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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.

Three Bites of the Cherry – featuring Bitcoin, Blast and Polygon

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AFTER ALL THE ANTI-POW (PROOF OF WORK) RHETORIC ABOUT BITCOIN FOR BEING A CLIMATE CHANGE CATALYST, IT IS NOW ‘GREEN’ – APPARANTLY.

A new whitepaper published last week titled “Leveraging Bitcoin Miners as Flexible Load Resources for Power System Stability and Efficiency” claims that Bitcoins’ mining techniques which have rapid response to load changes, can aid in integrating renewable energy sources such as wind and solar power more effectively in power grids.

There is a saying that the simpler a statement is kept, the easier it is to lie. A lie can be done in one line, or sometimes a word, but it can take several paragraphs to tell the full truth.

The simple lie about Bitcoin Mining being bad for the environment, is that mining uses electrical energy and lots of it.

This was pushed by institutional investors, who shied away from Bitcoin and PoW blockchains in general, because there is less money in it for them. Centralized ‘Layered’ ecosystems, which include EVMs, L2s, virtual product networks, and online retail actors, can provide 4, and sometimes 5 layers though which institutional investors can gain greenbacks.

They have lawyers, accountants, corporate staff that drive to work… They have marketing and promo folk who fly around the world burning air fuel to attend ‘Web3’ events.

They have sweat shops in Asia churning out ‘merch’.

When does Bitcoin, or any PoW blockchain owned by nobody, do this? Who’s really green?

Bitcoin mining has now been recognized as crucial for enhancing clean energy usage and stabilizing electrical grids.

The paper’s contributors aren’t all people with skin in the Web3 game, so conflict of interest and anchor bias is minimal.

It includes Murray Rudd, a science advisor, and Shaun Connell, Executive Vice President of Power at Lancium, a Houston-based tech company… also Brad Jones, former president and CEO of the Electric Reliability Council of Texas (ERCOT).

The paper provides real-world examples of case studies in Texas where Bitcoin miners have actively participated in demand response programs, so it’s more than just a thesis. Source – cryptomode.com

NEWEST ETHEREUM ‘LAYER 2,’ BLAST, SCRUBS A PYRAMID-SHAPED DIAGRAM FROM ITS WEBSITE

“You get points when your invites get points and their invites get points,”

..read an archived diagram from Blast’s website in the shape of a pyramid rotated 90 degrees. Blast advertised up to 16% referral points for a member’s referrals and 8% for referrals’ referrals.

Earning revenue from referrals’ referrals is, of course, the hallmark of a multi-level marketing scheme – i.e. PYRAMID.

‘Wait I thought this was a meme but this is a real diagram of the Blast L2 invite system … Bro it’s an actual pyramid scheme ? ‘ exclaimed Tytan.eth   (@Tytaninc) Nov 21,  on X.

Blast has over half a billion dollars in staked Ethereum and hasn’t yet launched its testnet.

Its anonymous founder goes by the handle @PacmanBlur and previously co-founded the NFT marketplace Blur. Other pseudonymous staffers include ‘CL,’ ‘DegenSpartan,’ Andrew Kang, and ‘Santiago.’

Investors can’t pull out, and their funds are stuck, at least until February, when Blast says it will launch its bridge. Until then, Blast hands out ‘Blast points’ from its multi-level marketing scheme (read PYRAMID). – Source Protos.com

IS POLYGON NOW EXITING WEB 3, AND LEVERAGING NO BLOCKCHAIN AT ALL??

Polygon now have a new type of token – PRC 20. It apparently works in a similar fashion to Ordinals off Bitcoin.

The tokens are (supposedly) created using transactional calldata on Polygon’s off chain (off-eth) architecture, instead of the normal ERC 20, which retains the bulk of a key offchain, but is still linked through a tiny piece of meta data to L1 Eth.

Does it make a difference?

Well, notionally it would mean maybe less security, but technically?

Polygon is a scaling system off Ethereum, but it is incorrect to say it is ‘scaling ethereum’. It seems many content writers (annoyingly) write this about Layer 2 networks in general.  Ethereum is still Ethereum. EaaS isn’t a product of networks built off it.  Eth token protocols allow scaling systems to build faster than Ethereum itself, and that scaling is achieved by splitting data, and keeping more of it on off-chain networks.

Another claim ‘Web 3’ content writers commonly make, is to say ‘Scaling Solution Name’ combines the scalability of an off-chain network with the security of Ethereum.

THIS IS SIMPLY A LIE. No other word for it.

Security is purely down to the robustness of the off-chain network. It matters little if the core is Ethereum, or if it’s built off the newer BRC 20 etc off Bitcoin, or other similar protocols linked to for example, Handshake, Solana or Cardano.

Inaccessibility to meta data on the blockchain core when the off-chain network has been hacked, will prevent theft, but it won’t prevent industrial sabotage. With commercial networks like Polygon, Arbitrium, X Immutable and others all chasing transaction business, but consumer end virtual assets being only a fraction of what they were worth 2 years ago, network sponsored hacking can be far more lucrative for a hacker than stealing subjective value assets.

Perception though is always marketable, and the perception of L2s and extended off-chain networks being ‘Web 3’ was notionally linked to their relationship with a blockchain core, most notably, Ethereum.

‘Layer 2 solutions are gaining traction, but many equate them with blockchains, which, in fact they aren’t. – Soban Raza.

Ethereum mainnet ‘ordinal’ type solutions have already been done. Developers named them ‘Ethscriptions’, which use the ESC-20 token standard. The protocol was launched in mid-June by Ethereum developer Tom Lehman.

The ‘ordinals’ that PRC 20 ‘inscribes’ don’t appear to be ‘Ethscriptions’ and are obviously not Satoshis – so where are they?

If they are internally on Polygon, this breaks a link with any blockchain. This means the process is completely centralized end-to-end. You might as well try to ‘mint’ to Kotak, Axis or JP Morgan!

It would put the perception of Polygon as ‘Web 3’ in jeopardy, not only for Polygon itself, but all others building on it. Source – The Block.

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Background Sourced 28/11/23 from

Block.io, Protos.com , Cryptomode.com

 

The Best Crypto Showdown: GameStop Memes Takes on Polygon and Aave with 300x ROI Dream

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In the world of cryptocurrencies, three notable contenders have risen to captivate the attention of both investors and enthusiasts: Polygon (MATIC), Aave (AAVE), and GameStop Memes (GSM).

Each of these digital currencies possesses distinctive qualities and promises, making this comparative article an exploration of their recent advancements and the exhilarating prospects they hold for the cryptocurrency landscape’s future.

Polygon: Redefining Blockchain Technology

When we talk about the world of Polygon, we are talking about a blockchain project that has a strong focus on community and ecosystem development. In a space fueled by innovation, initiatives that benefit the entire community take centre stage.

Polygon, characterised by its non-excludable and non-rivalrous nature, encompasses elements like open-source code, which forms the foundation of the modern Internet. In the context of the blockchain sector, funding is channelled towards projects that make positive contributions but may lack financial sustainability independently.

The introduction of the Community Treasury in the POL Whitepaper brings ongoing, self-sustainable economic support to Polygon. With a guaranteed 1% per year emission rate of POL or approximately 100 million POL in absolute terms, this treasury ensures critical support for Polygon’s growth and development. It promotes decentralisation, transparency, and community inclusion, marking a significant step forward in Polygon’s journey.

Aave: The Safest Choice in DeFi?

Moving on to Aave, we encounter a community-led grants program that empowers the Aave protocol’s community developers. Security is a top priority, with the protocol audited by leading security firms. Aave’s treasury, composed of the ecosystem reserve and treasury collectors, earns fees from various sources, including the reserve factor and instant liquidity fees.

The Aave Safety Module further enhances protocol security with a safe backstop for potential insolvency situations. Currently secured with $405,703,339 worth of Aave tokens, this module provides an extra layer of protection.

Aave, a prominent player in the decentralized finance sector, offers lending and borrowing capabilities. Users can earn interest on deposits, and borrowers can use their crypto as collateral to access a wide range of supported assets. AAVE, the native token, holds governance power and offers staking rewards.

GameStop Memes: The Best Crypto to Get

GameStop Memes is a cryptocurrency that has swiftly risen to prominence within the crypto sphere, capturing the attention of enthusiasts and investors alike. GSM’s remarkable presale figures have been nothing short of extraordinary, turning heads and sparking significant interest within the crypto community.

But GSM isn’t merely another meme coin; it signifies a dynamic and tightly-knit crypto community brimming with potential to create a substantial impact in the crypto landscape. GSM’s presale phase, which has already generated an impressive $2 million, is a testament to the growing enthusiasm and engagement of its community members. The coin’s ability to attract substantial investments and create substantial buzz demonstrates the power of unity within its ranks.

As the crypto landscape continues to evolve, GSM’s presale phase offers an enticing opportunity to join a community that is actively reshaping the crypto game. With its unique blend of community strength and potential for growth, GSM has sparked curiosity and optimism, prompting questions about whether it could redefine the future of the crypto world.

The crypto world is witnessing a fascinating showdown between Polygon, Aave, and GameStop Memes. Each project brings its unique strengths to the table, and the competition for dominance is heating up. Whether it’s Polygon’s commitment to community funding, Aave’s focus on security and innovation, or GameStop Memes’ vibrant community, the future of cryptocurrency holds exciting possibilities.

As investors and enthusiasts, we have the privilege of witnessing this crypto revolution unfold, and the best is yet to come.

Invest in GSM while it’s still in presale!

Website: https://GameStopmemes.com/  

Twitter: https://twitter.com/GameStopopMemes

Telegram: https://t.me/GameStopopMemes