“a stitch in time saves nine; if you sort out a problem immediately it may save a lot of extra work later (the loose interpretation)”.

One thing I have come to know about life for the few years I have spent here on earth is that once you don’t solve a minor problem whilst it is still minor, it blows up to become a big problem.

Let’s say a car for instance; I drive a car and I know that once the car gives a sign on the dashboard; a maintaince or warning sign and I as the driver refuses to adhere to that sign or immediately fix the problem that was indicated on the dashboard, more things will spoil in the car and from a minor car maintenance problem to a huge one: If you have a leak in your tire and it’s indicated on the dashboard or you feel it on your steering wheel that the car is not balanced, hence the urgent need to top up air into the tire, if you ignore that sign and continue using the car like that and more air gets leaked out, and it suddenly becomes an empty tire with no air, driving a tire without air immediately damages the tire and if you continue driving a damaged tire it will damage your rims and if you continue driving the rims, it damages the break disc as well and it you are still recalcitrant and wants to continue digging it out, i promise you that it will get to point where the engine will knock and the car will no longer be able to move. Now from the minor problem of a tire leak which could be fixed by N100 worth of air or patching of the tire to a huge car problem that will cost you millions to fix only if you are lucky if not the car may become unfixable.

Same with the human body; if you have malaria and you fail to treat it immediately, it can blow up into a more life-threatening sickness. Same with injury, if you have an injury and you refuse to treat it immediately it might become more damaging; some deep wounds if not immediately treated can even turn into cancer and the only cure then will be to amputate the affected part. 

Same with the road we drive or walk on; if there is a tiny porthole on a road and it is not immediately fixed or closed up, the porthole will expand to a large hole until that whole portion of the road becomes damaged. 

And this how life is general is; a minor problem if not immediately tackled and fixed turns into a major problem. In problem management we were taught that problems are easier to manage and solve when it is still minor, if you let it get full-blown it may become difficult to manage or handle. 

This is why it is ridiculously bad to procrastinate problem-solving. Do not procrastinate, it is disastrous; tackle it immediately raises its ugly head. Imbibe the culture of handling your minor problems once you notice them. 

I believe that from now on you will have a deeper understanding of the cliche “a stitch in time saves nine”. 

 The Provisions of the 2023 CBN Guidelines For Representative Offices of Foreign Banks in Nigeria

The Central Bank of Nigeria (CBN) formally launched its guidelines for the representative offices of foreign banks in Nigeria on the 3rd of May,2023(a topic which i wrote about earlier in another article).

This article will be looking at the provisions of these guidelines ranging from applicability to definition of terms to the permissible and non-permissible activities of foreign bank representative offices in Nigeria.

What is the scope and applicability of these guidelines?

The guidelines apply to:-

– A bank licensed under any foreign law, whose registered office is outside Nigeria.

– Any Financial Institution licensed under foreign law, whose primary business includes the receipt of deposits, granting of loans and/or provision of current and savings account services.

– Any foreign-owned operating bank/financial holding company that is foreign-based, that owns controlling interest in one or more banks or institutions whose primary business includes the receipt of deposits, granting of loans and provision of current & savings account services.

Are the guidelines meant to operate in a stand-alone regulation capacity?

No they’re not. The guidelines shall be read in conjunction with the CBN Act, the Banks and Other Financial Institutions Act (BOFIA), other subsidiary legislations made under the act as well as written directives, notices, circulars, frameworks and other guidelines that the CBN & other regulators in the financial services sector have issued or may issue from time to time.

What exactly is a representative office as defined by the guidelines?

A representative office of a foreign bank is defined by the guidelines as :-

– A liaison office of the foreign bank licensed by the CBN whose sole object is to market the products and services of its foreign parent as well as serve as a liaison between its foreign parent and local banks, an affiliate of the foreign parent, other Financial Institutions, private companies and the general public.

Are representative offices allowed under the guidelines to carry out banking businesses or any other regulated activity in Nigeria under the guidelines?

No, they are not. The CBN guidelines expressly bar this from happening.

What are the permissible and non-permissible activities of representative offices in Nigeria?

Permissible Activities

– Carrying out research activities in Nigeria on behalf of the foreign parent.

– Connecting banks and OFIs in Nigeria to its foreign parent.

– Pursuing business opportunities for the foreign parent or affiliated institutions regarding the availing and/or syndication of foreign currency-denominated loans.

– Marketing the products and services of its foreign parent or an affiliate of the foreign parent licensed and domiciled outside Nigeria.

Non-Permissible Activities

– The provision of services designated in Nigeria as banking business.

– The provision of any commercial or trading activity that may lead to the issuance of invoices for services rendered.

– Engaging directly in any financial transactions save for those falling under the permissible activities classification for representative offices.

What are the basic licensing requirements for representative offices in Nigeria?

You need to consult your lawyer on this as the requirements for representative office registration in Nigeria are somewhat lengthy, although the financial requirements for registration include :-

– A non-refundable application fee of 5 Million Naira.

– A licensing fee of 10 Million Naira.

As crypto enthusiasts clamor for clarification in the regulation of assets, the former commissioner of CFTX, Dan Berkovitz, has said that Ethereum (ETH) can be both a security and a commodity. In other news, Solana (SOL) has lost its position as the second biggest NFT blockchain, while the emerging Sparklo (SPRK) continues to steal the heart of investors as it offers a use case that has never been seen in crypto.

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Sparklo (SPRK) entices investors with a unique use case

The cryptocurrency industry was built on innovation, with many of its investors’ prioritizing unique projects. This is why many investors are talking about Sparklo, a new project built on Ethereum with the goal of revolutionizing the multi-trillion-dollar precious metals industry (gold, silver, and platinum).

Sparklo is an alternative investment platform that will allow investors to purchase fractional non-fungible tokens (NFTs) that are backed by gold, silver, and platinum. Using fractionalization, Sparklo will allow investors who are unable to afford and access bars of gold, silver, and platinum to be able to purchase them. Sparklo will also provide liquidity to ensure investors always have a market to buy and sell these unique NFTs.

As a first of its kind in crypto, Sparklo received enormous support from investors in the first stage presale which was quickly completed. In its second stage, you can buy a Sparklo (SPRK) token for as low as $0.026 and receive up to a 50% bonus on purchases from now until May 27. The Sparklo team will be conducting an AMA with the community on June 5 to provide more information.

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Ethereum (ETH) can be a commodity and security

The Ethereum (ETH) transition to Proof-of-Stake (PoS) started a legal status debate on what it should be classified as. Featuring on Laura Shin’s Unchained podcast on May 23, Dan Berkovitz, a former commissioner of the United States Commodities Futures Trading Commission (CFTC) has said that Ethereum (ETH) can be regulated as both a commodity and a security.

According to Berkovitz, by law, Ethereum (ETH) can be both. Amidst the regulatory tussle, the price of Ethereum (ETH) has been stuck under $1,900 for the last three weeks. Over the last 24 hours, the price of Ethereum (ETH) has tumbled by 2.1% and now trades at $1,815.

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Solana (SOL) loses NFT position to Bitcoin

As the pioneer smart contracts platform, Ethereum (ETH) has remained the biggest blockchain for NTFs but was followed by Solana (SOL). However, with the recent launch of the BRC-20 token standard on Bitcoin, Solana (SOL) has now lost its position as the second-biggest NFT blockchain to Bitcoin.

According to data from CryptoSlam, in the last 30 days, over $173 million worth of NFTs have been traded on Bitcoin (BTC) compared to the $53.7 million on the Solana (SOL) blockchain. Solana (SOL) is now the third most popular NFT blockchain. However, investors are leaving the regular NFTs on Solana (SOL) to the more unique precious-metal-backed NFTs on Sparklo.

Find out about the Sparklo (SPRK) presale using the links below:

Website: https://sparklo.finance

Presale: https://invest.sparklo.finance

Twitter: https://twitter.com/sparklo_finance

Telegram: https://t.me/sparklofinance

The crypto market has been dwindling since the start of 2023. While the first quarter pumped bullish sentiments in the market, the second quarter has begun on a bearish note. Thus, major cryptocurrencies like Litecoin (LTC) and Axie Infinity (AXS) have struggled to trade in the green zone. Besides, investors’ disinterest in these projects has aggravated the situation.

Market bulls are unanimously supporting Collateral Network (COLT), a new project with massive growth prospects. Experts have predicted that Collateral Network will grow by 35x during its presale, and 100x upon listing.

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Litecoin Benefitted From Bitcoin’s Network Congestion

As the Bitcoin network is facing congestion issues, Litecoin has emerged as an unexpected beneficiary. As per the latest information by BitInfoCharts, the number of transactions on the Litecoin network has soared to an all-time high of 576,000.

Litecoin transactions have surged by 470% since the beginning of May. Reportedly, the number of new addresses on Litecoin is more than that of Bitcoin. The price of Litecoin (LTC) has also benefited from this development. Litecoin’s value has increased by 3% since then. Consequently, Litecoin is currently available to trade at $80.65.

Axie Infinity Falls On Critical Metrics

Axie Infinity has witnessed a massive decline in the number of unique active wallets (UAWs), and user activity. Axie Infinity’s highest UAW in Q1 2023 was 17.98k, on January 23, but has come down to around 10k.

Besides, the number of transactions and trading volumes on Axie Infinity has also plummeted. Axie Infinity’s trading volume has declined from $15 million to $1.2 million since January. The number of transactions involving Axie Infinity has dropped from 76k to 28k during the same period. Subsequently, Axie Infinity has nosedived by 22% on the monthly price chart. At present, Axie Infinity (AXS) is available to trade at $6.81.

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Collateral Network Marches Toward 100x Price Increment

Collateral Network has built a first-of-its-kind Web3 platform that has eased the process of borrowing money against physical assets. Thus, people can use a variety of real-world assets as collateral to take a loan. Collateral Network mints non-fungible tokens against collateralized assets, which can range from diamonds, fine wines, art, and more.

After receiving an asset to be used as collateral, the company’s internal team assesses and algorithmically generates the lending rates using an artificial intelligence-based mechanism. Next, Collateral Network stores the assets safely in its vault until the loan is repaid.

The fractional NFTs minted by Collateral Network are sold to lenders in a decentralized marketplace. Lenders earn a fixed weekly income after purchasing these NFTs, and maintain full control of their loans by holding their own keys.

COLT holders are also given numerous benefits, including governance rights and access to private auctions of distressed assets. Plus, presale COLT owners will be given exclusive access to the VIP members club. Stage 1 of Collateral Network’s presale is nearing its completion as over 74 million tokens have been sold. A Collateral Network (COLT) token is presently available at $0.014 and is expected to rise above $0.35 in the coming months.

For more information on Collateral Network visit the website, join the presale or join the community for regular updates.

Find out more about the Collateral Network presale here:

Website: https://www.collateralnetwork.io/

Presale: https://presale.collateralnetwork.io/register

Telegram: https://t.me/collateralnwk

Twitter: https://twitter.com/Collateralnwk