Nigeria: Finance and Banking

On 16th January 2026, the Securities and Exchange Commission (the “SEC”) released Circular Number 26-1 on the revision of Minimum Capital (MC) applicable to all categories of regulated capital market entities and this Circular seeks to strengthen market resilience, enhance investor protection, align capital adequacy with the evolving risk profile of market activities, and ensure that regulated entities possess sufficient financial capacity to discharge their obligations in a sustainable manner.

Nigeria's Central Bank has proposed sweeping reforms to its financial holding company framework, introducing stricter capital requirements, enhanced governance standards, and tighter controls on intra-group transactions. Will these changes strengthen the resilience of banking groups or impose excessive regulatory burdens on an already complex financial sector?

The Central Bank of Nigeria has issued new guidance clarifying that suspensions of payment obligations and termination rights under financial contracts involving Nigerian banks will not exceed two business days. This interpretative circular addresses a critical gap in the Banks and Other Financial Institutions Act, 2020, providing certainty for counterparties trading derivatives, repos, and other financial instruments with CBN-regulated institutions.

Nigeria's Federal Government has announced plans to raise ₦729 billion through a Series II bond under the Presidential Power Sector Debt Reduction Programme, building on the successful ₦501 billion Series I issuance earlier in 2026. While these capital market interventions aim to resolve verified legacy liabilities and restore liquidity across the Nigerian Electricity Supply Industry, the underlying question remains whether debt resolution alone can break the cycle of accumulating obligations wi

One of the challenges encountered while trying to enforce monetary judgments in Nigeria by way of garnishee proceedings is that often, garnishee banks feel obligated to stonewall the judgment enforcement process by asserting certain rights or interests over judgment sums standing in the credit of judgment debtors in their custody.

The age-old legal maxim: interesse rei publicae ut sit finis litium, meaning “it is in the public interest that there be an end to litigation,” does not always reflect the post-judgment reality in Nigeria.

The Supreme Court's decision in 11 PLC v. Milan Industries Ltd raises critical questions about the constitutional validity of statutory ouster clauses that restrict judicial remedies. While upholding AMCON's powers to enforce mortgage securities and sell collateralized assets, the court controversially held that Section 34(6) of the AMCON Act validly ousts courts' jurisdiction to grant restorative reliefs, limiting aggrieved parties to monetary compensation only. This interpretation conflicts with constitut

Foreign investors engaging with Nigerian companies face unique challenges when recovering debts or protecting investments during financial distress. This comprehensive guide examines the legal framework under CAMA 2020, exploring restructuring mechanisms, enforcement of security interests, winding-up procedures, and cross-border insolvency considerations that shape debt recovery strategies in Nigeria's evolving commercial landscape.

A vessel under arrest is no longer earning, and every day it sits idle, it loses value. Ironically, vessel arrest, while intended to secure a lender’s recovery, can sometimes destroy the very asset from which that recovery depends.

The increasing digitalisation of global commerce fundamentally transforms how Trade Finance is deployed and accessed by businesses. The International Chamber of Commerce (“the ICC”) defines Trade Finance as the invisible bridge that makes global trade flow. Trade Finance connects entities across continents, mitigates payment risks and is enzymatic to market progression and economic stability.

Nigeria's pension industry faces a transformative period as the National Pension Commission introduces revised minimum capital requirements for Pension Fund Administrators and Pension Fund Custodians, with a compliance deadline of 30 June 2027. This regulatory shift will compel operators and their shareholders to fundamentally reassess their capital positions, funding capabilities, and strategic direction for the future.

Project finance transactions are, by their nature, capital-intensive and typically funded through a combination of debt instruments drawn from multiple sources: senior lenders, mezzanine financiers, subordinated creditors, and increasingly, development finance institutions.