Publications

Money laundering can be defined as the act of concealing/disguising the origin, converting, transferring/removing from jurisdiction, acquiring possession of or controlling funds or property that are known or reasonably assumed to be proceeds of an unlawful act. It involves the disguising of illegal activities, making them appear legitimate. The unlawful acts include trafficking, terrorism, corruption, fraud, kidnapping, smuggling, sexual exploitation, and extortion, among others. 

It’s a new month in the year 2024 and a new year for us at Acelera Law! Four years ago, Acelera Law was born, and it has been years of commitment, hard work, and success. To celebrate our anniversary, we found it important to re-introduce the firm, by sharing our journey through the years with you.

Remember when we all celebrated the enactment of the Nigeria Startup Act 2022 (the “Act”), signed into law on October 19, 2022 by former president Muhammadu Buhari which marked a significant milestone as it introduced the first comprehensive legal structure to support startups in Nigeria. Among the Act's provisions is the introduction of a “startup label”, applicable solely to businesses that have successfully registered for and obtained such designation. To streamline the startup labelling process, the Act mandates the establishment of a Startup Support and Engagement Portal (the “Portal”) through which eligible startups can register for a label, access a wealth of resources, information, funding opportunities, incentives, collaborative opportunities, and valuable connections all in one centralized location

Regulatory compliance means a company is aware of and aligned with all the laws and regulations relevant to its business and industry. These regulations may be set at local, state, federal, or international levels. Regulatory compliance differs from corporate compliance, which is about following internal policies and rules to achieve some self-set goals and objectives. However, both types of compliance are essential since they can drive the company’s strategic direction, determine its ethical framework, and ensure accountability and transparency.

Corporate Governance is a set of ground rules and codes, a roadmap, if you will, that govern how a business runs and distributes its riches. It is like laying down the law, from decision-making routines to building an ethical and innovative company culture and even vibe. The fate of a startup rides on the moves and choices its owners pull off. That is where corporate governance steps in like a boss, steering startups toward growth and proper structuring.

Remember that one time that Facebook allegedly sold the private data of tens of millions of users to a UK and a Russian firm? Yeah, the whole world went agog with speculations of what this data could be used for; some said the data was sold to the enemy forces in Russia (whatever that meant), while some others said the data was being used for classified criminal intent that could be very harmful to the large populace.

As you might already be aware, just about a month ago, Nigeria’s President Muhammadu Buhari signed into law a new Copyright Act (“Act”) aimed at modernizing the country’s intellectual laws. The new Act replaces the previous one, which had been in place since 1988, and introduces a number of changes that are set to have an impact on various industries. Over the years, startups have been particularly vulnerable to copyright infringement, sometimes with larger or established companies infringing on the intellectual property of smaller firms. Other times, a founder’s idea may be exposed to theft by potential investors the founder had prepared a pitch deck for.

It is the last month of the year 2022, and we are beyond excited. It is starting to smell a lot like Christmas over here and we have a whole lot to be thankful for. 2022 has been loaded and we cannot wait to see what crystallization 2023 will bring. To our visionary founders, and team members that hold the startup down and keep the dream alive and thriving, we urge you to make the most of this holiday season, take time to recharge and get ready to fire up come 2023.

The BNPL payment model is a short-term consumer financing option that allows buyers to purchase items by paying a part of the cost and the remaining payment in installments over an agreed period. It is a form of lending where customers have access to credit at the point of sale. Fintechs offering this product usually charge a transaction fee on the items bought or interest on the price. The payment model allows more people to have access to consumer lending and increases their ability to purchase. Thus, more people are financially included and economic activities grow.

Starting a business is relatively an easy task. Pretty much easier than gaining traction and keeping it successful over a long time. The sheer will and creativity of the founder(s) and team members of a startup, albeit a core startup success ingredient, is not enough. As a startup business journey progresses, the startup has to ensure that certain regulatory, corporate governance, industry etc. ethics and requirements are met. This is where business compliance comes into play. It is important to mention that compliance should not be an after-thought - a business should be compliant from the get-go and throughout the life of the business.

The Securities and Exchange Commission suspended 32 companies between 2007 to 2016 for non-compliance with applicable laws and regulations. The Nigerian Stock Exchange imposed penalties of over N200 million on companies listed on the Exchange that were in default of filing financial statements after the regulatory due date.

The wave of Non-Fungible Tokens (NFTs) raises legal questions that concern digital ownership, intellectual property, royalty collection and regulatory issues in the digital ecosystem. NFTs are protected by smart contracts and through a minting process that assigns a unique identity to the digital asset and creates a contract that cannot be changed by anyone. This process protects the intellectual property of the owner and prevents the ownership to be claimed by someone else unless granted to another party.