The Court of Appeal has reversed the decision of the Federal High Court ("FHC") in Stanbic IBTC Holdings Plc ("Stanbic") v Financial Reporting Council of Nigeria (FRCN) & Anor (2015), which had held that failure to obtain NOTAP approval (on a registrable contract) rendered the contract illegal and void; and payment could not be made on an unregistered contract.
The Court of Appeal held that NOTAP's scope does not cover contracts for exporting technology out of Nigeria and section 7 of the NOTAP Act does not deal with or provide for the validity or legality of unregistered or non-registration of contract(s) under Section 4(d). And the NOTAP Act does not render such contracts as invalid, illegal, null and void.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.