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...

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...

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...

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...

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...

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...