The Corporate Affairs Commission (CAC) has released new guidelines to support Deposit Money Banks in their ongoing recapitalization efforts.
In March 2024, the Central Bank of Nigeria (CBN) directed all banks to increase their capital base to enhance productivity. The CBN mandated that commercial banks with international authorization must raise their capital base to ₦500 billion, while national banks must reach ₦200 billion threshold, and those with regional authorization are expected to achieve a ₦50 billion capital floor. Banks have started issuing public offers and rights issues to raise the money and meet the two-year target.

Mozambique’s government has approved a resolution on its tariff offer for implementing the African Continental Free Trade Area (AfCFTA) agreement and a national strategy for its execution. This decision allows Mozambique to access the AfCFTA Adjustment Fund designed to help member states mitigate any negative impacts from the agreement’s implementation.

On July 30, 2024, the Federal High Court (FHC) ruled that section 18(2) of the Companies and Allied Matters Act 2020 (CAMA 2020), which allows private companies to have a single shareholder, applies to all private companies, including those incorporated under the repealed CAMA 1990.