KEY HIGHLIGHTS OF THE NIGERIA DATA PROTECTION ACT 2023

Nigeria’s economic headwinds over the years have culminated in hyperinflation, macroeconomic variability, and instability in the exchange rate. As part of the approaches to tackle the economic instability bedevilling the country and bolster the country’s economy to be more resilient, solvent and in tune with the aspirations of the Federal Government of Nigeria , the Central Bank of Nigeria (“CBN”) issued a circular mandating commercial, merchant, and non-interest banks to shore up their capital base. This recapitalization exercise is backed by Section 9 of the Banks and Other Financial Institutions Act, 2020 (“BOFIA”) which empowers the apex bank to, from time to time determine the minimum paid-up share capital requirement of each category of licensed banks operating in Nigeria.

The development of Internet and Information and Communication Technology (ICT) has revolutionised the world and brought with them the emergence of online commerce. Trades are now concluded on the Internet between parties from different parts of the world. Online transactions have reshaped the foundations of trade and have brought many advantages to many individuals and corporate entities. More goods and services are being bought and sold online on a daily basis. In fact, some goods and services are bought and sold virtually online without any physical or tangible equivalent. Interestingly, Nigerian Courts are increasingly adopting digital tools, especially in the wake of the Covid-19 pandemic to resolve commercial disputes. Alternative dispute resolution (ADR) procedures such as arbitration and mediation are also being digitized.