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The Code of Conduct For Public Officials

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When you see public officials act with so much impunity and total disregard for laws and ethics one would be forced to imagine that there is no law regulating their activities but there is; that law is the Code of Conduct Bureau and Tribunal Act. This law gives directives on how elected/appointed public officials should act and conduct themselves while they are in office; for starters, this law forbids them from awarding contracts to their friends or family members or to anyone who may be remotely related or close to them, this law also mandates them to declare their assets and let the whole world know what they own and what they owe before they assume the office, this law as well forbids them from taking bribes or kickbacks etc. This law also provided for the specific court they will be prosecuted if they breach any of the provisions. 

The primary purpose of the Code of Conduct Bureau and Tribunal Act in general is to enforce a high standard of morality and ethics in the public service sector and its officials. The Code of Conduct Bureau and Tribunal Act, Chapter 58 LFN 1990 gave the Bureau the mandate to establish and maintain a high standard of public morality in the conduct of government business and to ensure that the actions and behavior of public officers conform to the highest standards of public morality and ethics. 

The Code of Conduct Tribunal is a court that was established by the Constitution of the Federal Republic of Nigeria, The Tribunal is empowered to try public officials who are in breach of the provisions of the Code of Conduct Bureau and Tribunal Act; Just like the elections petition tribunal is established to hear election petitions and other related matters, code of conduct tribunal is at the same vein established to try conducts of public officials and other related matters. 

Some of the major areas this law hammered on are; the prevention of a government official from awarding contracts to his or her family members, the requirement of public officials to declare their assets, liabilities, and business interests and prohibits them from using their positions to benefit themselves or their families. Every public official is required by Law to declare his/her assets/liability including that of his spouse(s) who is not a Public Officer and even that of his or her children who are under 18 years of age.

This declaration of asset requirement is also a constitutional provision as it has been provided for in paragraph 11 of the 5th Schedule of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and failure to declare your assets as required by both the Constitution and the code of conduct bureau and tribunal act shall attract not just conviction of the offender but also (a) Removal from office, (b) Disqualification from holding any Public office, (c) forfeiture to the state any property which was undeclared. 

Specifically, Section 5 of the Act prohibits public officers from carrying out any business with the government except through an open and competitive process. It also prohibits them from engaging in any transaction that involves a conflict of interest or which may result in personal gain. Any public official who violates these provisions can be investigated, prosecuted and penalized by the Code of Conduct Tribunal.

Every/any politician who has contested and won the election to occupy a particular elective position and any political appointee who has been appointed to occupy any position is bound and regulated by this law; from the president to the governors, down to the local government chairmen including the appointed Director Generals and heads of agencies and government parastatals.

Zenith Bank Enters MoU With French Government to Set up A Subsidiary in France

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Nigeria’s multinational financial service provider, Zenith Bank, has formalized an agreement with the French Government to set up a subsidiary in France through the signing of a Memorandum of Understanding (MoU).

The MoU was signed by Zenith Bank founder and Chairman Jim Ovia and the French Minister for Trade, Attractiveness, and French Nationals Abroad, Mr. Olivier Becht on Friday, November 24, 2023.

This strategic move will enable Zenith Bank, through its wholly owned subsidiary, Zenith Bank (UK) Limited, to seek and secure the requisite regulatory approval from the Autorite’ de Controle Prudentiel et de Resolution (ACPR) to establish a strategic presence in France.

Speaking during the signing ceremony Zenith Bank founder Jim Ovia said that with the signing of the Memorandum of Understanding, the bank will be looking forward to securing a license and commence operations in the first half of 2024.

In his words,

“It gives me great pleasure to welcome you to Nigeria and Zenith Bank. I am indeed very delighted about the signing of this MoU with France. For me, it is an honor to do this on behalf of the bank, and we look forward to securing the license and starting operations in early 2024″

Also speaking during the ceremony, the French Minister for Trade, Attractiveness and French Nationals Abroad, Mr. Olivier Becht, said,

“I want to thank you very much for your decision to open a branch of Zenith Bank in Paris. We are thrilled to welcome France Zenith Bank’s first office inside the European Union. For us, that’s a very good signal, and it is undoubtedly a demonstration of confidence.

“No doubt also that your vision on international finance guided you to decide to open this branch and this decision in many respects can also be regarded as a milestone in French-Nigerian economic relations and an illustration of our friendship”.

Zenith Bank’s signing of an MoU with the French government will see the bank exponentially expand its operations beyond Africa, with the recent endorsement of a strategic presence in France.

It also seeks to maintain its position as a leading service provider in Nigeria while expanding operations internationally in West Africa and the financial capitals of the world, replicating its leading formula for success.

This move will no doubt position Zenith Bank as a leader and notable player in the banking sector, as it deepens its presence across the globe. The Nigerian multinational financial service provider currently has a presence in China, the UK, The Gambia, Ghana, Sierra Leone, and the UAE.

Zenith Bank’s overall vision is to make it a reputable international financial services network recognized for innovation, superior Customer Services, and performance while creating premium value for all stakeholders.

Notable Provisions Of The Land Registration Law Of Lagos State

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This write-up deals with the provisions of law regarding the registration of titles to land in Nigeria’s economic capital, Lagos State, specifically in the form of the Land Registration Law Of Lagos State, specifically in the areas of interpretations, registration and land registry divisions, the appointment of officers, and the general powers of the registrar.

What are some of the important interpretations highlighted in the law?

 – Adverse Possessions :- Include the receipt of rent by a person wrongfully claiming land in reversion. 

– Certificate :- This means a certificate as evidence of holding of title and other matters issued under the provisions of this law. 

– Commissioner :- Means the commissioner for lands, Lagos State or any other person appointed to act in this capacity. 

– Court :- Means the High Court of Lagos State and includes any court of superior jurisdiction. 

– Disposition :- Means any act performed where the rights of persons in or over land or any sublease or mortgage are affected otherwise than by an act not yet done in a contract or agreement and includes any acquisition by operation of law. 

– Document:- Includes any deed, judgment, decree or other document in writing requiring or capable of registration under this law and can also mean a Certificate of Occupancy (C of O). 

– Doctrine of Relation Back :- A principle that something done today will be treated as if it was done earlier. 

– Easement :- Means any right which may be the subject of a deed of grant attached to land where the use by the holder of the land is. 

What does the law say about registrations and land registry divisions?

 – Every document of interest or title to land in Lagos State shall be registered in accordance with the provisions of this law. 

– The governor shall create land registry divisions in the state. 

– The governor may order the publication of boundaries demarcating any land registry division in the gazette and such an order may be amended for the purpose of :- 

a). Constituting any new land registry division. 

b). Adjusting boundaries of any existing land registry division.

– The registry shall be the office for the registration of all documents relating to land. 

– There shall be maintained in every office of each land registry division the following:- 

a). A register of all transactions relating to transfer of interest in land in electronic and paper form. 

b). A map to be known as the land registry map. 

c). Parcel files containing documents any filed plan which supports existing entities in the register. 

d). A record to be known as the mutation record. 

e). A register of powers of attorney. 

What does the law say on the appointment of officers? 

– The law provides that the governor shall appoint :- 

a). A registrar of titles who shall be a legal practitioner of not less than 10 years post call experience and shall be under the general direction of the commissioner. 

b). A deputy-registrar for each land registry division in the state who shall be a legal practitioner of not less than 8 years post call experience. 

c). A land surveyor in the civil service to head the survey unit of the land registry. 

– The registrar shall be responsible for all matters relating to the registration of interest in land and the control and administration of all land registry divisions created under this law.

What are the general powers of the registrar under the law? 

– The registrar and the deputies have the powers to :- 

a). Require the holder of a legal interest or any interested person to produce any document relating to any particular land or encumbrance. 

b). Summon the holder of a legal interest or any interested person to appear and give information in respect of any land, encumbrance affecting the land or other documents relating to the land or encumbrance. 

c). Refuse to register any document presented to him, if such document is withheld or anything required by him to be done under this law is not done. 

d). Administer oaths & require that any proceeding, information or explanations affecting registration be verified on oath.

Section II

This second article installment deals with the provisions of the Land Registration Law Of Lagos State regarding the topics of :-

– Cases where land registration is permitted.

– Registration of grants and sub-leases of same land.

– The refusal of documents for registration.

– The declaration of encumbrances.

What are the cases in which registration is permitted under the law?

– The law provides that any person, who has the power to assign or is entitled in law or equity to any land, may apply to be registered as the land holder. However, the registrar shall not register any power of attorney relating to transfer of land on which the consent of the governor has not been endorsed.

What does the law provide on the registration of grants and subleases of same land?

– A grant or sub-lease of state land for a term exceeding 5 years shall be delivered by the appropriate land officer with a duplicate copy of the grant or sublease to registrar, who on receipt of evidence of payment of the prescribed fee shall register the grantee or lessee as the holder of the grant or sublease.

What does the law say on the refusal of documents for registration?

– Where a document and a true copy of the document are delivered for registration, and after examination by the registrar :-

a). the document is declared to br void or its registration is prohibited by this law; or

b). the copy is declared not to be a true copy, or does not comply with any provision made under this law,

– The registrar shall refuse to register such document and shall endorse in red ink across the document and on its copies, the words “Registration Refused” and append his signature on it.

– When registration of a document is refused, the fee paid on delivery for registration shall not be refunded and in the event of the document being re-delivered for registration, a new fee becomes payable.

What does the law say on the declaration of encumbrances?

– The registrar may before completing a registration, require that the applicant and any other person appearing to have knowledge of facts to make a statutory declaration in the prescribed manner that all encumbrances and material facts have been disclosed.

What does the law say on the marking of documents?

– Before registering any person as a holder of any land or sublease, the registrar shall mark all documents given to him that relate to such land or sublease in a manner he thinks necessary to prevent the concealment of the registration.

Section III

The more complex provisions of the Land Registration Law Of Lagos State will be looked at in this 3rd article instalment, especially the provisions of the law on :- 

– The land registry map.

– The power of the registrar to require survey and amend boundaries.

– Combinations & subdivisions.

– Alteration of contiguous parcels of registered land.

The Land Registry Map 

– There shall be a land registry map referred to in the law as “The map”, showing the boundaries of every parcel of land that is registered and it shall be drawn to a scale that is approved by the surveyor-general.

– The map shall contain the number of sheets and any other information that the registrar seems necessary.

– A document creating any interest in land shall not be registered without a survey plan describing and delineating the particular land.

– A survey plan in respect of any land parcel may be filed at any time to supplement the information available from the land registry map.

– The filing of such a plan shall be noted in the register.

The power of the registrar to require survey and amend boundaries 

– The registrar may require a survey plan for any land and may after consulting with and obtaining the written permission of any person likely to be affected by the request, alter or replace the map or any part of it as a result of such survey.

– There shall be a mutation record form and no alteration of any boundary shown on the map shall be made except as directed by the registrar by means of a mutation record, which shall then be filed in the land registry.

– Where the boundary of a land parcel is altered, its number shall be cancelled and the altered parcel shall be given a new number.

– The registrar may either direct that the part or whole of a new map be prepared or that an obsolete part of a new map be omitted.

Combinations & Subdivisions 

– Where contiguous parcels of registered land are held by the same person and are subject to the same rights and obligations, the registrar, if the land holder applies shall combine the parcels by closing their registers and opening new registers for the combination.

– Where 2 contiguous parcels of registered land are held by separate holders but sold to one person, the registrar shall upon the application if the holder combine the parcels register the title in the name of the purchaser.

The alteration of antiguos parcels of registered land :- 

– Where the holder of contiguous land parcels desires to alter the boundaries of such land parcels, the registrar may, if he is satisfied that the land holder has received the consent of the governor or other persons having interest in such land parcels – 

a). Cancel the relevant registers relating to such parcels of land by means of a mutation record.

b). Prepare a new register in accordance with the scheme of subdivision or alteration of boundaries.

Section IV

This final article installment will be focused on the provisions of the Land Registration Law Of Lagos State concerning the topics of :-

– Severability of registered interests.

– Establishment of the Land Information Management System (LIMS).

– Registers to be kept in the LIMS.

– Contents of the register in the LIMS.

Severability of registered interests :-

– Where a person has interest in any land parcel registered in his name, and further acquires other interests in other land parcels, the newly acquired interest shall not be merged with the existing interests unless the –

a). Surrender or discharge is registered.

b). Parcels are combined in one title and are contiguous to each other.

c). Documents evidencing the disposition had been obtained.

– Interests referred to above apply to:

a). Interests of the sublessor and the sublessee.

b). Interests of the mortgagor and mortgagee.

c). The holder of land burdened with an easement, a right or privilege or restrictive covenant of land which allows joinders.

Establishment of the Land Information Management System (LIMS) :- 

– There is established in the Lagos State Land Registry, the Land Information Management System (LIMS) .

Land documents to be registered by LIMS 

– Every land document shall be registered using the LIMS including those documents registered at the land registry before the commencement of this law.

Registers to be kept in the LIMS :– 

– For the purpose of registration of documents by the LIMS , the following types of registered relating to information on land shall be kept in the land registry –

a). Day list.

b). Mortgages.

c). Caution.

d). Any other register prescribed for use by the registrar.

– The registers shall provide information on the subject and files as prescribed by the registrar in the LIMS.

– All registers kept in the offices of the land registry before the commencement of this law shall form part of the register to be included in the LIMS.

Contents of the register in the LIMS :- 

– Names and addresses of the parties to the transaction.

– Description of the property.

– Location of the property.

– Survey plan of the property.

– All other information that may be deemed necessary.

The Internet Financial System has Arrived

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The Internet has revolutionized many aspects of our lives, from communication to entertainment to education. But one area that has lagged behind is finance. The traditional financial system is still largely based on centralized intermediaries, such as banks, payment processors, and regulators, that impose high fees, slow transactions, and limited access.

But that is changing. A new wave of innovation is emerging on the Internet, powered by blockchain technology and smart contracts. This is the Internet Financial System (IFS), a decentralized and open network that enables anyone to create and exchange value without intermediaries.

The IFS has many advantages over the traditional financial system. It is more efficient, transparent, inclusive, and resilient. It allows users to have full control and ownership of their assets, without relying on third parties. It enables new forms of financial services, such as peer-to-peer lending, crowdfunding, and prediction markets. And it creates new opportunities for economic growth and social impact.

The IFS is not a distant vision. It is already here and growing rapidly. According to DeFi Pulse, the total value locked in decentralized finance (DeFi) protocols, which are the building blocks of the IFS, has increased from less than $1 billion in January 2020 to over $100 billion in November 2021. The number of users, developers, and projects involved in the IFS is also expanding exponentially.

The IFS is not without challenges. It faces technical, regulatory, and social hurdles that need to be overcome. It also requires a high level of responsibility and education from its participants, as there are risks and trade-offs involved in using this new technology. But these challenges are not insurmountable. They are opportunities for further innovation and collaboration.

How can you get involved in the IFS?

There are many ways to participate in this exciting movement. You can start by learning more about the concepts and technologies behind the IFS, such as blockchain, smart contracts, DeFi, and cryptocurrencies.

You can also explore some of the platforms and applications that are part of the IFS ecosystem, such as Uniswap, Compound, MakerDAO, Aave, Chainlink, and many others. You can also join some of the communities and networks that are driving the development and adoption of the IFS, such as Ethereum, Polkadot, Solana, Binance Smart Chain, Cardano, and many others.

The IFS is open to everyone who wants to be part of it. You don’t need any special skills or qualifications to join. You just need curiosity, enthusiasm, and willingness to learn and experiment. The IFS is a journey of discovery and empowerment. The IFS has arrived.

The IFS is not a threat to the traditional financial system. It is a complement and an enhancement. It offers a new paradigm that can coexist and cooperate with the existing one, creating more value and choice for everyone. The IFS is not a zero-sum game. It is a positive-sum game. The IFS is not a fad or a hype. It is a reality and a necessity. It is the next frontier of the Internet, and the future of finance. The IFS has arrived.

Thank You Lagos Business School for Extending the Invitation for Ndubuisi Ekekwe To Deliver Today’s Special Address

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Thank you Lagos Business School for extending the invitation for this village guy to deliver a Special Address before young people. #AfricaAgenda2063.

Check your records and you will see that I applied to teach part-time in your school, as an entry level Diamond Bank banker.  Prof Albert J. Alos and Prof Pat Utomi, impressed by my records, invited me for an interview. Everything was going fine until Prof Alos asked me if I could “teach PGD [Diamond Bank founder]”. On that one, I said ‘Not possible, of course’.

They all laughed – and then told me “you will need more experience. Continue to do well in your current job”. Both were kind enough to walk me to the LBS gate. Days later, I received a nice but “sorry” letter from the business education temple for the audacious confidence that I could serve as a part-time priest.

As always, thanks for remembering the village team. You have raised business generations; #respect.