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The Vesting Of Land Under Nigerian Law

By
Emmanuel Ifeanyi Ogbuka
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0

As widely understood as the basics of landed property transactions are in Nigeria, there is still a lot of little to no understanding on the legal framework governing land ownership in Nigeria and where rights of ownership of land emanate from.

This article aims to inform Its readers on what the law says concerning :-

– Who truly owns land in urban areas of Nigeria

– Who truly owns land in non-urban areas of Nigeria

– Applicable laws on interim land management

– Powers of the government concerning land

What is the overriding land law applicable all over Nigeria ?

The Land Use Act of 1978 remains the benchmark law concerning land matters in Nigeria.

Who truly owns all the land in a state?

– All land in a state is vested in the governor of the state in his capacity as a trustee by virtue of the Land Use Act for the use & common benefit of all Nigerians.

– All land in urban areas of a state shall be under the control and management of the governor of the state.

– All other land subject to the act, shall be under the control of the Local Government within the area of jurisdiction where a piece of land is situated.

The governor and local government chairmen are to be aided in their statutory functions concerning land by Land Use Allocation Committees.

What are the functions of Land Use & Allocation Committees?

– Advising the governor on any matter connected with the management of land under the governor’s control and management.

– Advising the governor on any matter connected with the management of land under his jurisdiction.

– Advising the governor on any matter connected with resettlement of persons affected by the revocation of rights of occupancy on the ground of overriding public interest.

– Determining disputes as to the amount of compensation payable under the Land Use Act for improvement on land.

For local governments, this committee is to be called a “Land Use Allocation Advisory Committee” which shall consist of such persons as may be determined by the governor after consultation with the local government and shall have responsibility for advising the local government on any matter connected with the management of land under Its jurisdiction.

What is the provision of the Land Use Act on the designation of urban areas?

– Subject to such general conditions as may be specified by the National Council Of States, the governor may for the purposes of the act by order published in the state gazette designate the parts of the area of the territory of the state constituting land in an urban area. 

What are the applicable legal provisions for the interim management of land?

– Until other provisions are made in that behalf and subject to the provisions of the Land Use Act, land under the control and management of the governor shall be administered:-

a). in the case of any state where the land tenure law of the former Northern Nigeria applies,in accordance with the provisions of that law;

b). in every other case, in accordance with the provisions of the state land law applicable in respect of state land and the provisions of the land tenure law of the state, as the case may be, shall have effect with such modifications as would bring these laws in conformity with the Land Use Act or its general intention.

What is the extent of a state governor’s powers concerning land under the Land Use Act?

Powers of the Governor concerning Land

– It shall be lawful for the governor in respect of land, whether or not in an urban area to :-

a). Grant statutory rights occupancy to any person for all purposes.

b). Grant easements appurtenant to statutory rights of occupancy.

c). Demand rental fees for any such land granted to any person.

d). Revise the said rental at such intervals as may be specified in the Certificate of Occupancy or where no intervals are specified therein at any time during the term of the statutory right of occupancy.

What are the powers of the local government in relation to non-urban land?

– Granting customary rights of occupancy to any person or organization for the use of land in the local government area for agricultural, residential and other purposes.

– The power to grant customary rights of occupancy to any person or organisation for the use of land for grazing purposes and such other purposes ancillary to agricultural purposes as may be customary in the local government area concerned.

– It shall be lawful for a local government to enter upon, use and occupy for public purposes any land within an area of its jurisdiction which is not an urban area or the subject of a statutory right of occupancy or an area acquired by the Federal Government or subject of any laws relating to minerals or mineral oils.

– A local government will however owe compensation for land it takes and enter upon any land except land acquired by the governor.

Zodia Custody expands in Hong Kong, receives VASP in Ireland; Taiwan proposes Crypto Bill

By
Paul Ugbede Godwin
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0

Zodia Custody, a digital asset custody service provider backed by Standard Chartered, has reportedly expanded its operations in Hong Kong. According to a report by The Block, Zodia Custody has obtained a trust license from the Hong Kong Monetary Authority (HKMA), which allows it to offer custodial services for cryptocurrencies and other digital assets in the city.

Zodia Custody was launched in December 2020 as a joint venture between Standard Chartered and Northern Trust, a global asset management firm. The company aims to provide institutional-grade custody solutions for cryptocurrencies, such as Bitcoin, Ethereum, XRP, Litecoin and Bitcoin Cash. Zodia Custody claims to combine the security and compliance standards of traditional finance with the innovation and agility of the crypto industry.

The expansion of Zodia Custody in Hong Kong is a sign of the growing demand for digital asset custody services in the region, especially from institutional investors. Hong Kong is one of the leading financial hubs in Asia and has been attracting crypto-related businesses with its supportive regulatory environment and vibrant ecosystem. Zodia Custody is not the only crypto custodian operating in Hong Kong. Other players include Hex Trust, BC Group and OSL.

Zodia Custody’s CEO, Maxime De Guillebon, said that the company is committed to supporting the development of the crypto industry in Hong Kong and beyond. He added that Zodia Custody will leverage its global network and expertise to offer customized solutions for its clients, while adhering to the highest standards of governance, risk management and compliance.

Zodia Custody is also planning to expand its services to other jurisdictions in the future, such as Singapore, Switzerland and the UK. The company said that it is working closely with regulators and industry associations to ensure that its offerings are aligned with the evolving regulatory frameworks and best practices for digital asset custody.

Zodia Markets receives virtual asset service provider registration in Ireland.

Zodia Markets, a leading provider of digital asset custody and brokerage services, has announced that it has obtained a virtual asset service provider (VASP) registration from the Central Bank of Ireland. This is a significant milestone for the company, as it enables it to offer its services to clients across the European Union under the Fifth Anti-Money Laundering Directive (5AMLD).

5AMLD is a legal framework that aims to prevent the use of the financial system for money laundering or terrorist financing and introduces new requirements for virtual currency providers and custodian wallet providers, among others. It also lowers the thresholds for customer due diligence measures for electronic money and remote payment transactions.

Zodia Markets was launched in 2020 as a joint venture between Standard Chartered and Northern Trust, two global financial institutions with a strong track record in innovation and compliance. The company aims to bridge the gap between traditional finance and the emerging digital asset ecosystem, by offering institutional-grade solutions that meet the highest standards of security, governance and regulation.

Zodia Markets’ VASP registration in Ireland follows its earlier authorization by the UK Financial Conduct Authority (FCA) in July 2023. The company is also pursuing VASP registrations in other jurisdictions, such as Singapore and Hong Kong, to expand its global footprint and serve a diverse range of clients.

“We are delighted to receive our VASP registration from the Central Bank of Ireland, which demonstrates our commitment to operating in a robust and transparent regulatory framework. This will allow us to provide our clients with access to the European digital asset market, which is one of the most dynamic and fast-growing in the world,” said Maxime de Guillebon, CEO of Zodia Markets.

He added: “As a regulated digital asset custodian and broker, we are uniquely positioned to offer our clients a seamless and secure way to invest in this new asset class, while benefiting from the expertise and backing of two well-established financial institutions. We look forward to working with regulators, industry partners and clients to foster the development and adoption of digital assets in Europe and beyond.”

Taiwan proposes Crypto Bill with first reading passed at Parliament

Taiwan has taken a major step towards becoming a crypto-friendly jurisdiction, as the island nation’s parliament passed the first reading of a bill that aims to regulate cryptocurrencies and digital assets. The bill, titled “Digital Asset and Cryptocurrency Management Act”, was proposed by a group of lawmakers from the ruling Democratic Progressive Party (DPP) and the opposition Kuomintang (KMT) parties. The bill seeks to provide a clear legal framework for the development and innovation of the crypto industry in Taiwan, while also protecting the rights and interests of investors and consumers.

According to the bill, digital assets are divided into two categories: cryptocurrencies and digital tokens. Cryptocurrencies are defined as decentralized digital currencies that use cryptography to secure transactions and control the creation of new units. Digital tokens are defined as digital representations of rights or interests in goods, services, or assets. The bill also distinguishes between two types of digital asset service providers: custodial and non-custodial.

Custodial service providers are those who hold or manage digital assets on behalf of their customers, such as exchanges, wallets, or custodians. Non-custodial service providers are those who do not hold or manage digital assets for their customers, such as peer-to-peer platforms, decentralized applications, or smart contracts.

The bill stipulates that both custodial and non-custodial service providers must obtain a license from the Financial Supervisory Commission (FSC), the main financial regulator in Taiwan, before operating in the country. The FSC will also be responsible for overseeing and enforcing the compliance of digital asset service providers with relevant laws and regulations, such as anti-money laundering, consumer protection, and cybersecurity.

The bill also imposes certain obligations on digital asset service providers, such as conducting due diligence on their customers, reporting suspicious transactions, maintaining adequate capital and reserves, and disclosing information on fees, risks, and disputes.

The bill also grants certain rights and protections to digital asset holders and users, such as the right to access their own digital assets, the right to request refunds or compensation for losses caused by fraud or negligence of service providers, and the right to file complaints or lawsuits against service providers for breach of contract or violation of laws. The bill also establishes a dispute resolution mechanism for digital asset-related disputes, which will involve mediation by the FSC or arbitration by a designated institution.

Taiwan is poised to become one of the most progressive and forward-looking countries in Asia when it comes to crypto regulation. Taiwan stands out as a leader in creating a supportive and innovative regulatory framework. The island nation has been proactive in embracing the potential of blockchain technology and digital assets, while also ensuring consumer protection and financial stability.

Taiwan’s approach to crypto regulation is based on three main principles: flexibility, inclusiveness and experimentation. Flexibility means that the regulators are willing to adapt to the changing needs and challenges of the crypto industry, rather than imposing rigid and outdated rules. Inclusiveness means that the regulators are open to dialogue and collaboration with various stakeholders, including crypto exchanges, developers, investors and academics. Experimentation means that the regulators are supportive of pilot projects and sandbox initiatives that allow for testing new ideas and solutions in a controlled environment.

One of the key achievements of Taiwan’s crypto regulation is the establishment of the FinTech Regulatory Sandbox Act in 2018, which allows for innovative financial services to be offered without being subject to existing regulations for up to one year. The sandbox has enabled several crypto-related projects to launch and operate in Taiwan, such as a blockchain-based identity verification system, a crypto custody service and a tokenized real estate platform.

Another milestone of Taiwan’s crypto regulation is the recognition of security tokens as securities under the Securities and Exchange Act in 2019, which provides legal clarity and certainty for issuers and investors of such tokens. The regulators have also issued guidelines for initial coin offerings (ICOs) and anti-money laundering (AML) compliance for crypto businesses, as well as encouraged self-regulation by industry associations.

Taiwan’s crypto regulation is not only progressive but also forward-looking, as the regulators are constantly monitoring the global trends and developments in the crypto space and seeking to learn from best practices. Taiwan is also actively participating in international forums and initiatives on crypto regulation, such as the Financial Action Task Force (FATF) and the Global Blockchain Policy Forum. By creating a conducive and competitive environment for crypto innovation, Taiwan is poised to become one of the most progressive and forward-looking countries in Asia when it comes to crypto regulation.

Taiwan is ahead of many other countries in Asia and beyond in terms of its regulatory vision and support for the crypto industry. While some countries have banned or restricted crypto activities, Taiwan has adopted a balanced and pragmatic approach that fosters innovation while mitigating risks. Taiwan has also shown leadership and cooperation in shaping the global standards and norms for crypto regulation, contributing to the development of a more harmonized and interoperable framework.

The bill is seen as a positive development for the crypto industry in Taiwan, as it will provide legal certainty and legitimacy for digital asset activities and transactions. The bill will also foster innovation and competition in the crypto space, as it will encourage more entrepreneurs and investors to enter the market. Moreover, the bill will enhance consumer protection and investor confidence, as it will prevent fraud, money laundering, and other illicit activities involving digital assets.

The bill still needs to pass two more readings in parliament before becoming law. However, given the bipartisan support and public interest in the bill, it is expected that it will be enacted soon. Taiwan is poised to become one of the most progressive and forward-looking countries in Asia when it comes to crypto regulation.

Travel Rule and the TRUST Coalition

By
Paul Ugbede Godwin
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0

The Travel Rule is a regulation that requires financial institutions to collect and transmit information about the parties involved in a cross-border transaction above a certain threshold. The rule aims to prevent money laundering, terrorist financing, and other illicit activities by enhancing the transparency and traceability of funds transfers.

The TRUST Coalition is a global initiative that brings together various stakeholders from the crypto industry, regulators, and policymakers to develop a common framework and standards for implementing the Travel Rule in a way that respects the privacy, security, and innovation of the crypto ecosystem.

The TRUST Coalition was launched in October 2020 by the Chamber of Digital Commerce, a leading trade association representing the digital asset and blockchain industry. The coalition consists of over 30 members, including crypto exchanges, custodians, wallet providers, compliance solutions, industry associations, and legal experts.

The TRUST Coalition believes that the Travel Rule can be an opportunity for the crypto industry to demonstrate its commitment to responsible innovation and to foster trust and legitimacy among regulators and the public. By working together, the coalition hopes to create a harmonized and balanced approach that meets the regulatory objectives while preserving the core values and features of crypto assets.

Some of the members of the TRUST Coalition are:

Chamber of Digital Commerce: A leading trade association representing the digital asset and blockchain industry, and the founder of the coalition.

BitGo: A provider of institutional-grade custody, trading, and lending services for crypto assets. Binance: The world’s largest crypto exchange by trading volume and users CipherTrace: A provider of anti-money laundering, compliance, and security solutions for crypto assets. Coinfirm: A provider of regulatory technology for crypto assets and blockchain. Crypto.com: A platform that offers various crypto products and services, including an app, a card, an exchange, and a DeFi wallet.

Elliptic: A provider of risk management and compliance solutions for crypto assets. Huobi: A global blockchain company that operates a crypto exchange, a wallet, a mining pool, and other services. OKEx: A leading crypto exchange that offers spot, futures, options, and perpetual swap trading.

Paxful: A peer-to-peer marketplace that connects buyers and sellers of crypto assets. Shyft Network: A decentralized network that enables secure and private data sharing among different entities. Sygna Bridge: A solution developed by CoolBitX that enables compliant data transfers among crypto service providers.

The TRUST Coalition has three main objectives:

To facilitate dialogue and collaboration among crypto industry participants and regulators on the best practices and solutions for complying with the Travel Rule. To promote interoperability and compatibility among different technical solutions and platforms that enable the exchange of information required by the Travel Rule.

To educate and raise awareness among crypto users, service providers, and regulators about the benefits and challenges of implementing the Travel Rule in a decentralized and global environment.

The TRUST Coalition believes that the Travel Rule can be an opportunity for the crypto industry to demonstrate its commitment to responsible innovation and to foster trust and legitimacy among regulators and the public. By working together, the coalition hopes to create a harmonized and balanced approach that meets the regulatory objectives while preserving the core values and features of crypto assets.

CFTC Commissioner says the market is ready for Spot Bitcoin ETFs.

The U.S. Commodity Futures Trading Commission (CFTC) is one of the regulators that oversees the cryptocurrency industry. Recently, one of its commissioners, Dawn Stump, expressed her support for the approval of spot Bitcoin ETFs, which are exchange-traded funds that track the price of Bitcoin directly.

In an interview with CoinDesk, Stump said that the market is ready for spot Bitcoin ETFs and that the CFTC does not have any objections to them. She also said that the CFTC’s role is to ensure fair and transparent markets, not to pick winners and losers among different products or technologies.

Stump’s comments are significant because they contrast with the views of the Securities and Exchange Commission (SEC), which has so far rejected all applications for spot Bitcoin ETFs. The SEC has cited concerns about market manipulation, fraud, and investor protection as reasons for its rejections.

However, Stump argued that these concerns are not unique to Bitcoin or cryptocurrencies, and that they can be addressed by existing regulatory frameworks and market surveillance tools. She also pointed out that other countries, such as Canada and Brazil, have already approved spot Bitcoin ETFs without any major issues.

Stump’s stance is also notable because she is not a crypto enthusiast or a Bitcoin maximalist. She said that she does not own any cryptocurrencies and that she is not advocating for or against them. She said that she is simply applying the same principles and standards that the CFTC uses for other commodities and derivatives.

Stump’s remarks may signal a shift in the regulatory landscape for Bitcoin and cryptocurrencies in the U.S. While the SEC remains cautious and conservative, the CFTC may be more open and supportive of innovation and competition in the crypto space. This could pave the way for more products and services that cater to the growing demand and interest of investors and consumers in this emerging asset class.

Crypto is not only a Technology, but a new Paradigm for how we Organize Ourselves as a Society

By
Paul Ugbede Godwin
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0

Crypto is not only a new technology, but a new paradigm for how we organize ourselves as a society. In this blog post, I will explain what crypto is, how it works, and why it matters for the future of humanity.

Crypto, short for cryptography, is the science of creating and using codes to secure information and communication. Crypto is also the name given to a broad category of technologies that use cryptography to create decentralized, peer-to-peer networks that operate without intermediaries or central authorities.

One of the most well-known examples of crypto is Bitcoin, the first and largest cryptocurrency. Bitcoin is a digital currency that can be sent and received over the internet, without the need for banks or other intermediaries. Bitcoin transactions are recorded in a public ledger called the blockchain, which is maintained by a network of computers called nodes. The blockchain ensures that every transaction is valid and immutable, and that no one can double-spend or counterfeit bitcoins.

But crypto is more than just Bitcoin. Crypto is also a platform for innovation and experimentation, where anyone can create and use new applications and protocols that run on top of the blockchain. These applications and protocols are called decentralized applications (DApps) and smart contracts, and they enable new forms of collaboration, coordination, and governance that are not possible with traditional systems.

For example, crypto can enable the creation of decentralized autonomous organizations (DAOs), which are entities that operate according to predefined rules encoded in smart contracts, without the need for human intervention or oversight. DAOs can be used to manage collective resources, coordinate collective action, or provide collective services, among other possibilities.

Crypto can also enable the creation of decentralized finance (DeFi), which is a system of financial services that are accessible to anyone with an internet connection, without the need for intermediaries or gatekeepers. DeFi can offer lower costs, higher efficiency, greater transparency, and more opportunities for innovation than traditional finance.

Crypto can also enable the creation of decentralized social media (DSM), which is a system of communication and information sharing that is controlled by users, not by platforms or corporations. DSM can offer more freedom of expression, more privacy, more security, and more diversity than traditional social media.

These are just some of the examples of what crypto can do. Crypto is not only a new technology, but a new paradigm for how we organize ourselves as a society. Crypto challenges the status quo and empowers individuals and communities to create their own rules and systems, without relying on centralized institutions or authorities. Crypto is a revolution in the making, and we are all part of it.

The recent crackdown on cryptocurrency by some governments has created a lot of uncertainty and volatility in the market. However, this also means that there are more opportunities for savvy traders who can take advantage of the price swings and arbitrage opportunities. In this blog post, we will explore some of the strategies and tools that can help you profit from the war on crypto.

One of the most important factors to consider when trading crypto is the regulatory environment. Different countries have different laws and regulations regarding crypto, which can affect the availability, accessibility, and legality of certain platforms, exchanges, and coins. For example, China has banned crypto mining and trading, while India has imposed strict restrictions on banks and financial institutions dealing with crypto. On the other hand, some countries like Switzerland, Singapore, and Malta have adopted a more friendly and supportive stance towards crypto innovation and adoption.

This means that traders need to be aware of the legal risks and implications of trading crypto in different jurisdictions. They also need to be able to access reliable and secure platforms that can offer them a wide range of options and features. Some of the platforms that we recommend are:

Binance: Binance is one of the largest and most popular crypto exchanges in the world, offering over 200 coins and tokens, as well as futures, options, margin trading, and staking services. Binance also has a global network of fiat-to-crypto gateways, allowing users to buy and sell crypto with their local currency. However, Binance has also faced regulatory scrutiny and pressure from some countries, such as the UK, Japan, and Germany, which have warned or banned their citizens from using Binance services. Therefore, traders need to be careful and check the legal status of Binance in their country before using it.

Coinbase: Coinbase is one of the most trusted and regulated crypto platforms in the US, offering a simple and user-friendly interface for buying and selling crypto, as well as a professional trading platform called Coinbase Pro. Coinbase also has a custody service for institutional investors, as well as a debit card that allows users to spend their crypto anywhere Visa is accepted. However, Coinbase has a limited selection of coins and tokens compared to other platforms, and its fees are relatively high. Moreover, Coinbase is subject to US regulations, which can be strict and unpredictable when it comes to crypto.

Kraken: Kraken is another reputable and regulated crypto platform based in the US, offering over 50 coins and tokens, as well as futures, margin trading, staking, and lending services. Kraken also has a high level of security and transparency, as it is one of the few platforms that has undergone a proof-of-reserves audit. However, Kraken is not available in some states in the US, such as New York and Washington, due to regulatory issues. Furthermore, Kraken’s interface can be complex and intimidating for beginners.

Nigerian Approves N2.18tn 2023 Supplementary Budget

By
Samuel Nwite
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0

The Federal Government of Nigeria has officially approved a supplementary budget of N2.18 trillion for the fiscal year 2023.

The supplementary budget is aimed at covering additional expenditures in various sectors, including defense, infrastructure projects, and welfare packages such as wage awards and conditional cash transfers, which were agreed upon with organized labor unions.

The Minister of Budget and Economic Planning, Abubakar Bagudu, unveiled the details of the supplementary budget following the Federal Executive Council meeting held at the Aso Villa. He emphasized that the budget aims to address pressing national issues, particularly those related to national defense and security.

“N605bn for national defense and security is to sustain the gains made in security and to accelerate and these are funds that are needed by the security agencies before the year runs out,” he said.

“Equally a sum of N300bn was provided to repair bridges including Eko and Third Mainland Bridges as well as construction, rehabilitation, and maintenance of many roads nationwide before the return of the rainy season.

“Equally, the sum of N210bn was provided for the payment of wage awards. In negotiation with the Nigeria Labour Congress, the Federal Government agreed to pay N35,000 each to about 1.5 million employees of the Federal Government, and that amounts from September, October, November, and December 2023.

“Also, N400bn as cash transfer payments. You may recall that the Federal Government secured a $800m loan from the World Bank to pay cash transfers of N25,000 to 15 million households. The $800 million is for two months, October and November. The President graciously approved that an additional month should be funded by the federal government and that is what this N100bn is for.”

As part of the N2.18 trillion supplementary budget, the FEC also approved various allocations for specific sectors and projects. The approved allocations are as follows:

Agricultural Sector: N200 billion was approved for seed, agricultural input, supplies, and agricultural implements and infrastructure to support the expansion of production.

Infrastructure Development in the Federal Capital Territory: N100 billion was allocated for urgent and immediate capital expenditure infrastructure works in the Federal Capital Territory.

Electoral Commission: N18 billion was provided for the Independent National Electoral Commission (INEC) to conduct elections in Bayelsa, Kogi, and Imo states.

Student Loans Board: N5.5 billion was allocated to fund the take-off of the student loans board, which is scheduled to commence loan disbursement in January 2024.

New Ministries: N8 billion was earmarked as a take-off grant for new ministries.

Capital Supplementation: N200 billion was allocated for capital supplementation to address urgent requests made to the President from various parts of the country.

The government’s allocations in various sectors, infrastructure development, and electoral processes are seen as a demonstration of its commitment to improving the nation’s well-being. They also indicate an effort to address the unique requirements of different regions within the country.

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