I HAVE A REGISTERED TRADEMARK IN MY COUNTRY, CAN I REGISTER THE SAME TRADEMARK IN NIGERIA?

I HAVE A REGISTERED TRADEMARK IN MY COUNTRY, CAN I REGISTER THE SAME TRADEMARK IN NIGERIA?

Suppose you have a registered trademark in another country other than Nigeria for a name, logo, slogan, or design for your company’s product or services. You are wondering whether securing another trademark registration on the same brand in Nigeria is the right way to go. In that case, this article provides a comprehensive guide on registering a trademark in Nigeria, especially for those who already have a registered trademark in another country. We will delve into the legal framework governing trademarks in Nigeria, and the practical steps involved. By the end of this article, you will be able to understand...

CBN NEW MEASURES FOR SETTLEMENT OF DIASPORA REMITTANCES

CBN NEW MEASURES FOR SETTLEMENT OF DIASPORA REMITTANCES

The Central Bank of Nigeria (CBN) recently released revised guidelines for International Money Transfer services in Nigeria. The guideline aims to liberalize the foreign exchange market, ensure transparency in foreign exchange transactions, boost diaspora remittances and other foreign capital inflows to Nigeria, promote efficient price discovery mechanisms and the evolution of an appropriate market-determined exchange rate, and enhance the ease of doing business for International Money Transfer Operators. You can find a summary of the new guidelines here. In its circular dated 24th June 2024, the CBN announced measures aimed at ensuring wider access to our local currency for timely...

HOW TO OPEN A BANK ACCOUNT IN NIGERIA AS A FOREIGNER OR FOREIGN OWNED COMPANY

HOW TO OPEN A BANK ACCOUNT IN NIGERIA AS A FOREIGNER OR FOREIGN OWNED COMPANY

Opening a bank account in Nigeria as a foreigner is a crucial step towards establishing your financial foothold in one of Africa’s largest and most dynamic economies. Whether you are an expatriate, a business investor, or an international student, having a local bank account is essential for seamless financial transactions and integration into the Nigerian economy. The Nigerian banking sector is robust, well-regulated, and offers a range of services tailored to meet the diverse needs of its customers, including foreigners. Navigating the process of opening a bank account in a new country can be daunting, but understanding the specific requirements...

HOW TO OBTAIN NIN IN NIGERIA AS A FOREIGNER

HOW TO OBTAIN NIN IN NIGERIA AS A FOREIGNER

It is important for foreigners residing in Nigeria to obtain a National Identification Number (NIN), which is issued by the National Identity Management Commission (NIMC). This eleven-digit number serves as a unique identifier and is crucial for various legal and administrative purposes such as banking transactions, accessing healthcare services, obtaining a driver’s license, and other legal activities in Nigeria. The Nigerian government mandates that all residents, including foreigners, obtain NIN to ensure a secured and streamlined identity verification system. The process begins by visiting an accredited NIMC registration centre, available across Nigeria. In this article, we will address the concerns related...

WHAT HAPPENS WHEN A BANK LICENCE IS REVOKED

WHAT HAPPENS WHEN A BANK LICENCE IS REVOKED

The banking industry is built on trust and stability, with financial institutions serving as the backbone of modern economics. However, when a bank’s licence is revoked, the implications can be far-reaching and devastating. This rare but significant event can have a profound impact on the bank’s customers, employees, and the broader financial landscape. The revocation of a banking license is a drastic measure typically taken by the Central Bank of Nigeria (CBN) when a bank fails to meet the required standards of operation, like maintaining adequate capital reserves, adhering to anti-money laundering regulations, or engaging in unethical practices. When a...

HOW TO SET UP A PHARMACY IN NIGERIA

HOW TO SET UP A PHARMACY IN NIGERIA

Similar to other professions, registering a pharmacy in Nigeria follows a structured process that requires adherence to specific regulatory guidelines. These processes ensure that pharmacies operate within established frameworks to maintain professional standards and safeguard public health. This article offers a detailed guide on who qualifies to set up a pharmacy in Nigeria, how to do so, and provides operational guidelines. It also discusses whether a foreigner can own a pharmacy in Nigeria and outlines the requirements for setting up an online pharmacy in the country. HOW MANY TYPES OF PHARMACIES ARE THERE IN NIGERIA? Before diving into the registration...

REGULATORY UPDATE: CBN WITHDRAWS CIRCULAR ON CYBERSECURITY LEVY

REGULATORY UPDATE: CBN WITHDRAWS CIRCULAR ON CYBERSECURITY LEVY

On the 6th of May, 2024, the CBN issued a circular directing all banks, financial institutions, and payment service providers to remit 0.5% of all electronic transactions as cybersecurity levy to the National Cybersecurity Fund (NCF). Our article examined the scope of the guideline. The circular has since its publication been met with mixed reactions on the grounds that the timing for implementing the said levy was inappropriate considering the current harsh economic realities within the country. In response to the reaction of the general public, the CBN On 17th May 2024, issued another circular withdrawing the earlier one. CONCLUSION...

SEC NEW RULES  ON ALLOTMENT OF EQUITY SECURITIES BY PRIVATE COMPANIES

SEC NEW RULES ON ALLOTMENT OF EQUITY SECURITIES BY PRIVATE COMPANIES

Security and Exchange Commission (SEC) on 7th of May 2024, passed a Rule ‘Exposure of proposed New Rules on the Issuance and Allotment of Private Companies Securities. Apart from regulating how securities are issued by private companies, the new rule is also aimed at providing alternative fundraising options to private companies. In this article, we’ll examine the scope of this rule as it affects private companies. You may also view a copy of the rules HERE. WHO DOES THIS RULE APPLY TO? This Rule is only applicable to the debt securities by private companies which can be offered through public...

NEW CENTRAL BANK OF NIGERIA’S GUIDELINE ON CYBERSECURITY LEVY

NEW CENTRAL BANK OF NIGERIA’S GUIDELINE ON CYBERSECURITY LEVY

On May 6, 2024, the Central Bank of Nigeria issued a circular directing all banks, financial institutions, and payment service providers to remit 0.5% (0.005) of all electronic transactions to the National Cybersecurity Fund (NCF). In this article, we will explore the scope of the guidelines and recent developments since the issuance of the directive. KEY PROVISIONS OF THE CIRCULAR AS PUBLISHED Before diving into the main provisions of this circular, it’s important to note that the CBN guideline aims to enforce compliance with the Cybercrimes (Prohibition, Prevention) Act of 2015, which has been amended to the Cybercrimes Prohibition, Prevention...

DOING BUSINESS IN THE FREE TRADE ZONE IN NIGERIA

DOING BUSINESS IN THE FREE TRADE ZONE IN NIGERIA

Nigeria is committed to attracting foreign investors and promoting economic growth in the country. To achieve this, the government has established free trade zones where businesses can operate without paying taxes or other fees. These areas are available to both local and foreign companies, and offer significant tax incentives, including tax holidays. In this write-up, we will discuss the benefits of free trade zones and how they contribute to Nigeria’s economic growth. We will also examine the types of businesses that are eligible for these zones, who can invest in them, and the application process. There are two types of...