Nigerian Marginal Field Bid Rounds: 10 things to expect under the Bid Guidelines

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.

On the 17th of April 2024, the firm of Anaje. Olumide. Oke. Akinkugbe (carrying on business as AO2LAW®) held a stakeholders’ webinar with the theme: “Pension Fund Administrators and Pension Fund Custodians: Rethinking the Strictures on Common Control”. The webinar commenced with a keynote address delivered by Mr. Chinedu Anaje, FCIArb, a Partner at AO2LAW. In his address, Mr. Anaje highlighted the roles of the key players within the Nigerian pension industry and reiterated the need for continuous stakeholder engagement to ensure the growth and development of the pension industry in Nigeria. He equally expressed the view that while the extant law on pensions in Nigeria, the Pension Reform Act of 2014 (the “Act”) had been largely successful in actualising its objectives, it was imperative for the stakeholders within the sector to mull over a possible fine-tuning of certain provisions of the Act to ensure alignment with economic realities and international best practices in the administration of pensions.