Blog – Page 2 of 7 – Lex-Praxis Legal Solicitors

April 23, 2022April 23, 2022

IS CRYPTO CURRENCY ILLEGAL IN NIGERIA? (2022)

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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, 2022March 25, 2022

GUIDE TO REGISTERING AN NGO IN NIGERIA

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By Cynthia TishionIn Uncategorized

INTRODUCTION An Non Governmental Organisation (NGO) is non-profit making body, association of people, or organization that functions independent 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 would be providing answers to frequently asked questions as it concerns setting up...

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...

March 4, 2022March 4, 2022

HOW TO START A ROBO ADVISORY SERVICE IN NIGERIA

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By Cynthia TishionIn Uncategorized

Few years ago, if you needed to make financial investments, you had two options; do it yourself or work with investment advisers. However, the advent of robo-advisors has brought about the third option. WHAT ARE ROBO ADVISORS? Also known as digital investment advisors, they are financial advising platforms that provide financial advice and or manages investments with little or no human intervention. They accomplish this by gathering information on the investor such as: investor’s objectives, their timeframe, risk tolerance, investment time frame, inputs and investment amounts, life goals, e.t.c and in turn use these information to suggest diversified investment portfolios...

February 26, 2022February 26, 2022

HOW TO START A DIGITAL LENDING BUSINESS IN NIGERIA

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By Cynthia TishionIn Uncategorized

With the great surge in demand for fast and convenient access to credit facilities by both individuals and businesses across Africa, traditional lending institutions such as banks continue to fall below expectations with tedious paper work, high interest rates, high collateral, and in some cased delayed processing . This has given rise to the emergence of digital lending/credit platforms such as Branch, Palm Credit, Fairmoney, e.t.c which provide fast and convenient lending services with little or no collateral. Although likely to be undervalued, Micro lending institutions have played a key role in solving the problems of financial institutions, particularly in...

February 18, 2022February 22, 2022

HOW TO SET UP A MICROFINANCE BANK IN NIGERIA

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By Cynthia TishionIn Uncategorized

Microfinance Banks are mini banks licensed by the Central Bank of Nigeria (CBN) to carry on the business of micro finance services such as savings, loans, domestic fund transfers and other financial services which they provide for their customers particularly the economically disadvantaged, subsistence farmers, artisans, micro entrepreneurs etc., and to a large extent unbanked people in the rural areas. By virtue of the powers conferred on it by Sections 56 to 60 of the Banks and Other Financial Institutions Act (BOFIA), the Central Bank of Nigeria is the regulatory agency for all financial institutions in Nigeria including Micro Finance...