May 24, 2021
OVERVIEW OF THE SEC REGULATIONS ON MICRO-INVESTMENT TECH AND DIGITAL SUB-BROKER PLATFORMS
By Akorede Folarin (Associate)
The increasing popularity and adoption of digital micro-investment Fintech platforms like Chaka, Bamboo, Trove, etc. had been under threat of being proscribed but the recent regulatory amendments by the Securities and Exchange Commission (SEC) has given them a new lease of life.
On April 8 2021, the Securities and Exchange Commission (SEC) issued a statement titled: “Proliferation of Unregistered Online Investment and Trading Platforms Facilitating Access to Trading in Securities Listed in Foreign Markets” by which it effectively proscribed the activities of micro-investment fintech companies like Risevest, Bamboo, Trove, etc. which facilitate access to trading in foreign securities to Nigerian investors for being outside of its regulatory purview and in violation of the applicable laws and regulations in Nigeria.
In the same statement, the SEC warned the investing public to be wary of the proliferation of these platforms and enjoined the capital market operators (CMOs) purportedly operating in partnership with these platforms to desist henceforth. This came on the heels of the Commission earlier obtaining from the Investment and Securities Tribunal (IST) interim orders suspending Chaka from carrying out investment activities outside the regulatory purview of the Commission and without requisite registration.
However, on 22 April 2021, the SEC, in a commendable turn of events, amended its Consolidated Rules and Regulation (“the Amendments”) to make provisions for the incorporation of the activities of these digital micro-investment tech platforms, especially with regards to the definition of sub-broker, the keeping of the records of transactions with clients, and the introduction of a risk management regime for these platforms.
October 15, 2020
By Michael Ezeh and Latifat Moradeyo (Associates)
Although, the primary target of the COVID 19 pandemic is public health, its impact on the global economies is quite calamitous and unprecedented. Business process functions across most industries are severely deterred due to the immense pressure resulting from the effects of the Covid-19 pandemic, therefore, many multinationals, complex and business-critical services running a global scale as well as the Micro, Small and Medium Enterprises (MSMEs) must be reassessed to meet the realities of our time. Countries around the world have put in place monetary and fiscal measures to cushion the hardship of the deadly virus on businesses, individuals, and households.
In a bid to cushion the effect of the COVID- 19 pandemic, the House of Representatives on the 24th March, 2020 passed the Emergency Economic Stimulus Bill, 2020 (“the Bill”). According to Section 1 of the Bill, the objectives of the Bill are as follows:
- To provide temporary relief to companies and individuals and alleviate the adverse financial consequences of a slowdown in economic activities as a result of Covid-19;
- To protect the employment status of Nigerians who might otherwise become unemployed;
- To provide a moratorium on mortgage obligations for individuals;
- To eliminate additional fiscal bottleneck on the importation of medical equipment, medicines, personal protection equipment, etc.; and
- To cater to the general wellbeing of Nigerians pending the eradication of the pandemic and a return to economic stability.
The Bill provides for three relief which are; reduction of income tax liability of an employer, waiver of import duty on medicines and medical goods and deferral of mortgage payments to the Federal Mortgage Bank of Nigeria for a fixed term.
September 26, 2020
MEDICO-LEGAL PRACTICE IN NIGERIA: BALANCING THE RIGHTS AND LIABILITIES OF PATIENTS AND MEDICAL PRACTITIONERS. **
By Mercy Agbo (Associate)
The COVID 19 pandemic has put the world today on a standstill. Businesses and human activities have been put on hold for the life of mankind to be preserved. It is safe to say that health practitioners especially, medical doctors are at the forefront of this battle and there is need to preserve a continuous and friendly relationship between them and patients. It is established law that doctors owe a sacrosanct medical duty of care to their patients which requires a high degree of skill and competence; otherwise, liability for medical negligence may arise. However, given certain circumstances, it is not easily determinable when negligence is said to have arisen as instanced where due to the COVID 19 pandemic, most doctors may be scared and decide not to attend to sick persons especially those who show symptoms of the virus, where a patient dies in the course of being treated or out of improper diagnosis by the doctor or hospital.
This article, therefore, tends to answer the posers: whether a medical doctor can refuse to treat a patient? Whether the patients have any right? Whether a medical doctor or a hospital can be liable for negligence? by focusing on the duties and responsibilities of medical practitioners vis a vis the rights of patients with a discuss on medical negligence, its elements and remedial actions that can be brought up in the case of a breach.
March 17, 2020
WHO IS AUTHORIZED UNDER THE LAW TO COLLECT STAMP DUTIES IN NIGERIA
BY FELIX TERUNGWA AYEM, LLB, BL, HRM; Associate at KMO LEGAL
The office of the Attorney General of the Federation is created by the provisions of section 150 (1) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended). The section provides clearly as follows:
“There shall be an Attorney-General of the Federation who shall be the Chief Law Officer of the Federation and a Minister of the Government of the Federation”.
The position of the Attorney-General as described above entails that he is the numero uno, that is, the number one law officer in the whole of the Federation and that automatically places him in the position of the Chief Advisor to the President on all legal issues. (more…)