Blog – Page 11 of 17 – Lex-Praxis Legal Solicitors

May 13, 2022May 13, 2022

BENEFITS OF HAVING AN EMPLOYMENT CONTRACT AS AN EMPLOYER

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Undoubtedly, one out of the top five challenges businesses face globally is hiring the right workforce and retaining them. One of the easiest ways to create a stable workforce in your business is by setting out in clear terms your expectations from your recruits before they come on board. This can be done through an agreement. In Nigeria, the Nigerian Labour Act 1971 is the principal law governing employment matters in Nigeria. The Act covers employees engaged under a contract of manual labour or clerical work in the private and public sectors. Other laws regulating employment contracts in Nigeria include;...

May 5, 2022May 10, 2022

DELAWARE FLIP- KEY CONSIDERATIONS FOR STARTUPS IN NIGERIA

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By Cynthia TishionIn Uncategorized

INTRODUCTION For most Nigerian startups with little or no financing locally, having a holding company whose parent company is set up in business and investor friendly countries such as US, Mauritius, Singapore, etc. is considered to be a strategic move. This is largely due to the fact most investors are more comfortable investing in holding companies located in jurisdictions they are familiar with. This therefore explains the reason why most highly sought after US private investors and accelerators, make it a mandatory requirement for foreign startups to do a Delaware flip. WHAT IS A DELAWARE FLIP? This is simply a...

April 29, 2022May 4, 2022

HOW STARTUPS CAN INCORPORATE A COMPANY IN USA FROM NIGERIA

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By Cynthia TishionIn Business Law

Nigeria has undoubtedly become a foremost destination for African Startups. According to reports by Disrupt Africa, African tech startups have raised over 1 billion US Dollars in the first two months of 2022. However due to reasons such as; positioning for venture funding opportunities, better access to global market, not to mention the economic, political and foreign exchange uncertainties that comes with doing business in Nigeria, most the startups are increasingly getting their companies incorporated overseas particularly in countries such as the United States, which is the primary base of operation to several African unicorns such as Flutterwave, Andela, Paystack,...

April 23, 2022April 23, 2022

IS CRYPTO CURRENCY ILLEGAL IN NIGERIA? (2022)

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By Cynthia TishionIn Uncategorized

Recently, the Central Bank of Nigeria (CBN) fined 3 commercial banks (Stanbic IBTC, Access Bank and the United Bank for Africa (UBA), for flouting its crypto currency trading restriction issued a year ago. According to the Apex Bank, some of the violations carried out by the above mentioned banks include; Operating accounts used for crypto trading Failure to close customer’s accounts, etc. In 2021, the Central Bank of Nigeria gave a directive to all commercial banks and financial institutions to close all customer accounts operating with or trading cryptocurrency. In 2017, the apex bank had also issued a circular to commercial banks,...

April 16, 2022April 27, 2022

WHAT YOU NEED TO KNOW ABOUT DATA PROTECTION COMPLIANCE IN NIGERIA

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By Cynthia TishionIn Uncategorized

INTRODUCTION Data is an important asset in any organization and as such data protection compliance should be a top priority for all businesses. More so, the increased rate of cybercrimes within the African continent, including Nigeria, and the growing demand for cyber security, has demonstrated the importance of data protection compliance particularly amongst businesses and corporate organizations as most, if not all businesses, are digitally driven in their business and product marketing through the use of world wide web as a business development tool. The introduction of the Nigeria Data Protection Regulation (NDPR) in 2019 created legal obligations on data...

April 8, 2022April 8, 2022

ALL YOU NEED TO KNOW ABOUT FUNDING ROUNDS FOR STARTUPS

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By Cynthia TishionIn Startup Law

INTRODUCTION Amongst other concerns associated with starting and running a business, fundraising is one of them. There are several fund raising options to consider to consider which we shared in our previous article you may read it HERE. There are primarily two ways in which startups could fund their businesses; 1. Equity financing; in which a portion of ownership of the business is given up in exchange for investment. 2. Debt financing; which involves borrowing of money from creditors with the stipulation of repaying the borrowed money plus interest at a specific future time. Funding rounds are a form of...

April 1, 2022April 1, 2022

HOW TO REGISTER A PATENT IN NIGERIA

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By Cynthia TishionIn Uncategorized

INTRODUCTION A patent is an exclusive legal right secured over an invention. It is a right that protects a product or a process which provides a new way of doing something, or offers a new technical solution to a problem such as discovery on a new process of producing a chemical compound, a new drug to treat cancer or corona virus or scientific/ medical equipment that never existed before, etc. This right is granted to an inventor by the federal government and such is to permit the inventor to exclude others from making, selling, or using the invention for a...

March 25, 2022November 4, 2023

GUIDE TO REGISTERING AN NGO IN NIGERIA

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By Cynthia TishionIn Uncategorized

INTRODUCTION A Non-Governmental Organisation (NGO) is a nonprofit body, an association of people, or organization that functions independently of the government. In Nigeria, NGOs can be registered as an incorporated trustee under part F of the Companies and Allied Matters Act (CAMA) 2020. NGOs could be used to immortalize a loved one. It could also be used as a great post-death wealth management option, especially in cases where writing a will is most likely to result in dispute before probate is granted. In this article, we will be providing answers to frequently asked questions as it concerns setting up an...

March 19, 2022March 19, 2022

HOW TO REMOVE THE DIRECTOR OF A COMPANY IN NIGERIA

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By Cynthia TishionIn Uncategorized

In Nigeria, the directors of a company are regulated by The Companies and Allied Matters Act (CAMA). Section 244(1) of CAMA 2020 defines a director as a person duly appointed by the company to direct and manage the business of the company. There are Life Directors, Shadow Directors, Executive and Non- Executive Directors, Managing Directors, Alternative Director, Representative or Nominee Directors. APPOINTMENT OF DIRECTORS Directors of a company are appointed by two ways namely; Appointment of first directors- the first directors of a company are appointed by the subscribers to the Memorandum of the company or named in the Articles...

March 12, 2022March 12, 2022

SEC GUIDELINES FOR SETTING UP A CROWDFUNDING PLATFORM IN NIGERIA

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By Cynthia TishionIn Uncategorized

Crowdfunding is a form of financing that allows people or businesses to raise small amount of money in the form of donations, loans or investments from large numbers of people, while crowdfunding platforms are websites that enable the interaction between fundraisers and the crowd (public). Financial pledges are usually made and collected via the crowdfunding platforms while fund raisers are charged a fee by crowdfunding platforms upon a successful fund raising campaign. IS CROWDFUNDING LEGAL IN NIGERIA? Crowdfunding is legal in Nigeria and is being regulated by the Securities And Exchange Commission (SEC). It is neither an alien concept in...