Omaplex Law Firm

In a landmark judgment delivered by the Supreme Court on Thursday, July 11, 2024, it was ruled that local government allocations from the Federation Account must be paid directly to local governments. This decision came in response to a case filed by the Federal Government, represented by the Attorney-General of the Federation (AGF), Lateef Fagbemi, against the 36 state governors for alleged mismanagement of local government funds. Justice Emmanuel Agim, delivering the judgment, emphasized that governors are barred from dissolving democratically elected local government councils, as such actions would violate the 1999 Constitution. The court further clarified that the 774 local government councils in Nigeria should manage their own funds independently. Only democratically elected local government administrations are entitled to these funds, excluding caretaker committees. This decision marks a significant step in ensuring financial autonomy and constitutional protection for local government councils across the country. #omaplexlawfirm #supremecourtjudgment #landmarkruling #localgovtfunds

Did You Know? When a person dies intestate under Nigerian Customary Law, the distribution of their estate follows the customary rules specific to their ethnic group. These rules often prioritize the interests of the extended family and may involve traditional practices such as primogeniture, where the eldest male child inherits the majority of the estate. However, many of these customs are considered repugnant to natural justice, equity, and good conscience. #omaplexlawfirm #intestacy #customarylaw #familylaw #customs

The Nigerian Data Protection Commission (NDPC) has extended the deadline for the registration of data controllers and data processors of major importance as required by the Nigerian Data Protection Act, 2023. The initial deadline, which was June 30, 2024, has been extended to September 30, 2024, to provide additional time for organizations to comply with the registration requirements and ensure that all necessary data protection measures are adequately implemented. The extension has also waived the penalty fee attached to non-registration. #omaplexlawfirm #ndpc #dataprotection #nigeriadataprotectionregulation #dataprivacy #compliance #registrationdeadline #datasecurity #2024updates #technews

The Loan-to-Deposit Ratio (LDR) is a financial measure that assesses a bank's liquidity position. The recent decision by the Central Bank of Nigeria to lower the Loan-to-Deposit Ratio from 65% to 50% marks a turning point in the regulatory environment of the Nigerian banking sector. >Swipe left to read more: #omaplexlawfirm #cbn #loans #loantodepositratio #liquidity

Celebrating the triumph of Democracy in Nigeria. Happy Democracy Day! #democracy #celebration #june12 #democracyday #omaplexlawfirm

An equity incentive plan is a strategic agreement that enables companies, particularly startups and small businesses with limited budgets, to incentivize their employees through equity or supplemental awards. Why are Equity Incentives essential, check the slides. #equityincentiveplan #startupsuccess #employeebenefits #businessgrowth #incentiveprograms #equitycompensation #employeeretention #nigerianstartups #smallbusinesstips #InvestInTalent #corporategovernance

In Safe-Trust Savings and Loans Ltd v. Government of Ekiti, the court determined that a memorandum of understanding is not legally binding but serves as written evidence that can be utilized to draft a formal contract in the future. Similarly, in Kener v. Hughes Tool Co., the memorandum of understanding was deemed to be less than a complete contract and merely serves as evidence of an agreement. #omaplexlawfirm #legalInsights #businessagreements #memorandumofunderstanding #contractlaw #legalfacts #corporateagreements #didyouknow

Happy birthday to our Ingenious Learned Silk. Your expertise, vision and integrity have been a constant source of inspiration to us all. May God continue to enrich you with more knowledge and wisdom. Welcome to yet another year of greatness, prosperity and triumph.🥂

The Central Bank of Nigeria (CBN) on May 22, 2024, issued a circular on new regulatory and supervisory guidelines for Bureau de Change (BDC) operations in Nigeria. The new guidelines will be effective from June 3, 2024. Under the new framework, all existing BDCs and new applicants must reapply for licenses. BDCs can choose between Tier 1 (National - ₦2 billion capital requirement) or Tier 2 (State - ₦500 million) licenses. The Circular gave existing BDCs six months to meet the new capital requirements for their chosen tier. Banks, financial institutions, and regulatory agency staff are also prohibited from owning BDCs. #omaplexlawfirm #cbn #Bureaudechange #nigeria #regulatoryguidelines #foreignexchange #legalguidance

Despite international recognition of reproductive rights for decades, these rights remain a relatively new concept for women in Nigeria. Many women lack control over their reproductive choices. This isn't just a social issue – it's a legal one. Are female reproductive rights justiciable? Read More: https://lnkd.in/dQEed3MP #omaplexlawfirm #womenrights #reproductiverights #maternalhealth #nigerianwomen #justiciability