Publications

Whether conducted by investors, potential partners, or the startup itself, due diligence provides transparency and builds confidence, helping startups avoid future challenges and achieve long-term success. Startups should always aim to be due diligence-ready.

Mobile money is a technology that allows people to receive, store, and spend money using a mobile phone. It is a recognized means of banking the unbanked and ensuring financial inclusion.

The FCCPC accused Meta of violating the rights of Nigerian data subjects and other alleged infractions, under the Federal Competition and Consumer Protection Act (FCCPA) and the Nigerian Data Protection Regulation (NDPR) 2019. The FCCPC's hefty $220 million fine against Meta, while controversial, sparked significant public debate in Nigeria.

Money laundering can be defined as the act of concealing/disguising the origin, converting, transferring/removing from jurisdiction, acquiring possession of or controlling funds or property that are known or reasonably assumed to be proceeds of an unlawful act. It involves the disguising of illegal activities, making them appear legitimate. The unlawful acts include trafficking, terrorism, corruption, fraud, kidnapping, smuggling, sexual exploitation, and extortion, among others. 

Patents are a fundamental component of intellectual property (IP) that plays a vital role in safeguarding the technological advancements and creative solutions that many startups bring to market. By securing exclusive rights to their inventions, startups can prevent competitors from exploiting their hard work and innovation while also enhancing their market value and appeal to investors.

The foundational motivation for Acelera law was rooted in the belief that startups, often navigating the early stages of innovation, should not face insurmountable barriers to accessing high-quality legal support. At Acelera Law, we take care of the legal needs of startups from conception to business launch, scale, and maturity.

It’s a new month in the year 2024 and a new year for us at Acelera Law! Four years ago, Acelera Law was born, and it has been years of commitment, hard work, and success. To celebrate our anniversary, we found it important to re-introduce the firm, by sharing our journey through the years with you.

Remember when we all celebrated the enactment of the Nigeria Startup Act 2022 (the “Act”), signed into law on October 19, 2022 by former president Muhammadu Buhari which marked a significant milestone as it introduced the first comprehensive legal structure to support startups in Nigeria. Among the Act's provisions is the introduction of a “startup label”, applicable solely to businesses that have successfully registered for and obtained such designation. To streamline the startup labelling process, the Act mandates the establishment of a Startup Support and Engagement Portal (the “Portal”) through which eligible startups can register for a label, access a wealth of resources, information, funding opportunities, incentives, collaborative opportunities, and valuable connections all in one centralized location

Regulatory compliance means a company is aware of and aligned with all the laws and regulations relevant to its business and industry. These regulations may be set at local, state, federal, or international levels. Regulatory compliance differs from corporate compliance, which is about following internal policies and rules to achieve some self-set goals and objectives. However, both types of compliance are essential since they can drive the company’s strategic direction, determine its ethical framework, and ensure accountability and transparency.

Corporate Governance is a set of ground rules and codes, a roadmap, if you will, that govern how a business runs and distributes its riches. It is like laying down the law, from decision-making routines to building an ethical and innovative company culture and even vibe. The fate of a startup rides on the moves and choices its owners pull off. That is where corporate governance steps in like a boss, steering startups toward growth and proper structuring.

Remember that one time that Facebook allegedly sold the private data of tens of millions of users to a UK and a Russian firm? Yeah, the whole world went agog with speculations of what this data could be used for; some said the data was sold to the enemy forces in Russia (whatever that meant), while some others said the data was being used for classified criminal intent that could be very harmful to the large populace.

As you might already be aware, just about a month ago, Nigeria’s President Muhammadu Buhari signed into law a new Copyright Act (“Act”) aimed at modernizing the country’s intellectual laws. The new Act replaces the previous one, which had been in place since 1988, and introduces a number of changes that are set to have an impact on various industries. Over the years, startups have been particularly vulnerable to copyright infringement, sometimes with larger or established companies infringing on the intellectual property of smaller firms. Other times, a founder’s idea may be exposed to theft by potential investors the founder had prepared a pitch deck for.

It is the last month of the year 2022, and we are beyond excited. It is starting to smell a lot like Christmas over here and we have a whole lot to be thankful for. 2022 has been loaded and we cannot wait to see what crystallization 2023 will bring. To our visionary founders, and team members that hold the startup down and keep the dream alive and thriving, we urge you to make the most of this holiday season, take time to recharge and get ready to fire up come 2023.

Whether entering new geographic regions, diversifying product offerings, or targeting a broader customer base, expansion offers startups the opportunity to scale and increase their competitive edge.

Although companies offering BNPL options have been around for quite a while with the global market worth billions of dollars, the increasing popularity of the sector in Nigeria is caused by a combination of factors such as the increase in online shopping since the pandemic, ease of purchase and the reduction in people's purchasing power due to inflation.

The BNPL payment model is a short-term consumer financing option that allows buyers to purchase items by paying a part of the cost and the remaining payment in installments over an agreed period. It is a form of lending where customers have access to credit at the point of sale. Fintechs offering this product usually charge a transaction fee on the items bought or interest on the price. The payment model allows more people to have access to consumer lending and increases their ability to purchase. Thus, more people are financially included and economic activities grow.

Starting a business is relatively an easy task. Pretty much easier than gaining traction and keeping it successful over a long time. The sheer will and creativity of the founder(s) and team members of a startup, albeit a core startup success ingredient, is not enough. As a startup business journey progresses, the startup has to ensure that certain regulatory, corporate governance, industry etc. ethics and requirements are met. This is where business compliance comes into play. It is important to mention that compliance should not be an after-thought - a business should be compliant from the get-go and throughout the life of the business.

The Delaware flip has become a popular strategy among startups, particularly those seeking venture capital funding. It refers to the process in which a non-U.S. company restructures its corporate structure by forming a Delaware-incorporated parent company that holds the shares of the original foreign entity.

ESG factors are a subset of non-financial performance indicators that include ethical, sustainable, and corporate governance systems put in place to ensure accountability and sustainability. Businesses that adopt ESG standards tend to be more conscientious, less risky, and consequently more likely to be successful in their long-term commercial aims.

Just as many regulators around the globe have been at the heels of the paradigm shifting technology, Nigeria is not left behind in the quest to understand, utilize and maximize the offspring of blockchain technology. Nigeria’s Securities and Exchange Commission (SEC) recently shared guidelines that will regulate and serve as a regulatory framework for the issuance of digital assets and providers in the Nigerian terrain

Simple Agreement for Future Equity (SAFE) as the name implies, is a simple and straightforward agreement whereby the investor provides funding in exchange for a promise from the company to give shares to the investor at a future date when money is raised, usually at the next priced round. The instrument is converted to preferred shares based on the amount the company raises during the next priced round.

Two years ago, we started providing solutions to ensure that Startups have an ‘accelerated’ and seamless ride from business ideation to actualization and growth.

Venture capital is increasingly becoming a key consequential source of funding for new businesses in Nigeria and the rest of Africa. It is a type of funding for startups wherein resources are pooled from investors into new and growing businesses which have shown high growth potential.

Nigeria’s current VAT administration is based on the destination principle where the tax is levied by where the service is consumed rather than where it originated. If States enact conflicting VAT laws, individuals and other entities, especially startups will bear the brunt of any VAT charged and it will be an increased cost.

The Securities and Exchange Commission suspended 32 companies between 2007 to 2016 for non-compliance with applicable laws and regulations. The Nigerian Stock Exchange imposed penalties of over N200 million on companies listed on the Exchange that were in default of filing financial statements after the regulatory due date.

Trademarks play a crucial role in safeguarding a company's brand from unauthorized use, counterfeiting, and unfair competition. Startups must recognize the significance of their trademarks—not only as identifiers of their products and services, but also as valuable assets that can enhance customer trust, build brand loyalty, and even serve as leverage in business transactions.

NFTs can really be anything digital that represents a wide range of tangible and intangible items (such as drawings, music, virtual sports cards, real estate, etc.). Unlike regular cryptocurrencies, NFTs cannot be directly exchanged with one another. This is because there are no NFTs that are identical – each non-fungible token has its specific information and it is impossible to exchange it with another.

The African tech and business landscape continues to evolve with significant developments. In the past months, major companies are expanding into markets outside their region.

The wave of Non-Fungible Tokens (NFTs) raises legal questions that concern digital ownership, intellectual property, royalty collection and regulatory issues in the digital ecosystem. NFTs are protected by smart contracts and through a minting process that assigns a unique identity to the digital asset and creates a contract that cannot be changed by anyone. This process protects the intellectual property of the owner and prevents the ownership to be claimed by someone else unless granted to another party.

The past month have been a remarkable one for growth and funding across the African startup ecosystem, with several companies achieving significant milestones. In this piece, we spotlight key updates, including Flutterwave’s new unicorn status, Kuda Bank’s impressive Series A raise, and major developments from Paystack’s acquirer, Stripe.