Lexworth Legal Partners

In a significant move to regulate the financial landscape, the Central Bank of Nigeria (CBN) has introduced new policy interventions regarding cash-out limits for agent banking transactions. Released on December 17, 2024, these directives aim to enhance the effectiveness of electronic payment channels, promote a cashless economy, and establish consistent operational standards across the banking industry.   This Update outlines the critical directives that all stakeholders are required to follow, including cash withdrawal limits for customers, daily transaction limits for agents, and the need to clearly differentiate agent banking services from merchant activities #Agentbanking #Cashwithdrawal #Bankingindustry #CBNPolicy #CashOutlimits

Lexworth Legal Partners wishes you a Happy New Year! We hope this New Year brings you happiness, and success in every endeavour. We look forward to being of utmost value to you this 2025! #NewYear #Year2025 #partnership #LexworthLegalPartners #BusinessLaw #Commercial #Nigeria

On the 19th of December 2024, our Associate Temitope Kayode Akosile, AICMC, was inducted as a member of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), after undertaking comprehensive, professional training, curated by the Association. We are proud of you Temitope! This development underscores our commitment to strengthening our team members’ expertise in their practice areas. At Lexworth Legal Partners, we pride ourselves on staying at the forefront of commercial law developments and practices and constantly seek knowledge for the sharpening of our professional skills. For experienced, legal guidance in navigating the complexities of corporate insolvency or the resolution of commercial disputes, contact us at Lexworth Legal Partners. #LexworthLegalPartners #LexworthPictures #InsolvencyLaw #CommercialLaw #BusinessRecovery #BRIPAN #LegalExcellence #ClientFocused #LegalInnovation #InsolvencyExperts #GlobalLaw

Lexworth Legal Partners wishes you a very Merry Christmas and hope you enjoy the abundant blessings of the season. We deeply value your continued support, friendship, and partnership over the years. Happy Holidays! #MerryChristmas #ComplimentsOfTheSeason #Lexworth #Legal #Nigeria

Foreigners who wish to visit or reside in Nigeria must obtain the appropriate permits from the Nigerian Immigration Service. However, when a Nigerian aids an immigrant to stay in the country illegally, particularly for financial or material gain through the use of fake documents, forged permits, or any other unlawful means, they commit an offence punishable under Nigerian law. These provisions aim to combat smuggling, human trafficking, and other forms of illegal migration, which pose serious challenges to national security and social stability. It is crucial for both citizens and non-citizens to understand and comply with Nigeria's immigration laws. Immigrants are advised to follow the proper procedures for obtaining permits to avoid severe legal consequences. #LexworthLegalPartners #LexworthTip #ImmigrationLaw #IllegalImmigration #ImmigrationRegulation #NigeriaImmigrationService

Foreigners who wish to visit or reside in Nigeria must obtain the appropriate permits from the Nigerian Immigration Service. However, when a Nigerian aids an immigrant to stay in the country illegally, particularly for financial or material gain through the use of fake documents, forged permits, or any other unlawful means, they commit an offence punishable under Nigerian law. These provisions aim to combat smuggling, human trafficking, and other forms of illegal migration, which pose serious challenges to national security and social stability. It is crucial for both citizens and non-citizens to understand and comply with Nigeria's immigration laws. Immigrants are advised to follow the proper procedures for obtaining permits to avoid severe legal consequences. #LexworthLegalPartners #LexworthTip #ImmigrationLaw #IllegalImmigration #ImmigrationRegulation #NigeriaImmigrationService

The CBN has recently published a number of circulars targeted at regulating the Nigeria Foreign Exchange Market in a bid to ensuring transparent, fair and efficient foreign exchange trading, minimising risks, as well as ensuring compliance with the CBN regulations on the subject.  In this edition of our Update, we touch on three important CBN guidelines issued between the 25th - 29th of November 2024 to keep stakeholders in the foreign exchange space abreast of the compliance standards and best practices to adopt in furtherance of subsequent transactions. #CBN #ForeignExchangeMarket #Compliance #LexworthLegalPartners

Copyright protects original creative expressions, but certain elements are excluded to ensure public access and free use. These include ideas, processes, methods, official texts and translations, and state symbols, which remain in the public domain and cannot be owned exclusively. These exclusions create a balance between fostering creativity and preserving public access to shared resources. Understanding these boundaries is essential for navigating copyright protection effectively' #Legaltip #Copyright #IntellectualProperty #LexworthLegalPartners #Creativeworks #CreativeWorksinthepublicdomain

This week’s Legal Update focuses on the Securities and Exchange Commission's (SEC) proposed new rules for the regulation of Commercial Papers (CPs) and the amendment to Rule 8 of the SEC Rules, 2013, issued on October 28, 2024. In this update, we highlight the key provisions of the proposed rules and amendment, including the removal of exemptions under Rule 8(1)(a) of the SEC Rules 2013. This initiative aims to bring CPs and other short-term debt instruments with maturity dates under 364 days under SEC purview. #LexworthLegalPartners #LexworthUpdate #SEC #CommercialPapers #SecuritiesRegulation #NigeriaCapitalMarket #InvestorProtection #FinancialTransparency #DebtInstruments #CorporateFinance #RegulatoryCompliance #CapitalMarkets #ShortTermDebt #SECRulesAmendment #BusinessLaw #FinancialLaw

On the 24th July 2024, the Corporate Affairs Commission (CAC) issued a directive, giving over 91,000 dormant companies a 90-day ultimatum to file their outstanding Annual Returns or risk being removed from the Register of Companies, pursuant to the powers conferred on it by section 692 (4) of the Companies and Allied Matters Act, 2020. Following this ultimatum, the CAC released a notice on the 20th November 2024, confirming the removal of dormant companies that failed to comply with its directive. In addition, the CAC stated that companies that complied with its instruction have now been removed from the default list. The list of defaulting companies can be accessed via this link: https://lnkd.in/deTnK-4J N.B: The striking off of a company’s name from the Register of Companies means that the company is deemed dissolved from the date of CAC’s directive. #Lexworthlegalpartners #Lexworthlegaltip #Corporateaffairscommission #Companiesandalliedmattersact #Annualreturns #Regulatorycompliance #Strikingoff #Dissolution #Nigeria