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Africa’s diversity is reflected in its legal systems. The following legal curiosities give a taste of what makes the continent such an interesting, and sometimes challenging, place to transact. Did you know? A Nigerian guarantor cannot make payment under a guarantee denominated in South African Rand without a Certificate of Capital Importation. This is issued by a bank in Nigeria when funds are imported into Nigeria. It is therefore not common for Nigerian entities to…
The English High Court has held that a bank had not validly exercised its contractual right to extend the term of a 5 year interest rate collar transaction, because its email notice was not due notice to the company. The collar was documented on the terms of a 1992 ISDA Master Agreement (Multi Currency – Cross Border). The court held that the phrase “may be given in any manner set forth” in section 12 of…
Africa’s diversity is reflected in its legal systems.  The following legal curiosities give a taste of what makes the continent such an interesting, and sometimes challenging, place to transact. Did you know? A Nigerian guarantor cannot make payment under a guarantee denominated in South African Rand without a Certificate of Capital Importation. This is issued by a bank in Nigeria when funds are imported into Nigeria. It is therefore not common for Nigerian entities to…