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. 

In the past few months, we have been providing updates on the flurry of regulations impacting Nigeria's financial sector. The Central Bank of Nigeria (CBN), the nation's apex bank, has unsurprisingly been the most active player as the CBN is the primary regulator for all financial institutions. But a recent development sent shockwaves through the industry – for once, a different regulatory body stole the spotlight: the Nigeria Deposit Insurance Corporation (NDIC).

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.