporate carpet. This article examines employees' rights in the workplace under Nigerian law.
A foreign employee recently secured a landmark judgment in the National Industrial Court in relation to redundancy benefits that he had claimed while employed by the defendant. The judgment reinforces the well-established principle of interpreting the plain and ordinary meaning of employment contracts and strengthens the position of local and foreign employees seeking to enforce their rights where these are clearly provided for in their respective employment contracts, policies or handbooks.
The president recently submitted the Deep Offshore and Inland Basin Production Sharing Contracts (Amendment) Bill 2018 to the National Assembly for consideration and passage. The bill seeks to amend Section 16 of the Deep Offshore and Inland Basin Production Sharing Contracts Act, which was promulgated in 1999. If passed, it will alter the economic dynamics of production sharing contracts.
The House of Representatives recently considered a motion to declare Kogi, Enugu and Anambra oil producing states following the discovery of oil and gas deposits in commercial quantities. It subsequently urged the federal government to hold bids for oil prospecting and mining of the discoveries and declare the states oil producing states.
The National Oil Spill Detection and Response Agency Act (Amendment) Bill 2018 recently underwent its second reading. If passed in its existing form, the bill will have a significant effect on the operations of the oil and gas industry. For example, the bill makes it mandatory for oil industry operators in Nigeria to subscribe to and be bona fide members of Clean Nigeria Associates and imposes a levy on oil companies calculated at 0.5% of their operations funds.