MARGINAL FIELDS IN NIGERIA: ALL YOU NEED TO KNOW
On the 1st of June 2020, the Department of Petroleum Resources (DPR) announced the commencement of marginal fields bid round for 2020
Read moreABEL O. AKPEDEYE ESSAY COMPETITION Winning Entries
We are pleased to recognize the winners of the ABEL O. AKPEDEYE ESSAY COMPETITION
Read moreThe Employer’s Right To Hire And Fire: A Paradoxical Principle In The Nigerian Oil And Gas Industry
It is a well settled principle of law that an employer who has a right to hire, also has the right to fire.
Read moreAMOTEKUN Security And The Federal Government’s Stance
The Western Nigeria Security Network (WNSN) on 9th January 2020 declared the formation of Operation Amotekun (Leopard), the first regional security outfit in Nigeria
Read moreFirst ISO Certified Law Firm in Nigeria, 2019
Compos Mentis Chambers became the first ISO Certified Law Firm in Nigeria on the 6th of August, 2019. Quality Management System ISO 9001:2015
Read moreEmokiniovo, Speaker at the 2019 Nigerian Bar Association Conference
Emokiniovo Dafe-Akpedeye was a Speaker at the 2019 Nigerian Bar Association Conference. Tagged – 10 things no one knew at law school – learning to practice or practicing to learn.
Read moreEmokiniovo speaks on Rape as Guest Contributor on Human Rights Radio
Emokiniovo Dafe-Akepedeye of Compos Mentis educates the public as a Guest Contributor on the Human Rights Radio Abuja. Streamed Live on the 20th August, 2019
Read moreHIGHLIGHT ON THE CENTRAL BANK’S REGULATION ON INSTANT (INTER-BANK) ELECTRONIC FUNDS TRANSFERS IN NIGERIA
By Victor Chikezie The Central Bank of Nigeria on the 13th of September 2018 introduced a Regulation for Instant Electronic Transfer Funds (EFT) Services in Nigeria. The new regulation titled: ‘Regulations on Instant (Inter-Bank) Electronic Funds Transfer Services in Nigeria’ was issued to all deposit money banks, microfinance banks, mobile money operators and other financial institutions; with the aim of regulating all Instant EFT services on various payment channels in Nigeria. The Regulation makes provision for Responsibilities of a Sending and Receiving Entity in an EFT, stipulates stiff sanctions for non-compliance, and also provides for Dispute Resolution mechanisms to aid the effective implementation of the rules contained therein. The major highlights of the Regulation are as follows: The Regulation prohibits Sending Entities from providing Instant Electronic Fund Transfer Services to anyone who does not have a bank account in Nigeria. In line with its objective of promoting sound financial systems in Nigeria, the CBN under this Regulation mandates Sending Entities to ensure that EFT messages contain the sender’s name, BVN and Account number, beneficiary’s name, account number and narration information specified by the Customer at the point of initiating the transfer, to aid reconciliation. It provides further that where an EFT fails, the Sending Entity shall refund into the Customer’s account full proceeds returned by the Receiving Entity within 10 minutes of receiving same. The Regulation states that where a sending entity erroneously sends a value contrary to the Customer’s instruction to a receiving entity and requests the reversal in writing within 14 working days of the transaction, the Receiving Entity should oblige within one business day without recourse to the Customer who benefitted from the erroneous transaction provided the funds are available in the wrongly credited Customer’s account. Where the funds are no longer available in the Customer’s account, the Receiving Entity should immediately notify its Customer that the account was wrongly credited and provide proof of such notification to the Sending Entity. Furthermore, the Receiving Entity is to notify the Customer about the consequences of not funding the account within 24 hours, which includes sanctions such as watch-listing, credit bureau, and reporting the Customer to the law enforcement agencies. The Regulation also makes provisions for situations where a transfer is made in error by the Customer. Where the beneficiary is known to the complainant, the apex Bank and the Sending Entity shall encourage the complainant (in this case the Customer who made the erroneous transfer) to contact the beneficiary in an amicable manner for a refund. However, where the beneficiary is unknown to the complainant, the Sending Entity having received a tenable complaint from a Customer shall notify the Receiving Entity. Upon notification, the Regulation provides that the Receiving Entity shall place a lien on the amount in the account of the beneficiary and thereafter obtain the consent of the beneficiary to execute a refund. Again, the Regulation provides that a failed NIP Transaction not reversed into a Customer’s account within 24 hours (based on a complaint from a sender and/or a beneficiary) would attract a sanction of N10, 000 per item. Also, […]
Read moreThe 58th NBA Annual conference commenced in Abuja on Sunday with about 10, 000 lawyers, the biggest gathering in Africa
The Nigerian Bar Association (NBA) Annual General Conference (AGC), which commenced in Abuja on Sunday, is coming on the heels of a number of controversies that have trailed the association in recent weeks. The programme, which will hold August 26-30 in Abuja, will have as its theme: ‘Transition, Transformation and Sustainable Institutions’ with Ghana’s President, Akufo-Addo as keynote speaker. Among the controversial issues is the ratification of the just-concluded NBA national elections by the National Executive Committee (NEC) . The other candidates in the election that produced Paul Usoro (SAN) as the new President of the NBA, were Prof Ernest Ojukwu (SAN) and Arthur Obi-Okafor (SAN) have both criticized the election. There are also rumblings over moves to amend the NBA constitution during the AGM. Lawyers claim the newly elected executive will be used to implement the new constitution. Former General Secretary of the NBA, Femi Adesina (SAN) and former NBA President, Wole Olanipekun (SAN) among others have kicked against the constitution amendment by the Abubakar Mahmoud (SAN) outgoing executive especially in the area of succession of the governing board of the association. “I was the General Secretary of our great Association between August 2002 and August 2004 and a life member of the National Executive Committee, yet I never received the Notice of the proposed Amendment to the Constitution from the General Secretary of the Bar up to the date of writing this publication,” Adesina said. Olanipekun said the amendment is coming despite advice by former presidents and secretaries of the association to postpone such amendment to a later date. “You are advised not to force the amendments on our beloved Association at the AGM, which, with much respect, might be constituted in such a way that the attendees would not readily understand or appreciate the unending conundrum we will be plunged into if the amendments sail through. And in case you insist on going ahead to present the amendments at the AGM, can you be gracious enough, as a lawyer and leader, to circulate this letter of mine to the AGM,” he said. Also, many lawyers have complained that the conference bags for this year’s conference is not with the tablets as contained in the previous edition despite the spending of N750 million to organize the conference and the retention of the fees like the previous year. The 58th conference will have five sub-themes which include Political Transition and Governance; Rule of Law & Security; Sustainable Economic Development; Technological Disruptions; and Diversity and Inclusion. The stakeholders will examine the theme of ensuring peaceful and successful transitions, drawing references from Africa, the Americas, Asia and Europe. The NBA AGC will be held in partnership with the British-Nigeria Law Forum (BNLF), the Bar Council of England and Wales, the American Bar Association (ABA) and other bar associations from across the continent and they have offered to provide technical support to the conference planning. About 10, 000 lawyers, the biggest gathering in Africa, are expected to attend the conference in Abuja. Besides, the keynote address by the President of the Republic of Ghana, Nana Akufo-Addo, there will be a conversation with […]
Read moreLawyers’ vox populi on the 58th annual general conference of the NBA
Our association should be concerned with members welfare, rule of law’SHUAIB ALARAN I think a lot of people have been debarred the opportunity of attending the conference. It looks to me that certain cabals, who actually want to restrict the attendance of the conference to only the moneybags, have hijacked our noble association. It will interest you to know that the registration fee for members who are just between 1 to 5 years is N80, 000, which is the least. Members who are 20 years and above are to pay N300, 000, while the SANs will pay N500, 000, apart from the practicing fees and the branch dues already paid by these members. To me, this is purely exploitative, to say the least. The executive members of the association did not take into cognizance, the economic realities in Nigeria before fixing these exorbitant fees. We should also bear in mind that lawyers’ incomes are very irregular. In all of these, my dream NBA is that which will be concerned at all times with the welfare of its members; an association that will ensure that there is absolute compliance with the rule of law. A body, which will be the mouthpiece of the downtrodden in the fight against corruption! What I observed is that almost everybody is contesting for one position or the other in the NBA for his or her selfish interest, to make money for themselves in particular, among other benefits. ‘NBA requires total makeover’ OYENIJI OLUYINKA If I have any expectation, it is that other lawyers, especially the young ones should set up an alternative association like many organs of governance in this country. The association has had its cradle steadily desecrated. The only rationale for being a member and being called one is to pay Practice Fee. Those have been astronomical by your years of supposed practice at the bar. So we pay, not because we believe the funds are judiciously utilized but because we would want to practice. The entire processes of the last elections were a ruse. If the banking sector has produced BVN, why can’t all lawyers be automatically recognised and businesses of the NBA conducted online? The NBA has been unable to maintain any justifiable fight nor championed one to a logical conclusion. We cannot even fight for the bench nor improved judicial processes. The NBA definitely requires a total makeover, now, more than ever before! ‘The Bar should re-engineer itself’ LAYI BABATUNDE (SAN) We look forward to a period of happy reunion, in spite of the challenges our country is going through at the moment. Moving forward, one hopes, that the Bar will re-engineer itself ready and able to play our role as a vibrant and dependable bull work in the defence of the rule of law, democracy and democratic norms, especially now, that major elections are around the corner. I believe this can be done while ensuring the sustainability and growth of our profession, both as a business and social service! ‘We need vibrant NBA’ BAMIDELE OGUNDELE There is no alternative to rule of law, except anarchy. The rule of law must be obeyed. […]
Read more
