TONBOFA LP

Are you data protection compliant? See below our post on one of the may benefits of data protection compliance. Read more

Are you a Nigerian payment system provider or are you investing in one? Your business may now be categorized as an Other Financial Institution to be regulated by the Central Bank of Nigeria further to the BOFIA 2020. Kindly click for more

Is your business model based on some of your team members being independent contractors/contract staff and not employees? Then you may need to reassess your risk to those team members being called employees if your agreement goes before a court that can be persuaded by the UK Supreme Court Ruling in Uber BV case. Read […]

Under Nigerian Privacy laws, a personal data breach means a breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to, personal data. The Nigerian Privacy regulator, in its first enforcement action, has fined a fintech company for personal data breach- Read more

The EU has passed regulations mandating disclosure as regards sustainable investments to protect investors from financial products and companies that claim to be sustainable but are not. These EU regulations will affect financial market participants globally.

THE CBN REGULATORY FRAMEWORK FOR OPEN BANKING IN NIGERIA The Central Bank of Nigeria “CBN” on 17 February 2021 issued the Regulatory Framework for Open Banking in Nigeria (‘the Framework’) which aims to promote the sharing and leveraging of customer-permissioned data by Banks in order to build solutions and services that provide efficiency, greater financial […]

CHANGES OCCASIONED BY THE FINANCE ACT 2020 The President Buhari on 31st December 2020 signed into law the Finance Act 2020. The Act amends among others the Capital Gains Tax Act, Companies Income Tax Act, Industrial Development (Income Tax Relief) Act, Personal Income Tax Act, Tertiary Education Trust Fund (Establishment Etc.) Act, Custom and Excise […]

The Securities and Exchange Commission “SEC” on 12 February 2021 issued a press release “the Press Release” to address comments on a perceived policy conflict between the SEC Statement on Digital Assets and their Classification and Treatment of September 11, 2020and the Central Bank of Nigeria “CBN” Circular of 5February 2021 which effectively prohibits financial […]

An Introduction A Gas Sale and Purchase Agreement (GSPA) is the key agreement detailing the sale and purchase of a quantity of natural gas. Natural Gas is an invisible product and is a major source of clean energy. Natural gas can either be associated gas or non-associated gas. Associated gas: Natural gas that comes from […]

  The Central Bank of Nigeria “CBN” on 5 February 2021 published a circular “2021 Circular” which it titled Letter To All Deposit Money Banks, Non-Bank Financial Institutions And Other Financial Institutions.  By the 2021 Circular, financial institutions are being prohibited from supporting or aiding cryptocurrency transactions The CBN further requires regulated financial institutions to identify […]

FG Okays N35bn For NEPZA Power Station The federal government yesterday approved the sum of N35billion for the building of a power station by the Nigerian Export Processing Zone Authority (NEPZA) in Akamkpa, Cross River State. ØMinister of Industry, Trade and Investment, Niyi Adebayo, disclosed this to State House correspondents after the virtual federal executive […]

The Lagos Internal Revenue Services (LIRS) on the 29th day of January 2021 issued a Public Notice extending the deadline for the filing of Employer’s Annual Return. This extension is stated to last for 2 weeks starting from the 1st day of February 2021 to the 14th day of February 2021. The extension was granted […]

Nigeria’s External Reserves Hit $36.23b on Higher Crude Oil Prices Nigeria’s foreign exchange (forex) reserves rose from $34.94 billion last November to $36.23 billion by January 21, 2021 on the back of increase in global crude oil prices. Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who spoke at the end of the Monetary Policy […]

The Central Bank of Nigeria (CBN) on 13 January 2021 published a Framework on Regulatory Sandbox Operations (‘the Framework’) for a formal process to conduct live tests of new, innovative products, services, delivery channels or business models in a controlled environment subject to appropriate conditions and safeguards.  The Framework prescribes the standards of operations of […]

The Central Bank of Nigeria (CBN) on 9 December 2020 published the Circular on New License Categorisations for the Nigerian Payment Systems (NLC Circular), which has made it easier to identify the licences that apply to the Nigerian Payments System. Under the NLC Circular payments system licensing has been streamlined into four: Switching and Processing; […]

AGREEMENT ESTABLISHING THE AFRICAN CONTINENTAL FREE TRADE AREA The Agreement establishing the African Continental Free Trade Area was formulated in line with the Abuja Treaty aimed at integrating African’s market by having a continental market with a free movement of persons, capital, goods and services which are crucial for deepening economic integration and promoting agricultural […]