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2024-08-18

The Expanding Scope of Customer Due Diligence Requirements for Financial Institutions in Nigeria: A Necessity Or Nonessential?

In consideration of the widespread recognition of money laundering and terrorism financing as global phenomenas which pose threats to international peace and security1, it is becoming an increasing global trend for countries to employ extensive customer due diligence measures as a way of fostering financial transparency and countering the misuse of corporate entities by criminals or terrorists as smokescreens for money laundering and terrorism financing activities.

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2024-05-10

Mandatory Referral to Arbitration: A Comprehensive Analysis of Section 5 of Nigeria's Arbitration and Mediation Act 2023

This article provides a comprehensive analysis of the transformative changes introduced by Nigeria's Arbitration and Mediation Act 2023, with a specific focus on Section 5. Drawing insights from the landmark Sakamori Construction v LSWC case and the preceding Arbitration and Conciliation Act 2004, the analysis navigates through the evolution of arbitration proceedings in Nigeria. By examining the transition from discretionary to mandatory referral to arbitration, the article elucidates Nigeria's pro-arbitration stance and its implications for legal practitioners, stakeholders, and the broader business community.

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2024-05-10

CYBER SECURITY LEVY: IMPLICATIONS FOR CONSUMERS AND FINANCIAL INSTITUTIONS

By a circular dated the 6th day of May, 2024 the Central Bank of Nigeria issued a circular to all commercial, merchant, non-interest and payment service banks; as well as to financial institutions, mobile money operators and payment service providers (PSP).

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2023-12-05

JUSTIFICATION OF THE RIGHT TO DIE UNDER THE NIGERIAN JURISPRUDENCE

The existence of a right to die via euthanasia, also known as mercy killing and assisted suicide, is a question that crosses geographical boundaries and legal systems. Globally, prevalent jurisprudences prohibit and criminalizes assisted suicide and euthanasia. However, due to improvements in medical technology that have significantly increased our capacity to sustain and lengthen human life well beyond what was previously attained, along with a corresponding expansion of human rights law, many nations, including Belgium, the Netherlands, etc., have legalized euthanasia and assisted suicide. As a matter of fact, Switzerland was the first Country in the world to legalize assisted suicide in 1941. The right to life is unquestionably recognized on universally. The core issue in the ongoing discussion over euthanasia is whether or not there is a countervailing argument.

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2023-11-21

ASSESSMENT OF THE ROLE OF THE FCCPC IN THE REGULATION OF SALES OF GOODS IN NIGERIA

Diverse countries have implemented competition laws and created pro-competitive policies to fulfill the varied requirements of society, as the effect of an anti-competitive regime has far-reaching consequences on society. This article gives an insight on the role of the Federal Competition and Consumer Protection Commission (FCCPC) in the regulation of sale of goods in Nigeria. The focal point is to examine the Commission's mandate, which includes fostering fair competition, protecting consumers' rights and enforcing compliance with relevant laws and regulations while also noting the challenges the FCCPC is faced with in carrying out its mission. Special considerations will be had to competition laws in Nigeria as well as competition laws in other jurisdiction.

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2023-09-12

DATA PROTECTION AND THE BANKING SECTOR

Data protection is a critical issue in the banking sector, where sensitive customer information is routinely and vastly collected, stored and processed. Banks must take comprehensive approach to safeguarding this data, including implementing technical measures, complying with data protection regulations, training employees, establishing incident response plans, and carefully vetting third-party providers. Failure to protect customer data can result in reputational damage, financial loss, and legal liabilities in the event of data breach or cyber-attack.

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2023-02-16

The Role of the Nigerian Police Force in Election Security Management within context of the Electoral Act, 2022.

Elections as a tenet of democracy is the right and power of a people to decide who wields the helms of authority in running the affairs of a nation at various levels of government by electing candidates into political offices across the country. It is the way by which the choice of the majority in a State is determined and decided.

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2023-02-16

OVERVIEW OF THE NIGERIAN STARTUP ACT

In the last few years, Nigeria has experienced a rapid shift in technological growth and advancement impacting the country’s economy positively through unprecedented investment in the sector. According to the Nigerian Startup Ecosystem Report 2022, it was reported that Nigeria is Africa’s most popular investment destination, the report also revealed that between 2015 and 2022, 383 Nigerian tech Startups raised a total of $2Billion, higher than any other country.

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2023-01-21

LOCUS STANDI UNDER SECTION 29 OF THE ELECTORAL ACT, 2022 ON ALLEGATION OF FALSE INFORMATION.

Under the old dispensation of the Electoral Act, 2011, there was universal locus standi to any person who has reasonable grounds to believe that the information supplied by a candidate in his FORM CF001 are false or has submitted forged documents of a fundamental nature that impairs his constitutional qualification, and can approach the Federal High Court, High Court of a State or High Court of the Federal Capital Territory to seek an order of disqualification.