Nigeria updates
Arbitration & ADR
Enforcement of arbitral awards – the time factor
- Nigeria
- 06 September 2018
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.
Aviation
Enforcement of passenger rights
- Nigeria
- 03 October 2018
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.
State action plan to reduce aircraft emissions
- Nigeria
- 15 August 2018
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.
Aviation sector overview 2018
- Nigeria
- 27 June 2018
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.
Exploiting aviation industry's economic potential
- Nigeria
- 27 June 2018
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.
Banking
Contributed by Aluko & OyebodeHow should Nigeria regulate its fintech industry?
- Nigeria
- 29 November 2019
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.
Legality of foreign currency-denominated loans by Nigerian banks
- Nigeria
- 26 July 2019
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.
Financial inclusion: Central Bank of Nigeria introduces payment service banks
- Nigeria
- 22 March 2019
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.
CBN issues draft guidelines to address cybersecurity in financial sector
- Nigeria
- 30 November 2018
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.
Legislative trends in banking sector: a step in the right direction?
- Nigeria
- 07 September 2018
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.
Employment & Immigration
Contributed by Bloomfield LawImmigration permits and COVID-19
- Nigeria
- 29 April 2020
This article outlines the potential impact of the COVID-19 pandemic on immigration permits as employers apply to expatriate workers in Nigeria. Immigration permits are time bound and for a definite period. Thus, one key question remains: if the lockdown is extended for several months beyond the initial 14-day period, will it be necessary to extend the tenure of the expatriate quota to cover the lockdown period in affected states?
Impact of COVID-19 on employment law
- Nigeria
- 22 April 2020
The world economy has come to a halt due to the COVID-19 pandemic, with many countries having implemented stay-at-home or social distancing policies to curtail the spread of the virus. On 27 February 2020 Nigeria recorded its first case of COVID-19 and since then, the number of cases has increased drastically and shows no sign of slowing. This article considers the impact of COVID-19 on Nigerian labour law.
Ministerial consent for release of oil and gas workers: unwarranted interference in employment contracts
- Nigeria
- 04 December 2019
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.
Employment law considerations during mergers
- Nigeria
- 21 August 2019
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.
Curbing sexual harassment: lessons from Microsoft
- Nigeria
- 17 April 2019
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.
Energy & Natural Resources
Contributed by Streamsowers & KöhnDPR issues COVID-19 circular and declares pandemic event of force majeure
- Nigeria
- 11 May 2020
After the president issued regulations directing a lockdown of areas where oil and gas companies' head offices are located, the Department of Petroleum Resources issued a circular to ensure the safety and welfare of all personnel and contain the spread of COVID-19, directing that all operators and their contractors must comply with the directives of government authorities on measures such as social distancing, curfews and lockdowns and that the current situation constitutes force majeure.
Deep Offshore and Inland Basin Production Sharing Contracts (Amendment) Bill submitted to National Assembly
- Nigeria
- 23 July 2018
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.
New oil producing states following discovery of deposits
- Nigeria
- 18 June 2018
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.
Proposed oil spill amendment bill will significantly affect oil and gas industry
- Nigeria
- 21 May 2018
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.
