DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 3698

Transitional Legal Provisions On Land In Urban Areas of Nigeria

0

This article concerns the provisions of Nigerian law on land classified as land being the subject of statutory rights of ownership before the coming into effect of the Land Use Act. 

What are the transitional provisions om land in urban areas?

– This concerns land vested in  any person immediately before the commencement of the Land Use Act:-

1). Where the land is developed, it shall continue to be held by the person in whom it was vested immediately before the commencement of the Land Use Act as if the holder of the land was the holder of the land was the holder of a statutory right of occupancy issued by the relevant state governor.

2).In respect of land to which the paragraph above applies, there shall be issued by the governor on application to him in the prescribed form, a certificate of occupancy if the governor is satisfied that the land was vested in that person immediately before the Land Use Act.

3. Where the land to which the relevant sections of the Land Use Act applies was subject to any mortgage, encumbrance or valid interest in law, such land shall continue to be so subject and the issued certificate of occupancy shall indicate that the land is so subject unless the continued operation of the encumbrance or interest would in the opinion of the governor be inconsistent with the provisions or general intention of the Land Use Act.

What are the transitional provisions of law concerning where the subject land is undeveloped?

a). One (1) plot of the land not exceeding half of a hectare in area shall, subject to the Land Use Act, continue to be held by the person in whom the land was so vested as if the holder of the land was the holder of a statutory right of occupancy granted by the governor in respect of the plot or portion.

b). All rights formerly vested in the holder in respect of the excess of the land shall be extinguished on the commencement of the Land Use Act and the excess of the land shall be taken over by the governor and administered as provided by the act.

– Sub-paragraph (a) of the preceding paragraph shall not apply in the case of any person who was on the commencement of the act also the holder of any undeveloped land elsewhere in any urban area in the state & in respect of such a person all his holdings of undeveloped land in any urban area in the state shall be considered together and out of the undeveloped land so considered together :-

a) One plot or portion not exceeding half of 1 hectare shall continue to be held by such a person as if a right of occupancy had been granted to him by the governor in respect of that plot or portion.

b). The remainder of the land so considered together in excess of half of one hectare shall be taken over by the governor and administered in accordance with the Land Use Act and the rights formerly vested in the holder in respect of such land shall be extinguished.

The Revocation of Rights Of Occupancy Of Land Under Nigerian Law

0

This article will be dealing with the revocation of rights of occupancy under Nigerian law, particularly :-

– The extent of a governor’s power to revoke titles of occupancy under Nigerian law

– Overriding Public Interests

– Compensation payable on revocation of rights of occupancy under Nigerian law

What is the extent of a governor’s power to revoke rights of occupancy under Nigerian law?

– It shall be lawful for a governor to revoke a right of occupancy for overriding public interests.

– The governor shall revoke a right of occupancy in the event of the issue of a notice by or on behalf of the president if such notice declares such land to be required by the Federal Government for public purposes.

What exactly are overriding interests?

– Overriding public interests in the case of a statutory of occupancy means :-

a). The alienation by the occupier contrary to the provisions of the act or any regulations.

b). The requirement of the land by the governor of the state, or the requirement of the land by the government of the federation for public purposes of the federation.

c). The requirement of the land for mining purposes or oil pipelines.

– Overriding public interests in the case of a customary right means :-

a). The requirement of the land by a governor or local government of the state, in either case for public purposes within the state, or the requirement of the land by the Federal Government for public purposes of the Federation.

b). The requirement of the land for mining purposes or oil pipelines.

c). The requirement of the land for the extraction of building materials.

d). The alienation by occupier without the consent required.

What are the grounds for the revocation of a statutory right of occupancy?

– The governor may revoke a statutory right of occupancy on the grounds of :-

a). A breach of any of the provisions which a certificate of occupancy is by the Land Use Act deemed to contain.

b). A breach of any term contained in the certificate of occupancy or in any contract made under the Act. 

c). A refusal or neglect to accept and pay for a certificate which was issued on evidence of a right of occupancy buy has been cancelled by the governor. 

What is the provision of law on compensation payable on revocation of a right of occupancy by a governor?

– If a right is revoked for the reasons mentioned above (public purposes), the holder and the occupier shall be entitled to compensation for the valie at the date of revocation of their inexhausted improvements.

– Where mining or oil pipelines are involved, the holder and occupier shall be entitled to compensation under the appropriate provisions of the Mineral & Mining Act or the Petroleum Industry Act or subsidiary/subsequent regulations.

– If the holder or the occupier entitled to compensation under the

Land Use Act is a community tje governor may direct that any compensation payable to it shall be paid :-

a) . To the community

b). To the chief of leader of the community to be disposed of by him for the benefit of the community in accordance with the applicable customary law, or

c). Into some fund specified by the governor for the purpose of being utilized or applied for the benefit of the community.

What exactly is the extent of compensation applicable under Nigerian law?

– Compensation shall be as respects:-

a). The land, for an amount equal to the rent,if any, paid by the occupier being the year in which the right of occupancy was revoked. 

b). Buildings, installation or improvements thereon, for the amount of the replacement of the building, installation or improvement, i.e. such cost as may be assessed on the basis of the prescribed method of assessment as determined less ant depreciation, togerher with interest at the bank rate for delayed payment of compensation and in respect of any improvement in the nature of reclamation works, being such cost thereof as may be substantiated by documentary evidence and proof to the satisfaction of the government.

What is the provision of law on the reference of disputes as to compensation?

– Where there arises any dispute as to the amount of compensation calculated in accordance with the provisions of the Land Use Act, such dispute shall be referred to the appropriate Land Use Allocation & Committee .

– Debts due to the government will not be extinguished by a revocation concerning such right of occupancy.

What is the extent of the governor’s powers to offer resettlement in case of revocation of a right of occupancy in lieu of compensation?

– An offer of resettlement in lieu of compensation based on the discretion of a state governor or local government chairman.

– Where the resettlement value is higher than the monetary value of the original landed property being the subject of a revocation, the balance will be automatically taken as a loan from the state government. 

Nigeria’s Tinubu Welcomes Supreme Court Judgment Upholding His Election Victory (full statement)

0

President Bola Tinubu has welcomed the judgment of the Supreme Court upholding his presidential election victory on Thursday.

Presidential candidates of the Peoples Democratic Party (PDP), Atiku Abubakar, and the Labour Party (LP), Peter Obi, filed an appeal at the Supreme Court, challenging the earlier judgment of the Presidential Election Petition Tribunal (PEPT), which upheld Tinubu’s victory.

A seven-man panel of Justices led by Inyang Okoro upheld the judgment of the Presidential Election Petition Court.

In his statement, Tinubu commended the court’s impartial handling of the case, stating that it solidifies Nigeria’s electoral and constitutional framework. Tinubu expressed unwavering confidence in the judiciary, emphasizing its commitment to justice for all Nigerians.

He noted that the ruling put to rest any doubts about the legitimacy of his election and reaffirmed that his party, the All Progressives Congress, rightfully won the people’s mandate. Tinubu accepted the victory with a sense of responsibility and a determination to address the nation’s challenges.

He pledged to serve all Nigerians regardless of their political affiliations, tribes, or faiths, and to work towards a more united and prosperous Nigeria. Tinubu also called for collective efforts in building a stronger and more prosperous nation, highlighting the importance of diversity and unity.

He expressed readiness to welcome contributions from all Nigerians to foster progress and improve living conditions.

Tinubu extended his gratitude to the citizens for entrusting him with the mandate, promising to exceed their expectations in governance.

Read his full statement below:

I welcome the verdict of the Justice John I. Okoro-led Panel of the Supreme Court on the Presidential Election petitions filed by the candidates of the Peoples Democratic Party and the Labour Party, challenging the ruling of the Presidential Election Petition Tribunal.

The court has done justice to all issues put up for consideration in the petitions on the merits of the law, without fear or favor.

There is no doubt, with the profound judgment of today, that our electoral jurisprudence and constitutional democracy are further consolidated and embedded more indelibly in our national identity because of the diligence and undaunted professionalism of the Honourable Justices who presided over the matter.

While the verdict of today has laid to rest the agitating discourse over who truly won the 2023 Presidential election and met the constitutional requirements as laid out by law, I want to reiterate that my faith in our nation’s judiciary has never been shaken, not even for a moment, because I know that our hallowed courts of law will not fail to administer justice to all Nigerians in all matters and at all times.

Despite the fusillade of pressure and attempts at intimidation by some political actors, the judiciary demonstrated its unequivocal commitment to upholding the rule of law for the upliftment and defense of humanity.

It was affirmed once more today, that my party, the governing All Progressives Congress, had freely and fairly won the popular mandate of Nigerians, which has since given rise to my leadership of this great nation at a tumultuous period of unprecedented reforms in our history as a nation.

With deep gratitude to God Almighty, I solemnly and humbly accept today’s judicial victory with an intense sense of responsibility and a burning desire to meet the great challenges confronting our people.

The victory of today has further energized and strengthened my commitment to continue to serve all Nigerians of all political persuasions, tribes, and faiths, with honour and total respect for the diverse opinions and uniting values of our citizens.

Our Renewed Hope agenda for a greater and prosperous Nigeria has further gained momentum and I will continue to work from morning to night, every single day, to build a country that meets our collective yearnings and aspirations.

We are all members of one household, and this moment demands that we continue to work and build our country together. The strength of our diversity and the great citizenship that binds us must now compel us forward in directing the energy of our people toward building a virile, stronger, united, and more prosperous country.

In the days and months ahead, I trust that the spirit of patriotism will be elevated into supporting our administration to improve the living conditions of Nigerians. I am prepared to welcome the contributions of all Nigerians to foster and strengthen our collective progress.

I send my immense gratitude to all Nigerians for the mandate to serve our country. I promise again to meet and exceed your expectations in service delivery and good governance, working with my team and trusting in the grace of God.

May God continue to bless the Federal Republic of Nigeria.

Bola Ahmed Tinubu

President and Commander-in-Chief, Federal Republic of Nigeria

October 26, 2023

Emerging Payment Orchestration solutions that are enabling Web3 payments

0

Web 3 is a term that refers to the next generation of the internet, where decentralized applications (dApps) run on peer-to-peer networks, powered by blockchain technology and smart contracts. Web 3 promises to enable more trustless, transparent, and democratic interactions among users, without intermediaries or centralized authorities.

However, Web 3 also poses significant challenges for payments, especially for cross-border and cross-chain transactions. The current payment infrastructure is not designed to handle the complexity and diversity of Web 3 ecosystems, where multiple currencies, protocols, and platforms coexist. Moreover, the existing payment solutions are often siloed, fragmented, and incompatible with each other, resulting in high costs, inefficiencies, and risks for both users and developers.

To address these challenges, a new approach to payment orchestration is needed. Payment orchestration is the process of coordinating and optimizing the execution of payment transactions across different channels, methods, and providers. Payment orchestration can help Web 3 users and developers to:

Access a wider range of payment options and services, such as fiat, crypto, stablecoins, DeFi, NFTs, etc. Reduce the complexity and friction of payment integration and management, by abstracting away the technical details and providing a unified interface and API.

Enhance the security and reliability of payments, by leveraging smart contracts, encryption, and multi-signature schemes. Improve the performance and scalability of payments, by optimizing the routing, batching, and splitting of transactions. Lower the costs and fees of payments, by minimizing intermediaries, network congestion, and gas prices.

The Future of Web 3 Payments

One of the key aspects of Web 3 is the use of cryptocurrencies and tokens as the native means of payment and exchange. Unlike traditional fiat currencies, which are issued and controlled by central authorities, cryptocurrencies are digital assets that are secured by cryptography and governed by algorithms. Cryptocurrencies can facilitate fast, cheap, and borderless transactions, as well as enable new forms of incentives and rewards for users and developers.

However, the current state of Web 3 payments is far from ideal. There are several challenges and limitations that hinder the adoption and usability of cryptocurrencies and tokens in Web 3 applications. Some of these include:

Scalability: The most popular cryptocurrencies, such as Bitcoin and Ethereum, suffer from low throughput and high fees, which make them unsuitable for high-frequency or low-value transactions. Moreover, different blockchains have different protocols and standards, which create interoperability issues and fragmentation among Web 3 applications.

Usability: The user experience of Web 3 payments is often complex and confusing, especially for non-technical users. Users have to deal with multiple wallets, addresses, private keys, gas fees, network congestion, confirmation times, etc. Additionally, users have to trust third-party custodians or exchanges to store and manage their funds, which exposes them to security risks and regulatory uncertainties.

Privacy: The transparency of public blockchains also comes with a trade-off in terms of privacy. Every transaction on a blockchain is visible to anyone who can access it, which can reveal sensitive information about users’ identities, behaviors, preferences, etc. Furthermore, some Web 3 applications require users to provide personal data or identity verification in order to access certain features or services, which can compromise their anonymity and sovereignty.

Regulation: The legal and regulatory status of cryptocurrencies and tokens is still unclear and varies across different jurisdictions. This creates challenges for both users and developers who have to comply with different rules and regulations depending on where they operate or reside. Moreover, some governments and regulators are hostile or skeptical towards cryptocurrencies and tokens, which can limit their adoption and innovation potential.

These challenges and limitations pose significant barriers for the development and growth of Web 3 payments. However, they also present opportunities for improvement and innovation. In this blog post, we will explore some of the emerging trends and solutions that aim to address these challenges and enable a more efficient, user-friendly, private, and compliant future of Web 3 payments.

Some of the emerging trends that are shaping the future of Web 3 payments are:

Layer 2 solutions: These are protocols that run on top of existing blockchains, such as Ethereum, to provide faster, cheaper, and more scalable transactions. Layer 2 solutions use various techniques, such as sidechains, state channels, rollups, etc., to process transactions off-chain and only settle them on-chain when necessary. This reduces the load on the main blockchain and improves the user experience of Web 3 payments.

Cross-chain bridges: These are mechanisms that enable the transfer of value and data across different blockchains. Cross-chain bridges use smart contracts or trusted relayers to facilitate interoperability and compatibility among Web 3 applications that run on different platforms. This allows users to access a wider range of services and opportunities in the Web 3 ecosystem.

Decentralized exchanges (DEXs): These are platforms that allow users to trade cryptocurrencies and tokens without intermediaries or centralized servers. DEXs use smart contracts or peer-to-peer protocols to match buyers and sellers directly, without requiring them to deposit their funds in a third-party custodian. This enhances the security, efficiency, and autonomy of Web 3 payments.

Stablecoins: These are cryptocurrencies that are pegged to a stable asset, such as a fiat currency or a commodity. Stablecoins aim to provide price stability and reduce volatility in the crypto market. Stablecoins can be used as a medium of exchange or a store of value in Web 3 applications, as well as a bridge between the crypto world and the traditional financial system.

Privacy-enhancing technologies: These are tools that enable users to protect their privacy and identity in Web 3 payments. Privacy-enhancing technologies use various methods, such as encryption, zero-knowledge proofs, mixers, etc., to obfuscate or hide the details of transactions or users on public blockchains. This allows users to enjoy the benefits of transparency without compromising their confidentiality or sovereignty.

Binance onboards fiat partners for Euro withdrawals and deposits, Coin Metrics raises $6.7M

3

Binance, the world’s largest cryptocurrency exchange by trading volume, has announced new partnerships with fiat payment providers to enable its users to withdraw and deposit euros seamlessly. This comes after Binance’s previous partner, Paysafe, decided to terminate its relationship with the exchange in October.

According to a blog post published by Binance on Wednesday, the exchange has integrated with two European payment processors, Clear Junction and Koinal, to offer fast and secure euro transactions for its customers. Users can now link their bank accounts to Binance and use SEPA (Single Euro Payments Area) transfers to move funds between the platforms. The service is available in 36 countries across Europe, including Germany, France, Italy, Spain and the Netherlands.

Binance said that the new fiat partners will help it expand its reach and accessibility in the European market, where it has seen a significant growth in demand for crypto services. The exchange also claimed that it offers the lowest fees for euro transactions among its competitors, charging only 0.1% for deposits and withdrawals.

Binance’s CEO Changpeng Zhao (CZ) commented on the announcement, saying: “We are always looking for ways to lower the barriers to entry for our users and make crypto more inclusive for everyone. By partnering with Clear Junction and Koinal, we are providing more options and convenience for our European users to access the Binance ecosystem.”

The move follows Binance’s separation from Paysafe, a leading online payment provider that owns Skrill and Neteller, two popular e-wallets used by many crypto traders. Paysafe announced in October that it would stop processing payments for Binance due to regulatory concerns, as the exchange faced increased scrutiny from authorities around the world.

Binance has been trying to improve its compliance and regulatory status in recent months, hiring former regulators and experts to lead its legal and policy teams. The exchange has also applied for licenses in several jurisdictions, such as Singapore, Malta and the UK, where it hopes to resume its operations soon.

According to various sources , Binance is one of the most popular and trusted platforms for trading cryptocurrencies, offering a wide range of features, such as spot trading, futures trading, margin trading, staking, lending, savings, mining pool, launchpad, launchpool, liquid swap, Binance Smart Chain, Binance Card, Binance Pay and more. Binance also supports over 300 cryptocurrencies and tokens, including its own native coin BNB, which can be used to pay for fees at a discounted rate.

Binance has a high liquidity and trading volume, making it easy for users to execute their orders quickly and efficiently. Binance also has a user-friendly interface and mobile app, as well as a dedicated customer support team.

Coin Metrics, a leading provider of crypto data and analytics, announced today that it has raised $6.7 million in a new funding round led by a new investor. The company did not disclose the name of the investor but said that it was a “global financial institution” that shares its vision of building a more transparent and efficient crypto ecosystem.

The new funding will help Coin Metrics expand its product offerings, grow its team, and accelerate its global expansion. Coin Metrics provides data and insights on various aspects of the crypto market, such as network health, market behavior, risk, and valuation. The company also offers enterprise-grade data solutions for institutional clients, such as index providers, exchanges, custodians, and funds.

Coin Metrics was founded in 2017 by a group of crypto enthusiasts who wanted to create a more reliable and comprehensive source of data for the emerging industry. Since then, the company has grown to become one of the most trusted and respected names in the space, with a client base that includes Fidelity Investments, Coinbase, Bitstamp, BlockFi, and many others.

Coin Metrics co-founder and CEO Tim Rice said in a statement: “We are thrilled to welcome our new investor and partner to the Coin Metrics family. This investment validates our vision and the progress we have made in building the most trusted data and analytics platform for the crypto industry. We look forward to working together to further our mission of bringing greater transparency and efficiency to the crypto ecosystem.”

The new funding round follows a $15 million Series Around that Coin Metrics closed in May 2020, which was led by Goldman Sachs and included participation from Castle Island Ventures, Highland Capital Partners, Avon Ventures, Communitas Capital, and Collab Currency.