Nigeria: Corporate Governance

As artificial intelligence transforms business operations at unprecedented speed, boards of directors face a critical governance challenge: managing AI deployment within existing legal frameworks while navigating regulatory gaps. This analysis examines how Nigerian corporate law places AI governance squarely within boardroom responsibility, exploring the intersection of fiduciary duties, emerging legislation, and the unique liability questions raised when AI systems act with agency but without accountabilit

On Monday, July 20, 2026, the Federal High Court, Lagos Judicial Division, presided over by Hon. Justice Allagoa J, delivered judgment in Suit No. FHC/L/CS/760/2026 between Wireless Application Service Providers Association of Nigeria Ltd/Gte v. Federal Competition and Consumer Protection Commission (“FCCPC”), dismissing in its entirety the Originating Summons filed by the Wireless Application Service Providers Association of Nigeria ("WASPAN").

Family businesses are the quiet engine of the global economy, accounting for a large share of the jobs and output of almost every country on earth. Yet they share one stubborn weakness: most do not outlive the people who build them. Studies of family enterprises find repeatedly that only a minority survive into the second generation, and fewer into the third.1 The problem is rarely a lack of talent or ambition. It is a lack of structure.

Nigeria's Central Bank has released an exposure draft proposing sweeping changes to how financial holding companies must be structured, capitalised, and governed. The revised framework introduces stricter ownership requirements, enhanced capital thresholds that could exceed current levels by 20%, and significant restrictions on intra-group transactions and shared services. These proposed regulations could fundamentally reshape the operational landscape for banking groups and financial conglomerates operatin

In today's digital economy, data has emerged as one of the most valuable corporate assets. Businesses routinely collect, process, store, and transfer vast amounts of personal information relating to customers, employees, contractors, and other stakeholders. While corporate governance discussions have focused on financial performance, regulatory compliance, board effectiveness, and environmental, social, and governance (ESG) considerations, data protection has often been treated as a purely technical or operational concern.

Nigerian companies often seek to reclassify existing Non-Executive Directors as Independent Directors to meet governance requirements quickly. However, the Nigerian Code of Corporate Governance 2018 imposes strict independence criteria that make this practice challenging and potentially problematic for corporate governance compliance.

Wealthy African families are shifting their approach to family offices, prioritizing governance frameworks and ownership structures over investment strategy as they transition from founder-led wealth to multigenerational stewardship. This distinctly African model addresses the structural gaps that emerge when significant portfolios grow across operating businesses, real estate, and global investments without coordinated ownership frameworks or formal governance systems.

In a unanimous decision handed down on June 10, 2026, the Court of Appeal affirmed the judgment of the Federal High Court that Section 18(2) of the Companies and Allied Matters Act, 2020, as amended (“CAMA 2020”)...

Tech companies thrive on innovation and disruption, but Nigerian law demands compliance and structure. This comprehensive analysis explores the fundamental tension between tech thinking and legal requirements, examining why the rules that enable growth can destroy businesses that ignore them, and what founders must do to build companies that are both innovative and legally sound.