Legal and technology experts have called for urgent reforms in Nigeria’s regulatory and judicial frameworks to align with global trends in data protection, fintech, Artificial Intelligence (AI), and future technologies.
The stakeholders made this call at the 19th Yearly International Conference of the Nigerian Bar Association Section on Business Law (NBA-SBL) held in Lagos.
The three-day conference with the theme, “The Future of Business Law in an Intelligence Age” aimed to advance the knowledge of lawyers and also encourage them to be digital friendly since the world is evolving with modern technology such as the use of AI.
Director Legal, IHS Towers, Mrs Yemisi Diya-Salawu underscored the urgent need for Nigeria to evolve from reliance on codes and guidelines to full-fledged data protection legislation.
“We are heavily relying on codes and cross-border laws, but unfortunately, we don’t have a comprehensive data protection act in force,” she stated.
According to her, understanding the rapidly evolving legal frameworks around fintech, AI, and crypto is not optional for lawyers.
“We must stop playing catch-up. Compliance rules are clearly stated. Our role is to deeply understand and apply them. That’s why my contracts are packed with data protection clauses and fintech-ready provisions,” Yemisi explained, noting that Nigeria’s slow transition from 4G to 5G underlines the need for future-proof agreements with clauses that anticipate technological advancement.
She further stressed the absence of specialised courts as a critical gap in the ecosystem. “We don’t have specialised courts for fintech or digital innovation. So, lawyers spend valuable time educating judges and regulators. It’s inefficient,” she lamented. “We must push for dedicated legal frameworks and institutions that understand the nuances of digital infrastructure.”
Drawing from her experience at IHS, Yemisi highlighted the importance of internal collaboration between legal and IT teams, citing practices such as ethical hacking to prepare for cyber threats.
“Regulation isn’t a clog—it’s a guide. It helps us know where to test the law and prepare responsibly.”Founder, Sparkle, Mr Uzoma Dozie stressed the foundational role of data in driving technology adoption and business decisions.
Data, he said, is the raw material of digital transformation. “Without digitised data, you cannot unlock the full potential of AI,” he declared.
Speaking from the banking industry perspective, Uzoma emphasised trust, transparency, and simplicity as guiding principles in applying technology.
“If customers don’t trust us, they won’t share data. That’s why transparency is not just a regulatory requirement but a strategic advantage. It’s up to businesses to decide how much they want to share with their customers. But in the end, data leads to information, which leads to better decisions,” he said.
Managing founder, DigitA, Mr. Oswald Guobadia acknowledged the often fragmented approach to regulation in Nigeria and its ripple effects on innovation and investment. He cited the misalignment between regulatory bodies such as the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), which he described as a process problem that results in confusion and diminished market value.
“There’s a lack of coordination within the government. It forces legal professionals to pick sides in policy disagreements, which should not be the case. Instead, lawyers should be part of the structure that sets the stage for these policies in the first place,” Guobadia said.
He advocated a collaborative model, which he referred to as the Big Ten approach where all stakeholders, including regulators, innovators, and lawyers, are brought into the same room to debate and co-create policy frameworks.
Guobadia emphasised that policy and innovation should evolve simultaneously, especially in African markets where experimentation is still a critical part of economic development.
Also speaking, Ms. Stephanie Brown from Law Society in England stressed the importance of legal institutions in both advocating for and adapting to technological innovation. She highlighted the role of professional bodies in educating, consulting, and empowering their members to participate meaningfully in policy-making.
“In the UK, the Law Society has played a key role in supporting legal-tech initiatives. One example is LawTech UK, a body formed by the Ministry of Justice that brings together legal professionals, technologists, and government to foster innovation within a robust legal framework,” she said.
Earlier, in her opening remarks, NBA-SBL Chair, Mrs Ozofu ’Latunde Ogiemudia stated that the legal profession must be at the forefront of shaping future business frameworks.
“This moment demands that we become not just participants but architects of legal frameworks that are adaptive, responsive, and bold. We cannot afford to remain observers on the sidelines of technological change,” she said.
Also, Conference Planning Committee (CPC), Solape Peters in her remarks stated that today’s business lawyer must be commercially tech aware, and deeply attuned to market realities.
“Whether you are driving a startup, a multinational, or a government, the expectation is the same. Be a lawyer who understands the business and the sectors that you are operating in, and not just the law,” she said.
