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MONEY LENDING SERVICES IN NIGERIA

  Introduction Money lending in Nigeria has transitioned from traditional banking to a more flexible, technology-driven system. This evolution, which includes FinTechs and other digital companies, offers increased convenience, speed, and efficiency. As the money lending landscape has changed, the need to regulate these entities and their interactions with borrowers has become crucial. This paper outlines key regulatory and compliance considerations for establishing and operating money lending businesses in Nigeria. Who Can Offer Money Lending Services in Nigeria? In Nigeria, money lending services can be offered by various entities, including: Deposit Money Banks (DMBs) Microfinance Banks (MFBs) Finance companies Cooperative societies Financial technology companies operating...

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REVIEW OF THE POWER SECTOR: ANALYZING THE MINI-GRID REGULATIONS, 2023

Over the years, Nigeria has experienced a remarkable paradox, one of acute energy poverty in the midst of plenty. Despite the country’s huge energy resources, including both large and small hydropower and abundant gas reserves, 44.6% of households, according to the National Bureau of Statistics do not have access to grid electricity. The federal government privatized the state-owned Power Holding Company of Nigeria (PHCN) in 2013, in the hopes that the private sector would bring the investment needed to drive the electricity sector and provide much-needed energy to millions of Nigerian households and productive users. However, eight years after privatization,...

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The National Cyber Security Fund – A Brief Overview

The Cybercrime (Prohibition, Prevention, etc) Act 2015 (as amended) was first passed into law in Nigeria in May 2015. The Act was deemed necessary as a result of the ever-rising influence of technology and the realization that 21st century technology, especially easy-to-access social media could, as much as it was a way of bringing the world together for ease of communication and business, also be a breeding and fertile ground for scams, frauds, bullying and other related illegal activities. This fertile ground for illegal activities has actually been on a constant rise since the late 1990s, when online scams started...

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UNLOCKING NIGERIA’S ENERGY TRANSITION POTENTIAL

Nigeria, with its vast energy resources, is at a crucial crossroads in its journey towards cleaner and more sustainable energy sources. In 2022, the nation launched its much-anticipated Energy Transition Plan, aiming to reduce emissions and harness the power of natural gas. However, despite decades of planning, only a mere $1 billion of the planned $80 billion has been committed to these transformative projects. Civil society organizations, including the African Initiative for Transparency, Accountability, and Responsible Leadership, and the Natural Resource Governance Institute, came together in a policy dialogue in Abuja. Their message was clear: Nigeria declared the 2020s as the...

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