May 2026 Regulatory Round-up

May 2026 Regulatory Roundup

Welcome to May’s edition of Regulatory Round-up, where we provide you with the latest regulatory developments across Nigeria, Africa, and beyond within the month. Let’s dive into a thoughtful, comprehensive update on recent developments in the regulatory landscape. 

Nigeria 

1. SEC Warns Against Unregistered Online Investment Schemes 
2. EFCC Arrest of Saleh Mamman Signals Tougher Clampdown on Fraud and Money Laundering 
3. NAICOM and BPP Join Forces to Tighten Insurance Checks in Public Contracts 
4. Weak KYC on Glovo and Chowdeck Raises Compliance Concerns 
5. NGX RegCo Boosts Investor Confidence with Over N500 Million in Recoveries 
6. NDPC Expands Data Protection Push with BPP and Governors’ Forum 
7. NRS and JRB Launch Unified Tax ID System for All Taxpayers in Nigeria 
8. CBN Holds Rates Steady to Curb Inflation and Support Economic Stability 
9. The Federal Ministry of Communications, Innovation, and Digital Economy, in collaboration with Meta launch GovGuide 
10. Nigeria’s Digital Regulators Flag Data Sovereignty Risk as Over 90% of National Data is Hosted Outside Its Borders 

Across Africa 

1. SEC Ghana Positions Virtual Assets to Create First Generation of Young Self‑Made Millionaires and Billionaires 
2. Kenya mandates X to establish a local office in 90 days 
3. Malawi’s Communications Regulatory Authority (MACRA) sensitises Courier Operators towards the move to enforce data privacy in this sector 

The Globe 

1. Cambordia charges more than 50 suspects of fraud and money laundering 
2. North Korean Hackers affiliated to 60% of total Crypto Theft Losses in 2025
3. UK Romance Fraud Surges Past £100 Million as Regulators Push Stronger Protections 

Mergers & Acquisitions 

1. Long Lake agreed to acquire Amex GBT in a $6.3bn deal. 
2. Bullish set to acquire Equiniti for $4.2bn 
3. Carta enters the legal sector through its acquisition of Avantia. 

Deals and Raises 

1. Tanzanian fintech startup NALA has secured up to $50 million in credit facilities to expand its global stablecoin payments infrastructure and fuel its next growth phase. 
2. Fasset has secured $51 million in fresh funding to accelerate the expansion of its stablecoin‑powered banking and payments platform across emerging markets in Asia, Africa, and the Americas. 
3. Fasset Raises $51 Million to Scale Stablecoin‑Powered Digital Banking Services.

1. SEC Warns Against Unregistered Online Investment Schemes 

The Securities and Exchange Commission (‘SEC’) has issued a fresh warning about the rising promotion of unregistered online investment schemes on social media, describing them as unauthorized and potentially fraudulent and bearing the hallmarks of Ponzi or other prohibited investment arrangements. Accordingly, investors are urged to verify the registration status of any platform, company, or scheme before parting with funds, as doing otherwise exposes them to the risk of becoming victims of fraud without regulatory protection. This also signifies the importance of businesses staying compliant with regulatory standards, as it keeps them within a closely regulated and controlled environment, reassuring trust and transparency. 

2. EFCC Arrest of Saleh Mamman Signals Tougher Clampdown on Fraud and Money Laundering 

In May, investigators arrested former Power Minister Saleh Mamman in Kaduna after he was convicted of diverting over ₦22 billion meant for hydroelectric projects. The arrest underscores Nigeria’s ongoing anti-corruption drive under the EFCC, showing that even high-level officials can face accountability for fraud and money laundering.  The case reflects the increasing resolve of Nigerian supervisory authorities to clamp down on fraud, money laundering, and abuse of public office, and corrupt administrators are not exempted. 

3. NAICOM and BPP Join Forces to Tighten Insurance Checks in Public Contracts 

The National Insurance Commission (NAICOM) and the Bureau of Public Procurement (BPP) signed a memorandum to strengthen insurance compliance in public contracts, aiming to improve transparency and verification in government procurement. This supports NAICOM’s reform agenda (recapitalization, legal modernization, higher insurance penetration) and BPP’s push for digital processes to reduce corruption. For industry players, this signals tougher oversight and more reliance on insurance bonds in public tenders.

4. Weak KYC on Glovo and Chowdeck Raises Compliance Concerns
   A Techpoint Africa investigation found that food delivery apps Glovo and Chowdeck lacked adequate vendor due diligence. Investigators easily onboarded a fictitious “restaurant” using fake documents, exposing weak KYC (Know-Your-Customer) controls. This shortfall heightens fraud risk and undermines platform integrity, reminding regulators and firms that strict customer/vendor verification is essential to prevent financial loss and reputational damage. Ultimately, compliance is not a mere formality; it is the legal and operational safeguard that protects the market, its users, and the integrity of the business ecosystem. 

5. NGX RegCo Boosts Investor Confidence with Over N500 Million in Recoveries

NGX Regulation Limited (‘NGX RegCo’) recovered over N500 million in investor complaints against market operators. In one case, it secured N326.85 million for an investor over an unauthorised share transaction. The recoveries address legacy issues such as unauthorised trades, disputed proceeds, and account discrepancies. They were supported by stronger surveillance, post-trade controls, and settlement reforms, including direct cash settlement. The move underscores efforts to deepen trust, accountability, and confidence in the capital market.

6. NDPC Expands Data Protection Push with BPP and Governors’ Forum
   Nigeria Data Protection Commission (‘NDPC’) has signed MoUs with the Bureau of Public Procurement (‘BPP’) and the Nigeria Governors’ Forum to strengthen data protection and privacy compliance. The move is aimed at bringing data governance closer to public procurement and state-level administration. For the public, it signals stronger accountability and better protection against misuse of personal data. It also shows NDPC is using collaboration to drive compliance across institutions. In practical terms, data protection is becoming a core part of how the government is expected to operate.

7. NRS and JRB Launch Unified Tax ID System for All Taxpayers in Nigeria
   The Nigeria Revenue Service (NRS) and Joint Revenue Board (JRB) have introduced the Tax ID under the Nigeria Tax Administration Act, 2025. It gives every taxable person in Nigeria a single tax identity for all tax dealings. The system is designed to simplify compliance, improve transparency, and reduce duplication. It will replace the existing TIN Validation API for MDAs, financial institutions, and other organizations. For integration or validation, contact the JRB for individuals, enterprises, and business names, or the NRS for corporate entities.
   
8. CBN Holds Rates Steady to Curb Inflation and Support Economic Stability
   In its May meeting, the Central Bank of Nigeria kept its Monetary Policy Rate at 26.5% and maintained high cash-reserve ratios to continue fighting inflation. This move signals a preference for price stability despite some relief efforts.  For the public, this may help ease price pressures gradually, though credit will likely remain costly. For financial institutions, it means tighter liquidity, as banks must still keep substantial funds with the CBN. The update is important because it shows a continued preference for price stability over cheaper credit. Overall, it signals caution and a deliberate effort to steady the economy. 

9. The Federal Ministry of Communications, Innovation and Digital Economy in collaboration with Meta launch GovGuide
   The Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE) in collaboration with Meta, has launched GovGuide, an AI chatbot designed to give Nigerians easier access to comprehensive information on government services. It signals how public institutions are adopting technology to modernize service delivery.  By leveraging artificial intelligence, the Ministry is making public services more accessible and responsive.
   
10. Nigeria’s Digital Regulators Flag Data Sovereignty Risk as Over 90% of National Data is Hosted Outside Its Borders
    Nigeria’s digital regulators have sounded a strong warning that over 90% of the country’s data is hosted outside its borders, calling this a major risk to national security, economic resilience, and digital sovereignty. NITDA and the Nigeria Data Protection Commission highlighted the need for urgent investment in local data infrastructure, including the Nigerian Sovereign Cloud Project, aimed at strengthening domestic cloud providers, cutting reliance on foreign hyperscalers, and bringing data hosting back into the country.
    

1. SEC Ghana Positions Virtual Assets to Create First Generation of Young Self‑Made Millionaires and Billionaires 

The Securities and Exchange Commission [‘SEC’] Ghana has positioned the country’s virtual assets ecosystem as a catalyst for a new era of wealth creation, potentially producing Ghana’s first generation of self‑made millionaires and billionaires under 40. To achieve this, it has established a Virtual Assets Committee and is working with the Bank of Ghana to implement the Virtual Asset Service Providers Act, 2025, to balance innovation with market stability and investor protection. 

2. Kenya mandates X to establish a local office in 90 days 

The social media platform, X, has been put under a 3-month timeline to establish a local physical presence in the country. This requirement, according to the Cabinet Secretary for the Ministry of Information, Communication and the Digital Economy, forms part of the broader effort towards discouraging social media participation of underage individuals, enforcing content moderation, and ensuring stricter accountability and transparency in the country. 

3. Malawi’s Communications Regulatory Authority (MACRA) sensitises Courier Operators towards the move to enforce data privacy in this sector
   The advent of more businesses relying on online orders and utilising digital systems to provide their services also means more disclosure of personal data of customers that the logistics company or courier services would need to obtain to make package deliveries. This realisation shows an underlying risk of misuse of personal data by these companies, hence prompting the Communications Regulatory Authority to take proactive actions against this. They have organised a workshop to educate these companies on what they can and cannot do with customer records and how to properly manage customer information under the Data Protection Act. This act is driven by an understanding that Trust is now a part of the business. 

1. Cambordia charges more than 50 suspects of fraud and money laundering
   The Cambodian authority has taken bold steps towards curbing money laundering and enforcing improved compliance with regulatory efforts following the recent raids that happened in certain provinces of the country. This raid uncovered several money laundering and fraudulent activities that had been taking place in some areas, some of which had been ongoing since 2024. This step has been applauded by the UNODC, while the investigator and founder of Operation Emrock commented that scams remain a major issue in the country. The situation of fraud has, in fact, led to new legislation that stipulates a life imprisonment sanction for fraud-related activities/offences in the country.

2. North Korean Hackers affiliated to 60% of total Crypto Theft Losses in 2025

Cryptocurrency theft is believed to have become a major revenue stream for the North Korean state, used to support its nuclear weapons program. In just one 2025 incident, North Korean hackers stole $1.5 billion from the cryptocurrency firm Bybit, the largest cryptocurrency theft ever recorded. Although among the recorded theft incidents, only 12% was recorded to be from North Korea, it signifies how they focus on high-value targets. The laundering process is confirmed to be complex where the report reveals that the famous Bybit theft, the stolen ETH was laundered into Bitcoin within a month. To limit risk, CertiK has urged potentially vulnerable companies to use video interviews with liveness checks and background verification designed to detect AI and borrowed identities, apply zero-trust security policies to remote freelancers, inform employees of social engineering risks, introduce withdrawal delays, and protect critical infrastructure such as bridges and hot wallets. 

3. UK Romance Fraud Surges Past £100 Million as Regulators Push Stronger Protections
   UK victims lost over £102 million (about $138 million) to romance fraud last year as criminals increasingly used fake online relationships to manipulate people into sending money, according to the City of London Police. Authorities are urging firms and consumers to treat unsolicited romantic contacts that quickly ask for money or avoid video calls as potential red flags and to report such activity promptly through the national fraud‑reporting service.

1. Long Lake agreed to acquire Amex GBT in a $6.3bn deal.
   Long Lake Management, a US-based investment management firm, has entered into an agreement to acquire American Express Global Business Travel, an enterprise travel management platform, for $6.3 billion in an all-cash transaction.
   
2. Bullish set to acquire Equiniti for $4.2bn
   Bullish, a crypto exchange and Blockchain Technology group, has secured an acquisition deal with Equiniti, a Shareholder Services Company. amounting to $4.2 billion. This deal is set to close by January 2027 following regulatory approvals and standard closing requirements.
   
3. Carta enters the legal sector through its acquisition of Avantia.
   Carta, a software company that manages equity, cap tables, and valuations for companies and investors, is expanding into legal services by acquiring Avantia, a legal and compliance service firm that implements AI to execute solutions provided. The deal’s financial terms remain undisclosed. 

1. Tanzanian fintech startup NALA has secured up to $50 million in credit facilities to expand its global stablecoin payments infrastructure and fuel its next growth phase.
2. Fasset has secured $51 million in fresh funding to accelerate the expansion of its stablecoin‑powered banking and payments platform across emerging markets in Asia, Africa, and the Americas. 
3. Fasset Raises $51 Million to Scale Stablecoin‑Powered Digital Banking Services

We hope you found our May Regulatory Roundup 2026 helpful and informative. If you have questions or insights about the regulatory landscape in your region? Reach out to us on any of our social media handles, email and we would be available to help. Also share your thoughts in the comments below and let’s continue the conversation!

For a deep dive into past regulatory changes, catch up on our April Regulatory Roundup  and explore our complete Regulatory Roundup Archive for more material

Please note that the information provided in this article does not constitute legal advice and should not be construed as such. For legal advice specific to your situation, please consult a legal practitioner.