Series on the Tax Reform Acts 2025: What is New and What You Should Know

With the Tax Reform Acts in play, Nigeria has entered a new phase of fiscal reform. While versions of the gazetted laws are already in circulation, official publication by the Federal Government is still awaited. In this first part of our series, we examine the Nigeria Tax Act, 2025 and the Nigeria Tax Administration Act, […]

A Review of the SEC’s New Rules on Issuance and Allotment of Debt Securities by Private Companies

Joseph Eimunjeze, Lisa Esamah, Damilola Opayinka and Adaobi Omosofe Uzo of UUBO’s Capital Markets, Tax, and Banking & Finance teams have contributed “A Review of the SEC’s New Rules on Issuance and Allotment of Debt Securities by Private Companies” to PEVCA Nigeria’s H1 2025 Legal & Regulatory Bulletin. In this piece, the team details the SEC’s […]

Corporate Restructuring Under the Investments and Securities Act 2025: Mergers, Acquisitions, & Takeovers

The Investments and Securities Act 2025 has redefined the framework for corporate restructuring in Nigeria for public companies and other listed entities. Its most transformative features are the comprehensive reform of the threshold for take-overs, treatment of minority shareholders in corporate restructuring transactions, requirements for payments to directors, the obligations and liabilities of professional parties, etc.  From mergers to takeovers […]

UUBO Contributes to Enterprise NGR’s State of Enterprise (SOE) 2025 Report

We are pleased to have contributed to Enterprise NGR’s State of Enterprise (SOE) 2025 Report, launched earlier this month. Our team worked on the Professional Services section, looking at how the sector has supported business growth, contributed to the economy, and helped advance sustainable development goals across Nigeria. The UUBO team that contributed to the […]

UUBO Contributes to 2025 Chambers and Partners Tax Controversy Global Practice Guide,

Chambers_Tax Controversy 2025_022_nigeria authoring both the Law & Practice and Trends & Developments sections for Nigeria. In these contributions, Lolade Ososami, Joseph Eimunjeze, Kelechi Ibe, Aniekan Udo-Okon, Ikechukwu Fijo, and Tochukwu Nwankwo of our Tax team provide insight into Nigeria’s evolving tax controversy landscape. The Law & Practice chapter provides a practical overview of Nigeria’s […]

CBN SUSPENDS DIVIDEND AND BONUS PAYMENTS AND INVESTMENT IN FOREIGN SUBSIDIARIES BY NIGERIAN BANKS

The Central Bank of Nigeria (“CBN”) recently issued a letter to all Nigerian banks announcing a temporary suspension of dividend payments, payment of bonuses to directors and senior management staff, and investment in foreign subsidiaries by affected Nigerian banks. The directive specifically targets banks currently under the CBN credit or single obligor limit forbearance regime.  […]

An Overview of the Central Bank of Nigeria’s Non-Resident Nigerian Ordinary Account and Non-Resident Nigerian Investment Account

Remittances from Nigerians in the diaspora have become a critical driver of Nigeria’s foreign exchange earnings and Gross Domestic Product. As such, they play a pivotal role in the Central Bank of Nigeria’s (“CBN”) efforts to improve foreign exchange liquidity in the official market and bolster the value of the Naira. According to the World […]

A Review of the SEC’s New Rules on Issuance and Allotment of Private Companies Securities

Private companies are restricted by the Companies and Allied Matters Act 2020 (as amended) from offering their securities to the members of the public.  Similarly, under the repealed Investments and Securities Act 2007 (as amended), only public companies and collective investment schemes were permitted to offer securities (equity and debt) to members of the public. This restriction has now been removed under […]

Senate Passes Proposed Tax Reform Bills

The Nigerian Senate has passed President Tinubu’s 4 (four) Tax Reform Bills (the “Bills”), following the House of Representatives’ earlier passage of the Bills. As we have explained in this publication, the version passed by the Nigerian Senate differs in some respects from what the Federal House of Representatives passed. Some Key differences include a […]

WHAT THE INVESTMENT AND SECURITIES ACT 2025 MEANS FOR DIGITAL ASSETS IN NIGERIA

On 29 March 2025, the President of the Federal Republic of Nigeria, President Bola Ahmed Tinubu, signed the Investment and Securities Act 2025 into law. The enactment of the ISA 2025, which repealed the Investment and Securities Act 2007 (as amended), marks a significant milestone in Nigeria’s fintech landscape in relation to digital and virtual […]

Tax Gross-Up Clauses in Agreements and Nigeria’s New Withholding Tax Regulations – Issues and Practical Considerations

Tax Gross-Up Clauses in Agreements and Nigerias New Withholding Tax Regulations – Issues and Practical Considerations Understanding Tax Gross-Up Clauses in Nigeria Tax gross-up clauses help ensure that recipients receive full payments without deductions for withholding tax (WHT). In Nigeria, businesses use these clauses to protect their agreed net payments. However, with the country’s new […]

Nigeria Fintech 2024 Review and 2025 Outlook

FINTECH 2024 REVIEW AND OUTLOOK FOR 2025 (1) Nigeria Fintech 2024 Review and 2025 Outlook: Key Developments The Nigeria Fintech 2024 Review and 2025 Outlook highlights the rapid transformation of the country’s financial technology sector. In 2024, regulatory reforms and technological advancements reshaped key areas, including digital payments, AI, blockchain, and data protection. The Central […]

BDCs’ Access to FX Market: Key Guidelines Explained

In November 2024, the Central Bank of Nigeria (CBN) issued the Revised Guidelines for the Nigerian Foreign Exchange Market (NFEM). This change allowed Bureaux de Change (BDCs) to purchase foreign exchange (FX) from authorized dealers to meet retail market demands. Previously, BDCs could not access the NFEM and relied on external sources, leading to inadequate […]

Nigerian Banking and Finance Sector – 2024 Review and Outlook for 2025

The Nigerian Banking and Finance Sector: 2024 Review and 2025 Outlook The Nigerian banking and finance sector faced major regulatory changes in 2024. The Central Bank of Nigeria (CBN) led these reforms to strengthen financial institutions, stabilize the economy, and prepare banks for a USD 1 trillion economy by 2030. To achieve these goals, the […]

Recent Reforms in the Nigeria Foreign Exchange Market and the Introduction of the Electronic Foreign Exchange Matching System

The Central Bank of Nigeria (the “CBN”), on 2 October 2024, issued a circular titled “Introduction of the Electronic Foreign Exchange Matching System in the Interbank Foreign Exchange Market” (the “EFEMS Circular”) to introduce the Electronic Foreign Exchange Matching System (the “EFEMS”) – an electronic matching system for foreign exchange (“FX”) transactions. The EFEMS is […]

An Overview of the CBN Draft FX Code and Circular on Electronic Foreign Exchange Matching System

The Central Bank of Nigeria (“CBN”) has consistently been expressing its policy drive to deepen the Nigerian autonomous foreign exchange market (“FX Market”) and to promote transparency and the efficient functioning of the FX Market. In this regard, the CBN released two circulars on 2 October 2024, announcing policy changes aimed at strengthening and providing […]

UUBO Contributes to Chambers and Partners’ Securitisation (Trends & Developments) Global Practice Guide 2024

UUBO is pleased to have contributed to the Securitisation (Trends & Developments) Global Practice Guide 2024 published by Chambers and Partners. Yinka Edu, Joseph Eimunjeze, Itoro Uwemedimo Etim, and Joseph Olaogun of our Banking and Finance team explore securitisation, the opportunities it presents, the challenges facing its development in Nigeria, and the Nigerian legal and […]

Smart Contracts: Assessing Some Legal Implications of its Use in the Nigerian Capital Market

Smart contracts, among various blockchain technology innovations, have one of the most transformative impacts on operations in financial transactions. As smart contracts usher in a new era of efficiency and automation, they also raise legal concerns and implications that require scrutiny regarding their legality and efficiency in capital markets transactions. In this article, we explore […]

IBA Banking & Financial Law Committee – Fintech Report, September 2024

Our Banking and Finance, Capital Markets, and Fintech Partners, Yinka Edu and Joseph Eimunjeze, contributed to the second edition of the International Bar Association’s special project, Fintech: How is the World Shaping the Financial Innovation Industry? (2024), conducted by the IBA Banking & Finance Law Committee. Our contribution, featured on pages 34 to 42, provides an […]

Regulatory Update – Payment Service Providers Connectivity to PTSAs for the Processing of Electronic Transactions

On 11 September 2024, the Central Bank of Nigeria (“CBN”) issued a new circular to all Payment Service Providers (“PSPs”) regarding their connectivity to Payment Terminal Service Aggregators (“PTSAs”) (the “Circular”). This is pursuant to the CBN’s power to promote and facilitate the development of efficient and effective systems for the settlement of transactions (including […]

Fintech H1 2024 Review and Outlook for H2 2024

An Overview of the Sec’s Framework on Accelerated Regulatory Incubation Programme for the onboarding of the VASPS and DIPS

An Overview of the Nigerian Withholding Tax Regulations of 2024

An Overview of the New CBN’s Measures to Enhance Local Currency Liquidity for Settlement of Diaspora Remittances by IMTOs

Options for Nigerian Banks to Meet New Minimum Paid-up Capital Requirements

An Overview of the Application of the National Cybersecurity Levy

The Regime for the Operation of Bank Accounts by Virtual Asset Service Providers/Exchanges in Nigeria

Regulatory Update: NIBSS Directive to Disconnect Switches, Payment Solution Service Providers, and Super Agents from NIBSS Instant Payment (NIP) Outwards System

Open Banking in Nigeria: An Overview of the CBN Operational Guidelines for Open Banking In Nigeria, 2023

Settlement of Trade Transactions through PAPSS In Nigeria: Use of Foreign Exchange provided by the CBN and Related Matters

In October 2021, the Central Bank of Nigeria (“CBN”) released the Guidelines on the Operations of Pan-African Payments and Settlement System PAPSS in Nigeria in relation to the settlement of intra-African trade transactions in goods. The objectives of the Pan-African Payments and Settlement System (the “PAPSS”) include facilitating the implementation of the African Continental Free […]

Green Bonds: Helping to Drive Climate Change Mitigation and Sustainable Investments in Nigeria

Lenders Taking Security over Mining Rights for Financing: Nature, Scope and Requirements under Nigerian Law

This article examines the nature of security interests over mining rights in Nigeria and the requirement for the perfection of these security interests, including the need for consent from the relevant government authorities. It also discusses the implications of non-compliance with these requirements and provides practical guidance for foreign and local lenders seeking to create […]

ICLG – Fintech 2023 – Promotional Guidelines

UUBO’s Fintech team members Yinka Edu (Partner), Joseph Eimunjeze (Partner), Pamela Onah (Senior Associate) and Oluwatobi Akintayo (Associate) have contributed to the latest Nigerian chapter of the 7th Edition of the Global Legal Group, UK’s Fintech Laws and Regulations 2023 in which they discuss the various regulatory changes and topical issues impacting the Nigerian Fintech […]

Tax Trends: The Half-Year Wrap-Up

Fintech: How is the World Shaping the Financial Innovation Industry

Regulatory Update – CBN Changes to the Operation of the Foreign Exchange Market

Key Structuring Considerations for Foreign Institutions Lending to Nigerian Corporates and Financial Institutions

AN OVERVIEW OF THE FINANCE ACT 2023

The Finance Act 2023 (the “FA 2023”) was signed into law by former President Muhammadu Buhari on 28 May 2023, prior to his leaving office. The FA 2023 takes effect from 28 May 2023, and it replaces the Finance Bill 2022 (“FB 2022”), which had been circulated widely within the public domain. The Finance Act […]

Climate Change and Financing Transactions in Nigeria: Any Impact of the Climate Change Act?

Regulatory Update: Approval of the National Blockchain Policy for Nigeria

Understanding the Fundamentals of Taking Security Over Oil and Gas Rights Under the PIA 2021

What to know about the CBN Guidance on Ultimate Beneficial Owners of Legal Persons and Legal Arrangements

Key Fintech Trends from 2022 and the Outlook for 2023

Chambers and Partners – Banking Regulation 2023

Regulatory Update: Exposure Draft Of The Guidelines For The Regulation Of Representative Offices Of Foreign Banks In Nigeria

In the Nigerian banking sector, there are some representative offices which are owned by foreign banks. A representative office serves as a marketing and liaison office in Nigeria for a foreign bank – which is usually the parent company. Representative offices are approved by the Central Bank of Nigeria (“CBN”) pursuant to section 8 of […]

IFLR Africa Market Makers Report

UUBO is pleased to have contributed the Nigerian chapter of the 2022 edition of the IFLR Africa Market Makers report, authored by partners Jumoke Lambo, Folake Elias-Adebowale, Yinka Edu, Ozofu Olatunde Ogiemudia, Nicholas Okafor, Adeola Sunmola, Joseph Odianosen Eimunjeze and Onyinye Okafor. The report highlights and offer perspectives on trends, developments and key regulatory and […]

Fintech update: series 5 – sec new rules on the issuance, offering platforms and custody of digital assets – what you need to know

Fintech update: series 4 – sec new rules on the issuance, offering platforms and custody of digital assets – what you need to know

Fintech update: series 3 – sec new rules on the issuance, offering platforms and custody of digital assets – what you need to know

Debt Factoring in Nigeria: Structuring, Legal and Regulatory Framework, and Key Considerations

The Value Added Tax Quandary: Which Way to Go

Tax disputes in Nigeria: the tax appeal tribunal rules that the federal inland revenue service must always prove why the payment of security deposit is required from a taxpayer.

Withholding Tax Rates on Dividend, Interest and Royalty Payment to Residents of Nigeria Treaty Partners

Fintech update: series 1 – sec new rules on the issuance, offering platforms and custody of digital assets – what you need to know

Chambers Fintech Global Practice Guide

Key trends and developments in the Fintech Sector have been identified and analysed by the UUBO Fintech team in an article published in the latest edition of the Chambers Fintech Global Practice Guide. The publication is a great resource for practitioners and investors in the ecosystem and highlights recent regulatory developments – including regulatory sandboxes, as […]

Tax Update: Income Tax on Profit From Bonds and Short-term Government Securities

Income Tax on Profit From Bonds and Short-term Government Securities

THE FIRS HAS PROVIDED CLARIFICATIONS ON THE STAMPING OF ELECTRONIC DOCUMENTS AND RELATED MATTERS

Keywords “..The Corporate Firm of Choice In Nigeria..IFLR1000”

ICLG International Comparative Legal Guide – Fintech 2021

Why Financial Institutions In Nigeria Should Not Ignore The Income Tax (Common Reporting Standard) Regulations

UUBO Tax Update VAT WHT by Companies in the EFZS

The Nigeria Chapter in The Transfer Pricing Law Review

FIRS Public Notices to Pay Attention To

FIRS INTRODUCES AUTOMATED VAT FILING & COLLECTION SYSTEM

Tax Update on the 2019 Finance Bill

The Power of The FIRS To Order The Freezing of Bank Accounts Belonging to Defaulting Tax Payers

Eyes on the Tax – FIRS Requests for WHT and VAT on Payments to Distributors and Others

Highlights of Events that Shaped the Nigerian Corporate Tax Landscape in 2018 and Keeping 2019 In View

Firs Issues Guidelines On Mutual Agreement Procedure In Nigeria

The Three “D”s of Transfer Pricing Compliance – Do Not Miss the Deadline!

Keeping the show on the road

Eyes On The Tax – FIRS Requests For WHT And VAT On Payments To Distributors And Others

New Levy And Proposed Increase In Vat: Nigerian Businesses And Consumers Brace Up For ‘Next Level’ Impact

Nigeria Amends The Production Sharing Contract Act: Aims To Increase Revenue From Royalties Payable By PSC Operators

The Tax Appeal Tribunal Has Held That Dividends Regarded As Franked Investment Income Are Liable To ‘Excess Dividend Tax’ When Redistributed

Highlights of Events that Shaped the Nigerian Corporate Tax Landscape in 2018 and Keeping 2019 In View