Acorn & Mustad Legal

  The recent freezing order obtained by the Central Bank of Nigeria against Bamboo, Risevest, and a few other tech companies for operating as asset management companies without a license and trading foreign stocks, along with the proposed NIDT bill, has resulted in the tech community's growing concern on how to protect their businesses in Nigeria. As a result of the freezing order and the emergence of regulatory instability in Nigeria, tech companies are compelled to create innovative solutions, not just to assist their customers, but also to stay afloat and promote customer confidence. Generally speaking, it seems like the obvious solution is to avoid Nigerian regulators by simply moving your business to another country. However, some tech companies interact primarily with the Nigerian financial sector and as such they must comply with Nigerian regulations, and this makes it impossible for some of them to move their businesses outside Nigeria. It has become imperative to come up