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Regulatory Law in Nigeria

Description: This quiz assesses your knowledge about Regulatory Law in Nigeria.
Number of Questions: 15
Created by:
Tags: regulatory law nigeria legal framework
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Which agency is responsible for regulating the financial sector in Nigeria?

  1. Central Bank of Nigeria (CBN)

  2. Securities and Exchange Commission (SEC)

  3. National Insurance Commission (NAICOM)

  4. Federal Competition and Consumer Protection Commission (FCCPC)


Correct Option: A
Explanation:

The Central Bank of Nigeria (CBN) is the apex regulatory body for the financial sector in Nigeria. It is responsible for regulating banks, other financial institutions, and the foreign exchange market.

What is the primary legislation governing environmental protection in Nigeria?

  1. Environmental Impact Assessment Act (EIA Act)

  2. National Environmental Standards and Regulations Enforcement Agency (NESREA) Act

  3. Federal Environmental Protection Agency (FEPA) Act

  4. Oil Pipelines Act


Correct Option: A
Explanation:

The Environmental Impact Assessment Act (EIA Act) is the primary legislation governing environmental protection in Nigeria. It requires that an environmental impact assessment be conducted for certain projects and activities that may have a significant impact on the environment.

Which agency is responsible for regulating the telecommunications sector in Nigeria?

  1. Nigerian Communications Commission (NCC)

  2. National Broadcasting Commission (NBC)

  3. Nigerian Postal Service (NIPOST)

  4. Federal Ministry of Communications and Digital Economy


Correct Option: A
Explanation:

The Nigerian Communications Commission (NCC) is the regulatory authority for the telecommunications sector in Nigeria. It is responsible for licensing and regulating telecommunications operators, allocating spectrum, and ensuring the quality of telecommunications services.

What is the primary legislation governing consumer protection in Nigeria?

  1. Consumer Protection Act (CPA)

  2. Federal Competition and Consumer Protection Commission (FCCPC) Act

  3. National Agency for Food and Drug Administration and Control (NAFDAC) Act

  4. Standards Organisation of Nigeria (SON) Act


Correct Option: B
Explanation:

The Federal Competition and Consumer Protection Commission (FCCPC) Act is the primary legislation governing consumer protection in Nigeria. It establishes the FCCPC, which is responsible for promoting competition, protecting consumers from unfair trade practices, and regulating consumer protection issues.

Which agency is responsible for regulating the oil and gas sector in Nigeria?

  1. Department of Petroleum Resources (DPR)

  2. Nigerian National Petroleum Corporation (NNPC)

  3. Petroleum Products Pricing Regulatory Agency (PPPRA)

  4. Nigerian Content Development and Monitoring Board (NCDMB)


Correct Option: A
Explanation:

The Department of Petroleum Resources (DPR) is the regulatory agency for the oil and gas sector in Nigeria. It is responsible for licensing and regulating oil and gas exploration and production activities, as well as ensuring the safety and environmental protection of oil and gas operations.

What is the primary legislation governing data protection in Nigeria?

  1. Data Protection Regulation (DPR)

  2. National Information Technology Development Agency (NITDA) Act

  3. Cybercrimes (Prohibition, Prevention, etc.) Act

  4. Freedom of Information Act (FOIA)


Correct Option: A
Explanation:

The Data Protection Regulation (DPR) is the primary legislation governing data protection in Nigeria. It sets out the principles and requirements for the collection, processing, and storage of personal data.

Which agency is responsible for regulating the electricity sector in Nigeria?

  1. Nigerian Electricity Regulatory Commission (NERC)

  2. Transmission Company of Nigeria (TCN)

  3. Nigerian Bulk Electricity Trading Plc (NBET)

  4. Rural Electrification Agency (REA)


Correct Option: A
Explanation:

The Nigerian Electricity Regulatory Commission (NERC) is the regulatory authority for the electricity sector in Nigeria. It is responsible for licensing and regulating electricity generation, transmission, distribution, and trading activities, as well as ensuring the safety and reliability of electricity supply.

What is the primary legislation governing competition law in Nigeria?

  1. Federal Competition and Consumer Protection Commission (FCCPC) Act

  2. Competition and Consumer Protection Act (CCPA)

  3. National Competition Policy (NCP)

  4. Anti-Trust and Economic Concentration Act


Correct Option: A
Explanation:

The Federal Competition and Consumer Protection Commission (FCCPC) Act is the primary legislation governing competition law in Nigeria. It establishes the FCCPC, which is responsible for promoting competition, preventing anti-competitive practices, and protecting consumers from unfair trade practices.

Which agency is responsible for regulating the aviation sector in Nigeria?

  1. Nigerian Civil Aviation Authority (NCAA)

  2. Federal Airports Authority of Nigeria (FAAN)

  3. Nigerian Airspace Management Agency (NAMA)

  4. Accident Investigation Bureau (AIB)


Correct Option: A
Explanation:

The Nigerian Civil Aviation Authority (NCAA) is the regulatory authority for the aviation sector in Nigeria. It is responsible for licensing and regulating airlines, airports, and other aviation-related businesses, as well as ensuring the safety and security of air travel.

What is the primary legislation governing intellectual property rights in Nigeria?

  1. Copyright Act

  2. Trademarks Act

  3. Patents and Designs Act

  4. Industrial Property Act


Correct Option: A
Explanation:

The Copyright Act is the primary legislation governing copyright protection in Nigeria. It provides protection for literary, artistic, musical, and other creative works.

Which agency is responsible for regulating the maritime sector in Nigeria?

  1. Nigerian Maritime Administration and Safety Agency (NIMASA)

  2. Nigerian Ports Authority (NPA)

  3. National Inland Waterways Authority (NIWA)

  4. Maritime Academy of Nigeria (MAN)


Correct Option: A
Explanation:

The Nigerian Maritime Administration and Safety Agency (NIMASA) is the regulatory authority for the maritime sector in Nigeria. It is responsible for regulating shipping, maritime safety, and marine environmental protection.

What is the primary legislation governing corporate governance in Nigeria?

  1. Companies and Allied Matters Act (CAMA)

  2. Securities and Exchange Commission (SEC) Act

  3. National Code of Corporate Governance

  4. Financial Reporting Council of Nigeria (FRCN) Act


Correct Option: A
Explanation:

The Companies and Allied Matters Act (CAMA) is the primary legislation governing corporate governance in Nigeria. It sets out the requirements for the formation, operation, and dissolution of companies, as well as the rights and responsibilities of shareholders, directors, and other stakeholders.

Which agency is responsible for regulating the solid minerals sector in Nigeria?

  1. Ministry of Mines and Steel Development

  2. Nigerian Mining Corporation (NMC)

  3. Solid Minerals Development Fund (SMDF)

  4. Nigerian Geological Survey Agency (NGSA)


Correct Option: A
Explanation:

The Ministry of Mines and Steel Development is the regulatory authority for the solid minerals sector in Nigeria. It is responsible for formulating and implementing policies and regulations for the exploration, mining, and processing of solid minerals.

What is the primary legislation governing the regulation of trade unions in Nigeria?

  1. Trade Unions Act

  2. Labour Act

  3. National Industrial Court Act

  4. Employment Act


Correct Option: A
Explanation:

The Trade Unions Act is the primary legislation governing the regulation of trade unions in Nigeria. It sets out the requirements for the formation, registration, and operation of trade unions, as well as the rights and responsibilities of trade unions and their members.

Which agency is responsible for regulating the advertising industry in Nigeria?

  1. Advertising Practitioners Council of Nigeria (APCON)

  2. National Broadcasting Commission (NBC)

  3. Federal Competition and Consumer Protection Commission (FCCPC)

  4. Standards Organisation of Nigeria (SON)


Correct Option: A
Explanation:

The Advertising Practitioners Council of Nigeria (APCON) is the regulatory authority for the advertising industry in Nigeria. It is responsible for regulating advertising content, ensuring compliance with advertising standards, and protecting consumers from false and misleading advertising.

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