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The Supreme Court announced in a public Notice dated 4th February 2025 a 30 day grace period titled Transitional Period for Counsel and litigant to apply for extension of time to file processes in pending appeal.
Transitional period – it means a period to regularize court processes that are already out of time whether filed or not from the 10th of February to the end of 12th March 2025.
The Honorable Chief Justice of Nigeria, Hon. Kudirat Montonmori Olatokunbo Kekere- Ekun has approved the introduction of a transitional period in respect to the provision of Order 4 Rule 15 (1) Supreme Court Rules 2024.
The transitional period enables counsels/litigants who have not applied for an extension of time to file their processes in pending appeal to do so.
The Supreme Court transitional period enables counsel/litigants who were not able to regularize their processes in the second instance with payment of penalty after the expiration of the automatic extension of time in the first instance for the same period to file their processes.
It is important to note that, at the expiration of the transitional period, no further application for extension of time shall be entertained in respect of appeal where parties have failed to utilize the lifted bar on the provision of Order 4 Rule 15 (1) Supreme Court Rules 2024.
Counsels/litigants are admonished by the Chief Justice of Nigeria to take advantage of the opportunity created by the transitional period to regularize their appeal and ensure compliance with the Rules. However, counsel/litigants shall be required to pay all applicable default fees as prescribed by Order 4 Rule 15 (1) Supreme Court Rules 2024.
Therefore, this transition does not waive the financial obligation of the default parties.
Advantages of Supreme Court Transitional Period of Order 4 Rule 15 (1) 2024
1. It facilitates fair hearing and justice on merit
2. Flexibility of Court Rules
3. Compliance with all applicable rules regarding default fees
4. It emphasizes on the principle of Justice Delayed is not Justice denied
5. It increase the finance of the Supreme Court.
Disadvantages of Supreme Court Transitional Period of Order 4 Rule 15 (1) 2024
1. Lack of procedural discipline and ensure timely resolution of cases in the supreme court
2. It encourages Want of diligent prosecution as against the counsel who was diligent with his or her work/case.
3. Lack of strict adherence to timeline for filing of legal processes in both civil and criminal appeal with exemption to criminal case of death sentence.
Court Processes that can be regularized within the Transitional period
a. Respondent Brief of Argument
b. Appellant Reply to Respondent Brief of Argument
c. Applicant Reply Address etc.
In conclusion, transitional period is indeed a period of grace to enable litigants to have a fair hearing so that justice can administered on merit and for counsels to comply with the rules of the court.
No property purchase is safe without Due Diligence.
Buying a property is an exciting milestone a symbol of growth, stability, and investment. But it can quickly turn into a nightmare if you overlook one critical step: Due Diligence.
The problem that some real estate investors make is that they don't follow the legally laid down procedure in acquiring a property. Investors are always eager to own a property and to boycott paying lawyers, which in turn lands them into land disputes, loss of proprietary interest, and whatnot."
Many buyers, trusting the vendor whether a family member, friend, reputable real estate company, or prominent individual assume everything is in order and rush to sign documents. Unfortunately, this is how countless people lose money, face endless court battles, or end up with properties entangled in legal disputes, documentation issues, or community-related conflicts.
Due Diligence simply means conducting a thorough legal investigation to ensure that the property you're about to purchase is genuine, secure, and free from hidden issues.
It includes:
️Verifying ownership and title documents️Confirming that the land is suitable and properly located️Checking for outstanding debts or encumbrances️Ensuring the property has valid government or community approvals️Confirming compliance with planning, zoning, and environmental regulations
An experienced property lawyer knows what to look out for. They’ll identify red flags, review or draft agreements, confirm the legitimacy of the documents, and ensure your rights as a buyer are fully protected.
A lawyer doesn’t just provide legal advice they safeguard your investment from potential fraud, future disputes, or loss of proprietary interest.
Don’t Be Penny Wise, Pound Foolish
Trying to cut costs by skipping legal checks may save a few naira today, but it could lead to massive losses tomorrow. Many buyers have lost their money and property due to unresolved land litigation and defective titles all because they failed to do the needful from the start.
Due Diligence isn’t optional it’s your safety
Regardless of who the vendor is, never skip Due Diligence. Whether you're buying land, a residential home, or a commercial property, always involve a property lawyer. They will guide you through every step and ensure your purchase is legitimate and secure.
In a landmark move to modernize Nigeria's financial landscape, President Bola Tinubu signed the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law on August 5, 2025. This comprehensive legislation repeals the outdated Insurance Act of 2003 and consolidates several fragmented laws, including the Marine Insurance Act, Motor Vehicles (Third Party Insurance) Act, National Insurance Corporation of Nigeria Act, and Nigeria Reinsurance Corporation Act. The new Act aims to enhance transparency, boost consumer confidence, promote innovation, and align the sector with global standards, supporting the government's ambition for a $1 trillion economy by 2030. Overseen by the National Insurance Commission (NAICOM), NIIRA 2025 introduces sweeping reforms to address longstanding challenges like low insurance penetration, inadequate capitalization, and delayed claims settlements.
The Insurance Act of 2003 served as the cornerstone of Nigeria's insurance regulation for over two decades, but it fell short in adapting to evolving economic realities, digital advancements, and regional integration. Insurance penetration in Nigeria has hovered below 1% of GDP, far behind global averages, due to factors like weak enforcement of compulsory policies and insufficient consumer protections. The 2025 reform consolidates these gaps by repealing obsolete laws and introducing risk-based supervision, mandatory digital tools, and stricter oversight. This shift is expected to attract foreign investment, foster mergers among smaller players, and position Nigeria as Africa's leading insurance hub.
The Act ushers in transformative provisions across multiple areas. Below are the most notable changes, highlighting how they differ from the 2003 framework.
1. Elevated Capital Requirements for Financial Stability.
One of the most impactful reforms is the substantial increase in minimum capital thresholds, designed to ensure insurers' solvency and resilience against risks. Under the 2003 Act, capital requirements were significantly lower (e.g., ₦3 billion for non-life and ₦2 billion for life insurance), leading to undercapitalized firms vulnerable to economic shocks.
Non-life insurance: Minimum of ₦25 billion or risk-based capital (whichever is higher), up from ₦3 billion.
Life assurance: Minimum of ₦15 billion or risk-based capital, up from ₦2 billion.
Reinsurance: Minimum of ₦45 billion or risk-based capital, up from ₦10 billion.
Insurers must comply within 12 months of the Act's commencement, with NAICOM determining risk-based levels annually. This change promotes consolidation, as smaller operators may merge or exit, ultimately strengthening the sector's global competitiveness.
2. Expanded Compulsory Insurance Mandates: To boost penetration and protect vulnerable groups, NIIRA 2025 enforces and expands compulsory insurances, going beyond the limited mandates in the 2003 Act (e.g., basic third-party motor and group life).
Key new or enhanced requirements include:
Group Life Assurance: Employers must provide coverage of at least three times an employee's annual emolument, with premiums due at policy commencement.
Buildings Under Construction: Insurance against construction risks, with penalties for non-compliance.
Public Buildings and Government Assets: Coverage for hazards like fire, flood, and collapse; premiums charged to consolidated funds.
Petroleum and Gas Stations: Insurance for third-party losses from fire or explosions.
Healthcare Providers: Professional indemnity, including for mortuaries, with certificates displayed.
Aviation Services: Policies deposited with NAICOM.
Imported Goods and Containers: Must be insured with local firms.
Credit Life Insurance: Mandatory for loans over ₦10 million, covering death or disability.
Third-Party Motor Vehicle: Enhanced limits (e.g., ₦2 million for death/disability) and automatic inclusion of ECOWAS Brown Card for cross-border travel.
Hospital Expenses for Accident Victims: Up to ₦1.5 million for in-patients and ₦500,000 for out-patients.
These mandates aim to reduce uninsured risks and integrate Nigeria into regional schemes like ECOWAS.
3. Strengthened Consumer Protections and Claims Settlement.
Consumer trust was a weak point in the 2003 Act, with frequent delays in claims. NIIRA 2025 introduces robust safeguards:
Claims Timelines: Settlements within 60 days of notification, with compound interest at prevailing bank rates for delays; penalties up to ₦500,000.
Policy Delivery: Documents must be issued within 5 working days (or 30 for special risks), electronically or physically.
Third-Party Rights: Beneficiaries can directly recover from insurers in non-life policies.
Policyholder Protection Fund: Established for insolvency cases, funded by industry contributions.
Material Disclosure: Mandatory BVN/NIN for individuals and CAC documents for corporates to prevent fraud.
Breach of Terms: Insurers cannot repudiate claims unless breaches are fraudulent or fundamental.
A new Road Safety and Accident Victims Compensation Fund, funded by 1% of motor premiums, covers uninsured accidents.
4. Digitalization and Innovation
The 2003 Act lacked provisions for digital operations. NIIRA 2025 mandates digitization to improve access and efficiency:
- Electronic policy delivery, certificates, and records.
- Licensing for web-based insurance, aggregators, and electronic businesses.
- Support for innovative models like pay-as-you-go to reach underserved markets.
This aligns with broader economic digitization efforts.
5. Tighter Regulation of Intermediaries and Penalties
Intermediaries face stricter oversight to curb conflicts and unlicensed activities:
Agents and Brokers: Must hold CIIN certificates or 10+ years' experience; brokers need ₦100 million indemnity cover and limit stakes in insurers to 10%.
Loss Adjusters: Licensed with 6-year renewals; foreign firms must partner locally.
Penalties: Escalated fines (e.g., ₦25-50 million for unlicensed operations) and imprisonment; daily fines for ongoing breaches.
Anti-money laundering measures and actuarial valuations are now mandatory.
6. Other Reforms: Risk-Based Approach and Funds.
Risk-Based Supervision: Annual reports and restrictions on dividends if reserves are insufficient.
Specialized Institutions: Regulations for Takaful (Islamic insurance) and micro-insurance.
Security and Insurance Development Fun: Covers unpaid claims from insolvent insurers.
Marine Insurance Overhaul: Updated rules on insurable interests, warranties, and indemnities.
These changes are poised to increase insurance penetration, attract investments, and enhance economic resilience. However, the short compliance window for capital hikes may strain smaller firms, potentially leading to consolidations. Enforcement by NAICOM will be crucial, as will public awareness campaigns to encourage uptake of compulsory policies.
In a landmark move to modernize Nigeria's financial landscape, President Bola Tinubu signed the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law on August 5, 2025. This comprehensive legislation repeals the outdated Insurance Act of 2003 and consolidates several fragmented laws, including the Marine Insurance Act, Motor Vehicles (Third Party Insurance) Act, National Insurance Corporation of Nigeria Act, and Nigeria Reinsurance Corporation Act. The new Act aims to enhance transparency, boost consumer confidence, promote innovation, and align the sector with global standards, supporting the government's ambition for a $1 trillion economy by 2030. Overseen by the National Insurance Commission (NAICOM), NIIRA 2025 introduces sweeping reforms to address longstanding challenges like low insurance penetration, inadequate capitalization, and delayed claims settlements.
The Insurance Act of 2003 served as the cornerstone of Nigeria's insurance regulation for over two decades, but it fell short in adapting to evolving economic realities, digital advancements, and regional integration. Insurance penetration in Nigeria has hovered below 1% of GDP, far behind global averages, due to factors like weak enforcement of compulsory policies and insufficient consumer protections. The 2025 reform consolidates these gaps by repealing obsolete laws and introducing risk-based supervision, mandatory digital tools, and stricter oversight. This shift is expected to attract foreign investment, foster mergers among smaller players, and position Nigeria as Africa's leading insurance hub.
The Act ushers in transformative provisions across multiple areas. Below are the most notable changes, highlighting how they differ from the 2003 framework.
1. Elevated Capital Requirements for Financial Stability.
One of the most impactful reforms is the substantial increase in minimum capital thresholds, designed to ensure insurers' solvency and resilience against risks. Under the 2003 Act, capital requirements were significantly lower (e.g., ₦3 billion for non-life and ₦2 billion for life insurance), leading to undercapitalized firms vulnerable to economic shocks.
Non-life insurance: Minimum of ₦25 billion or risk-based capital (whichever is higher), up from ₦3 billion.
Life assurance: Minimum of ₦15 billion or risk-based capital, up from ₦2 billion.
Reinsurance: Minimum of ₦45 billion or risk-based capital, up from ₦10 billion.
Insurers must comply within 12 months of the Act's commencement, with NAICOM determining risk-based levels annually. This change promotes consolidation, as smaller operators may merge or exit, ultimately strengthening the sector's global competitiveness.
2. Expanded Compulsory Insurance Mandates: To boost penetration and protect vulnerable groups, NIIRA 2025 enforces and expands compulsory insurances, going beyond the limited mandates in the 2003 Act (e.g., basic third-party motor and group life).
Key new or enhanced requirements include:
Group Life Assurance: Employers must provide coverage of at least three times an employee's annual emolument, with premiums due at policy commencement.
Buildings Under Construction: Insurance against construction risks, with penalties for non-compliance.
Public Buildings and Government Assets: Coverage for hazards like fire, flood, and collapse; premiums charged to consolidated funds.
Petroleum and Gas Stations: Insurance for third-party losses from fire or explosions.
Healthcare Providers: Professional indemnity, including for mortuaries, with certificates displayed.
Aviation Services: Policies deposited with NAICOM.
Imported Goods and Containers: Must be insured with local firms.
Credit Life Insurance: Mandatory for loans over ₦10 million, covering death or disability.
Third-Party Motor Vehicle: Enhanced limits (e.g., ₦2 million for death/disability) and automatic inclusion of ECOWAS Brown Card for cross-border travel.
Hospital Expenses for Accident Victims: Up to ₦1.5 million for in-patients and ₦500,000 for out-patients.
These mandates aim to reduce uninsured risks and integrate Nigeria into regional schemes like ECOWAS.
3. Strengthened Consumer Protections and Claims Settlement.
Consumer trust was a weak point in the 2003 Act, with frequent delays in claims. NIIRA 2025 introduces robust safeguards:
Claims Timelines: Settlements within 60 days of notification, with compound interest at prevailing bank rates for delays; penalties up to ₦500,000.
Policy Delivery: Documents must be issued within 5 working days (or 30 for special risks), electronically or physically.
Third-Party Rights: Beneficiaries can directly recover from insurers in non-life policies.
Policyholder Protection Fund: Established for insolvency cases, funded by industry contributions.
Material Disclosure: Mandatory BVN/NIN for individuals and CAC documents for corporates to prevent fraud.
Breach of Terms: Insurers cannot repudiate claims unless breaches are fraudulent or fundamental.
A new Road Safety and Accident Victims Compensation Fund, funded by 1% of motor premiums, covers uninsured accidents.
4. Digitalization and Innovation
The 2003 Act lacked provisions for digital operations. NIIRA 2025 mandates digitization to improve access and efficiency:
- Electronic policy delivery, certificates, and records.
- Licensing for web-based insurance, aggregators, and electronic businesses.
- Support for innovative models like pay-as-you-go to reach underserved markets.
This aligns with broader economic digitization efforts.
5. Tighter Regulation of Intermediaries and Penalties
Intermediaries face stricter oversight to curb conflicts and unlicensed activities:
Agents and Brokers: Must hold CIIN certificates or 10+ years' experience; brokers need ₦100 million indemnity cover and limit stakes in insurers to 10%.
Loss Adjusters: Licensed with 6-year renewals; foreign firms must partner locally.
Penalties: Escalated fines (e.g., ₦25-50 million for unlicensed operations) and imprisonment; daily fines for ongoing breaches.
Anti-money laundering measures and actuarial valuations are now mandatory.
6. Other Reforms: Risk-Based Approach and Funds.
Risk-Based Supervision: Annual reports and restrictions on dividends if reserves are insufficient.
Specialized Institutions: Regulations for Takaful (Islamic insurance) and micro-insurance.
Security and Insurance Development Fun: Covers unpaid claims from insolvent insurers.
Marine Insurance Overhaul: Updated rules on insurable interests, warranties, and indemnities.
These changes are poised to increase insurance penetration, attract investments, and enhance economic resilience. However, the short compliance window for capital hikes may strain smaller firms, potentially leading to consolidations. Enforcement by NAICOM will be crucial, as will public awareness campaigns to encourage uptake of compulsory policies.
Introduction
In an era where data is often referred to as the "new oil," the importance of data protection and data privacy cannot be overstated. With the proliferation of digital technologies, vast amounts of personal and sensitive information are collected, stored, and processed daily. This article explores the concepts of data protection and data privacy, their significance, key principles, global regulations, and practical steps individuals and organizations can take to safeguard data.
What is Data Protection?
Data protection refers to the practices, policies, and technologies used to secure personal and sensitive data from unauthorized access, use, disclosure, or destruction. It encompasses technical measures (like encryption and firewalls), organizational policies (such as access controls), and legal frameworks to ensure data is handled responsibly.
Key Objectives of Data Protection
What is Data Privacy?
Data privacy focuses on the rights of individuals to control their personal information. It involves ensuring that data collection, storage, and processing are transparent, consensual, and compliant with legal standards. Privacy emphasizes user consent, transparency, and the ethical use of data.
The Difference Between Data Protection and Data Privacy
While closely related, data protection is about securing data, and data privacy is about respecting individuals' rights over their data. For example, data protection might involve encrypting a database, while data privacy ensures individuals know how their data is being used and have the right to opt out.
Why Data Protection and Privacy Matter
The rise of cyber threats, such as data breaches, phishing, and ransomware, highlights the need for robust data protection. In 2023, the average cost of a data breach globally was estimated at $4.45 million, according to IBM's Cost of a Data Breach Report. Beyond financial losses, breaches erode trust, damage reputations, and can lead to legal consequences.
Data privacy is equally critical as it empowers individuals to maintain control over their personal information. Violations of privacy, such as unauthorized data sharing, can lead to identity theft, discrimination, or exploitation. For organizations, respecting privacy builds customer trust and ensures compliance with regulations.
Key Principles of Data Protection and Privacy
Several core principles guide data protection and privacy, as outlined in frameworks like the General Data Protection Regulation (GDPR):
Global Data Protection and Privacy Regulations
Governments worldwide have enacted laws to address data protection and privacy concerns. Some notable regulations include:
These regulations share common goals: ensuring transparency, securing data, and empowering individuals. However, compliance can be complex for organizations operating across jurisdictions due to varying requirements.
Challenges in Data Protection and Privacy
Practical Steps for Data Protection and Privacy
For Individuals:
For Organizations:
The Future of Data Protection and Privacy
As technology evolves, so will the landscape of data protection and privacy. Emerging trends include:
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