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.
Legal and commercial implications of the sale of music catalogue: Justin bieber as a case study
On January 24, 2023, Justin Bieber reportedly sold all the rights to his music catalogue;
including his masters, publishing rights and all monies generated from the writer’s share of
his public performance royalties, to Hipgnosis Song Management (“Hipgnosis”). The deal
was valued at a whopping $200,000,000 (Two Hundred Million Dollars). Since his music
career took off in 2010, Justin has had major international hits to his credit; like ‘Baby’, ‘Stay’,
‘Sorry’, among other singles and successful collaborations. These hits have spawned 6 studio
albums and several compilation albums. His $200M deal grants Hipgnosis, all Justin’s rights
to a catalogue containing about 291 songs released before December 31, 2021
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.
Navigating the Intersection of Data Protection and Privacy in the Age of Blockchain Technology
In the rapidly evolving digital landscape, the convergence of data protection and privacy faces heightened complexity, particularly with the rise of groundbreaking technologies such as blockchain. Originally conceived for cryptocurrencies like Bitcoin, blockchain has matured into a disruptive force, prompting organizations to adopt it for improved transparency, security, and efficiency. This article explores the intricate relationship between blockchain technology and data protection, emphasizing the challenges, privacy concerns associated with smart contracts, legal and regulatory compliance issues, and potential strategies to enhance privacy within the blockchain ecosystem.
The review begins with an overview of blockchain technology, emphasizing its decentralized and transparent nature, which, while advantageous, raises concerns about the privacy of sensitive information. The discussion delves into the challenges posed by smart contracts, self-executing codes embedded in blockchain transactions, and their operation on public blockchains. The transparency inherent in these contracts, coupled with pseudonymous identification and potential exposure of sensitive data, highlights the delicate balance needed between transparency and data protection.
A significant legal and regulatory compliance challenge is explored, focusing on the difficulties organizations face in aligning with data protection laws such as GDPR. The decentralized and immutable nature of blockchain poses obstacles in meeting regulatory requirements, especially concerning the “right to be forgotten.” Privacy-enhancing strategies are then introduced as potential solutions, including off-blockchain storage for sensitive data and the implementation of privacy-focused protocols like zero-knowledge proofs and homomorphic encryption.
The path forward involves collaborative efforts between regulatory bodies, industry experts, and blockchain developers to establish tailored frameworks that uphold the unique characteristics of blockchain while safeguarding individual privacy rights. Raising awareness and educating stakeholders on the importance of data protection and privacy in the decentralized landscape is deemed crucial, empowering individuals to understand and assert their rights.
In conclusion, the article underscores the inevitability of blockchain integration into the digital infrastructure and the unparalleled innovation it offers. However, it advocates for a vigilant approach, emphasizing the need to address challenges, employ privacy-enhancing strategies, and foster collaboration to ensure a harmonious coexistence of blockchain and data protection in the digital age.
Powering the future: Nigeria’s pivotal role in shaping the global electric vehicle ecosystem
The article highlights Nigeria’s strategic position in the global shift towards sustainable transportation, specifically in the electric vehicle (EV) industry. With abundant lithium and copper reserves, Nigeria is positioned to become a key player in the EV supply chain, potentially transforming its economy and industrial development. The surge in global demand for EVs has intensified competition for critical minerals, making Nigeria’s resource abundance even more significant.
The establishment of a robust EV value chain in Nigeria presents numerous investment opportunities, including mining, battery manufacturing, and infrastructure development. This not only drives innovation and local manufacturing capabilities but also contributes to economic diversification and job creation.
To fully harness this potential, the Nigerian government should implement favorable policies, incentives, and regulatory frameworks to support the growth of the electric vehicle industry. Collaboration with international partners becomes crucial, focusing on technological expertise, research capabilities, and market access.
While the prospects are promising, challenges such as infrastructure development, workforce availability, and sustainability must be addressed through strategic planning and public-private collaborations. Overall, Nigeria stands on the forefront of the electric revolution, poised to contribute significantly to the global electric vehicle market with its abundant resources, strategic investments, and collaborative initiatives.
Unlocking prosperity: The persuasive case for trust structures in preserving intergenerational wealth in today’s world.
For decades, Wills have been the most conventional approach towards achieving wealth preservation. While Wills has been faced with its pitfalls, this article highlights the shift from conventional Wills to setting up a Trust as a more seamless means of preserving intergenerational wealth.
Building resilience: recapitalizing nigerian banks in the face of severe naira devaluation
This article analyses the strategy of the Central Bank of Nigeria (CBN) to recapitalize Nigerian banks in order to pave way for Nigeria’s projected economic goal of achieving a Gross Domestic Product (GDP) of $1 trillion over the next 8 years. The article highlights why it is crucial for Nigerian banks to increase their current capital base of N25 million in view of gross loss of value occasioned by depreciation of the Naira and inflationary pressures. Importantly, the article addressed strategies which Nigerian banks may explore to raise funds to enable them meet the revised capital requirements.
The Hidden Faces: unveiling ultimate beneficial ownership in Nigerian entities
In the intricate world of corporate governance, understanding the nuances of significant control or ultimate beneficial ownership is akin to unravelling a well-guarded secret. This crucial aspect of the corporate governance has long been shrouded in mystery under the Nigerian corporate legal landscape. For decades, the identities of those who truly possess control and derive economic benefits from Nigeria entities have remained concealed, often shielded by layers of opaque entities and offshore structures. This lack of transparency has not only raised concerns about financial integrity and accountability but also hindered the country’s efforts to combat corruption, money laundering, and illicit financial flows.
This article delves into the labyrinth of a person with significant control or beneficial ownership, exploring its significance, regulatory landscape, and the measures Nigeria has put in place to foster transparency
Enhancing dollar liquidity in Nigeria through securitization: prospect and risks
Dollar liquidity in Nigeria has been a huge economic challenge in the country in recent times. As a major step to enhance dollar liquidity in the country, the Federal Government of Nigeria (FGN) announced its plan to securitize its expected dividends for a period of 5 years in Nigeria Liquefied Natural Gas Limited (NLNG) in favor of its lenders, to raise $7 billion.
This step holds significant opportunities for the country’s economy, but it also comes with inherent risks that need to be carefully evaluated. These opportunities and the possible risks are addressed in this article.
FIFA’s latest commentary on its regulations on status and transfer of players: an exclusive summary
In keeping with its commitment to release a commentary on her Regulation on the Status and Transfer of Players (RSTP) bi-annually, the Fédération Internationale de Football Association (FIFA) issued a commentary on the RSTP on November 28, 2023. Here is an executive summary.