Are you considering importing drugs or drug products into the Nigerian market, whether as a local or a foreigner? This article offers a comprehensive guide on how to import drugs into Nigeria, including the step-by-step process for doing so successfully. It is important to note that the National Agency for Food and Drug Administration and Control (NAFDAC) is the main regulatory body overseeing the importation, manufacturing, exportation, advertisement, and sole distribution of drugs within Nigeria. Therefore, all drugs involved in any of these activities within the country must be licensed by NAFDAC. WHO CAN IMPORT DRUGS INTO NIGERIA? The importation...

Are you a foreigner considering starting a business in Nigeria? Are you unsure about the number of directors and shareholders required for a foreign company registered in Nigeria? Do you have concerns about maintaining full ownership and control of your company in Nigeria as a foreigner, and understanding the relevant laws and regulations governing it? In this article, we will provide a comprehensive guide to the minimum number of directors and shareholders required for a foreign company registered in Nigeria to comply with Nigerian law. We will also outline the business sectors where a foreigner can own a business in...

Establishing a hospital in Nigeria is a significant and rewarding endeavor that not only contributes to the improvement of public health but also offers substantial opportunities for medical professionals and entrepreneurs in Nigeria. The healthcare sector in Nigeria is known for a growing demand for quality medical services, triggered by a rapidly increasing population and evolving healthcare needs. However, establishing a hospital requires a complete understanding of the legal, regulatory, and operational challenges involved. This article provides a comprehensive roadmap for anyone desiring to establish a private hospital in Nigeria. It covers essential steps, beginning from understanding the regulatory framework...

Are you a shareholder who is concerned about how to transfer shares in your private company or a company director overseeing the process? This article will equip you with the knowledge to navigate the share transfer process smoothly and effectively. Share transfer in a private company is a fundamental aspect of corporate operations in Nigeria. Shares represent a unit of ownership in a company, and their transferability is essential for maintaining the fluidity of ownership and investment in a business. In Nigeria, transferring shares in a private company is primarily governed by the Companies and Allied Matters Act, 2020 (CAMA),...

Over the past few years, Nigeria has experienced a significant transformation in its financial sector, thanks to the introduction of new financial services and digital platforms. A key development in this area is the introduction of the super-agent license, which allows entities to serve as intermediaries between financial institutions and the public. They can offer various services such as cash deposits, withdrawals, and bill payments. Super agents play a crucial role in promoting financial inclusion, particularly in a country where a large portion of the population is either unbanked or underbanked. By providing financial services to remote and underserved areas,...

In Nigeria, transferring land ownership is a significant process as land holds immense value and permanence as an asset. It’s crucial to ensure that land ownership is legally recognized to protect property rights and minimize the risk of disputes and potential loss of investment. The Land Use Act of 1978 regulates land ownership in Nigeria, and it vests all land in the territory of each state in the state governor, making the governor’s consent essential for any land ownership transfer to be valid. Adhering to specific documents and procedures is necessary to ensure the legitimacy and binding nature of the...

In today’s digital age, the transfer of personal data across borders has become a common practice, driven by the global nature of business and communication. However, this practice brings with it significant concerns regarding the protection and privacy of data being transferred. Personal data, which includes sensitive information such as names, addresses, financial details, race or ethnic origin, religious beliefs, medical records, etc., must be handled with utmost care to prevent misuse, theft, or breach. Nigeria, like many other countries, recognizes the importance of safeguarding personal data. The regulatory framework governing data protection in Nigeria aims to ensure that personal...

Are you a foreigner looking to register your foreign company’s trademark in Nigeria? This article will outline ten important things you need to know about trademark registration in Nigeria. Some of these points may be familiar based on your experiences with registration in other countries, while others may be new to you. In no particular order, below are the important points to note about trademark registration in Nigeria; 1. Owning a trademark in another country does not automatically grant rights protection in Nigeria It’s important to note that just because your foreign company has a trademark registered in other countries...

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...

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...