CORPORATE COMMERCIAL PRACTICE (CCP) INSIGHTS Q3 2024

Welcome to your CCP Q3, 2024 issue of The ALP Review.

This quarter, we focus on the dynamic landscapes of banking, finance, capital markets, energy, natural resources, transportation, technology, media, and telecommunications sectors in Nigeria and across the African continent. As the heartbeat of innovation and progress, these sectors play pivotal roles in shaping the economic, social, and technological fabric of our societies.

Through insightful analysis, industry updates, and expert commentary, our newsletter aims to provide you with a comprehensive overview of the latest trends, developments, and opportunities in these vital sectors.

Banking & Finance

CBN Discontinues Price Verification System for Form ‘M’ Applications

On 26 June 2024, the Central Bank of Nigeria issued a circular discontinuing the Price Verification System (PVS), a mechanism for verifying pricing in Form ‘M’ applications. Introduced in August 2023, the PVS was part of efforts to ensure accurate pricing for goods and services in the Nigerian foreign exchange market (the FX Market).

However, recent developments in the FX Market have led the CBN to abolish the system. Effective 1 July 2024, all Form 'M' applications will no longer require a Price...Read More

Capital Markets

SEC Launches Revamped E-Dividend Mandate Management System Portal

On 2 July 2024, the Securities and Exchange Commission (SEC) launched the revamped e-Dividend Mandate Management System (e-DMMS) Portal, designed to minimise unclaimed dividends and improve investors’ experience. The portal's self-service interface allows investors to electronically mandate their accounts for e-dividend without visiting a... Read More

Media

TikTok Launches First Sub-Saharan Africa Safety Advisory Council to Enhance Regional User Protection

TikTok has established its first Safety Advisory Council for Sub-Saharan Africa, introduced at the #SaferTogether summit in Nairobi. This council, consisting of eight diverse members from various fields, aims to enhance user safety on the platform by providing localised insights and recommendations. The council will focus on refining TikTok’s Community Guidelines to better align with African cultural contexts and social realities. Members will serve for... Read More

Transportation

Court Nullifies Nigeria Air Agreement with Ethiopian Airlines, Impacting National Carrier Project

The Federal High Court in Lagos, presided over by Justice Ambrose Lewis-Allagoa, has invalidated the agreement between the Nigerian government and Ethiopian Airlines, which had handed over the management of Nigeria Air to the foreign airline. The court also ordered the revocation of the Air Transport Licence (ATL) issued to Nigeria Air and mandated a new, transparent bidding process that... Read More

Energy

Nigeria Invests $2.8 Million In Clean Technology to Address Energy Poverty and Boost Economic Growth

The Federal Government of Nigeria has committed $2.8 million to advance clean technology, receiving praise from the United Nations Industrial Development Organisation (UNIDO). At the launch of the National Cleantech Innovation Entrepreneurship Ecosystem in Abuja, UNIDO's Oluyomi Banjo highlighted Nigeria’s severe energy poverty, noting that 47% of its population lacks access to... Read More

Read the Complete CCP Q3, 2024 Issue Here