Nigeria's regulatory environment is moving fast. In this edition of the Structure HQ Regulatory Alert, our governance and compliance specialists break down four significant developments that organisations operating across key sectors need to act on now.

We cover the Central Bank of Nigeria's introduction of the Nigerian Overnight Financing Rate (NOFR), a new transaction-based benchmark that replaces legacy money market reference rates and requires system and contract adjustments from financial institutions. We also unpack the Nigeria Data Protection Commission's advisory on escalating cybersecurity threats, which raises the compliance stakes for all Data Controllers and Processors under the Nigeria Data Protection Act 2023.

On the capital markets side, we examine the Nigerian Exchange Limited's expanded trading window, now running from 9:00 a.m. to 4:00 p.m. WAT, and what it means for market participants. Finally, we address the FCCPC's compliance warning on merger and acquisition notifications, reinforcing that pre-transaction approval is a legal requirement, not an optional step.

Each development carries governance implications that go beyond box-ticking. Read the full alert to understand what these changes mean for your organisation and where action is required.