Nigeria updates

Arbitration & ADR

Contributed by ǼLEX
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.

Will requirement for use of NIN in arbitration proceedings affect validity of arbitration?
  • Nigeria
  • 01 March 2018

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.

Arbitrator's reformulation of issues agreed by parties does not constitute misconduct
  • Nigeria
  • 21 December 2017

The Federal High Court recently dismissed an application to set aside an arbitral tribunal's final award on the grounds that the tribunal had misconducted itself by reformulating the issues agreed by the parties to include a preliminary issue which was capable of removing the need to determine all of the issues presented by the parties. The court held that although a jurisdictional error is a variant of misconduct, it is only where a tribunal has acted without jurisdiction that its decision is liable to be set aside.

Court of Appeal confirms Tax Appeal Tribunal's jurisdiction to determine tax disputes
  • Nigeria
  • 16 November 2017

The Court of Appeal recently held that the Tax Appeal Tribunal has jurisdiction to adjudicate tax-related disputes. The appellants in the case successfully argued that the tribunal's jurisdiction to determine tax disputes does not encroach on the exclusive jurisdiction of the Federal High Court, as bringing tax appeals before the tribunal is merely a condition precedent to approaching the court. Further, the tribunal's decisions can be reviewed and quashed by the court.


Aviation

Contributed by George Etomi & Partners
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.

Aviation security and safety standards
  • Nigeria
  • 30 May 2018

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.


Banking

Contributed by Aluko & Oyebode
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.


Corporate Finance/M&A

Impact of industrialisation on foreign investment
  • Nigeria
  • 09 August 2017

In order to revolutionise its economy, Nigeria must formulate policies dedicated to industrial growth, as such growth can attract foreign investment. It is hoped that the existing wave of industrialisation in Nigeria will be accompanied by a political will to implement clearly defined policies to industrialise the country and increase the number of M&A transactions.

Effect of instability on M&A investments
  • Nigeria
  • 01 March 2017

Developing countries rely heavily on foreign direct investment to promote their economies. However, the period of unrest facing many emerging economies, including Nigeria, is a cause for concern. This instability has had far-reaching effects on Nigeria's emerging economy, especially in the context of M&A transactions. Foreign investors have been reluctant to participate in a number of potential M&A activities, undoubtedly because of the costs associated with investing in an unstable country.


Employment & Benefits

Contributed by Bloomfield Law
National Industrial Court reinforces foreign employees' right to receive redundancy benefits
  • Nigeria
  • 21 November 2018

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.