Unleashing the Power of Generative Artificial Intelligence: Navigating Intellectual Property Challenges and Opportunities
In the 21st century, Artificial Intelligence (AI) has emerged as a pivotal force in transforming industries and shaping how we understand, create, and protect intellectual property (IP). Generative AI, in particular, is revolutionizing creative processes and introducing new complexities into the realm of IP. As AI-generated works become more prevalent, IP professionals and content creators […]
Generative AI: Harnessing Innovation While Safeguarding Data Privacy
The last decade has ushered in a technological revolution driven by the rapid advancement of artificial intelligence (AI), especially in the realm of generative AI. Notable examples like ChatGPT, GitHub Copilot, and DALL-E have taken the world by storm, impressing users with their creative and analytical capabilities while stirring up significant debate. At the heart […]
Transforming Land Administration in Nigeria: The Power of Blockchain Technology
In Nigeria, the complex nature of land administration presents a challenge that hinders economic growth and the optimal utilization of land resources. The process encompasses a variety of activities such as land acquisition, surveying, mapping, registration, and the issuance of titles. Efficient land administration is fundamental to unlocking the real estate sector’s full potential, attracting […]
Unlocking Nigeria’s Digital Future: A Strategic Blueprint Through the National Blockchain Policy
In an era where digital transformation shapes economies and societies alike, technology offers nations unprecedented opportunities to redefine their economic landscapes. Nigeria, with a vibrant population of over 200 million and substantial untapped potential, has recognized blockchain technology as a powerful tool to drive innovation, enhance efficiency, and build a resilient digital economy. By launching […]
Technology Regulatory Report Q1 2024
The first quarter of 2024 witnessed a significant amount of regulatory activity within the fintech industry, marked by the issuance of numerous laws, regulations, frameworks, circulars, draft instruments, and more. We have compiled a summary of these instruments in the Perchstone & Graeys Tech Regulatory Report for Q1 2024.
Perchstone & Graeys Tech Regulatory Report for Q2 2023
The second quarter of 2023 was remarkable due to the change in government in Nigeria at
the national level following the last general elections. In this report, we highlight fintech-
related laws, regulations, frameworks, circulars, draft instruments, etc. which were issued
by regulators in the second quarter of 2023.
Private Blockchain Independent of Public Land Administration
According to Businessday’s publication of June 14, 2021, opportunity in the Nigerian real estate industry is worth an estimated US$56billion. And yet, the potential has barely scratched the surface of possibility. Contemporary real estate deals are limited to the most basic transactions conducted by the brave, at considerable risk. Unreliable record keeping is widespread across the country, and unscrupulous middlemen make it difficult for stakeholders to make informed commercial decisions.
Tech Regulatory report Q4 2023
The year 2023 marked another historic period for Nigeria, serving not only as an election year
but also witnessing a surge in regulatory activities within the fintech sub-sectors. Notable
among these initiatives is the CBN Circular dated June 22, 2023, titled “Guidance Note on
Politically Exposed Persons (PEPs),” which introduces measures to mitigate potential money
laundering. Additionally, the CBN issued a Press Release to Authorized Dealers and the public
in June 2023, announcing operational changes to the Nigerian Foreign Exchange Market.
These changes resulted in the consolidation of all segments in the foreign exchange market in
Nigeria into the Investors’ and Exporters’ Window (I&E Window). Other significant
developments include the enactment of the Nigerian Data Protection Act, 2023, the
formalization of the Copyright Act 2022, and the launch of the Licensing, Approvals, and
Other Requests Portal (LARP) for Micro-Finance Bank Licenses by the CBN.
Revisiting the cybercrimes (prohibition, prevention, etc.) act 2015
Before the Cybercrimes (Prohibition, Prevention, etc.) Act 2015 (“the Act”) was enacted, Nigerian
law enforcement and prosecutors were hamstrung in prosecuting cybercrimes, due to
inherent limitations in ‘prior era’ legislation like the Economic and Financial Crime Commission
(Establishment) Act 2004. The EFCC Act could not cater for prevention of threats to
communication system and digital crimes. In the wake of increasing digitalization, the need
for responsive legislative initiatives to deter ingenious cybercrimes became painfully evident.
Hence, the Act. This article reviews the Act, and highlights areas of improvements through
legislative amendment.
The transformative potential of artificial intelligence (AI) in alternative dispute resolution
Alternative Dispute Resolution (ADR) methods, such as mediation and arbitration, have gained
significant traction as efficient and cost-effective alternatives to traditional litigation. Of course,
this is not without its pitfalls, some of which include cost and time. Nevertheless, with the rapid
advancements in technology, particularly in the field of Artificial Intelligence (AI), it has become
important to interrogate the cause and effect of AI in shaping and engaging the ADR framework
for effective resolution of disputes.