While smart contracts offer advantages, they also raise legal challenges as to their compatibility with our current legal framework for contracts. Hence, there is a need for traditional contract law to adapt to accommodate this technology in the ever-evolving landscape of Law and technology. Questions about the enforceability and legal status of smart contracts in need to be addressed.
The lack of a centralized legal or institutional framework for the regulation of project financing in Nigeria makes it near impossible to adequately regulate project financing in Nigeria as all that is available are laws that affect transactions surrounding project financing. There is therefore a need for appropriate centralized laws that can aid project financing in Nigeria and encourage foreign investment.
The above provisions show the extent to which the SEC has gone through to ensure proper accountability and transparency of the parties involved in CIS, to guarantee their authenticity as the interest of numerous individual investors are involved. The focus should now be placed on the managers and organizers who operate CIS-related platforms in order to regulate them and ensure due process is followed in the handling of customers’ funds.