­Congratulations to the Nigerian government for finally kicking off the Nigerian air operations. A flight which we are told is one of the three flights to be used for the Nigeria air operations landed at Nnamdi Azikiwe International Airport, Abuja on Friday but the bigger problem the Ministry of Aviation and by extension the Nigerian government is facing right now is getting a proper website or domain for the Nigeria air where passengers can book and make reservations for their flights. 

As an airline which intends to be used for commercial purposes, the befitting website or domain name should be “Nigeria air dot com or Nigerian air dot com or dot Ng but surprisingly, none of these domain names or anything closely or far related to the above-mentioned domain names are available for use. They have all been reserved and taken by cybersquatters who want to sell the domain name to the Nigerian government. Some are willing to sell the domain name for 20000 USD while others are going for the whooping sum of 50000 USD.

This is not just obtainable with domain names or websites reservation, people do it too with company incorporation and name Trademarking; There are some people that this is their professional hustle, always keeping their ears to the ground to hear of the next big or trendy name; they will quickly register the name with the CAC or trademark it, you the original owner of the name can either be forced to buy it from them at an outrageous price or you will have to use another name.

This act of registering or reserving a domain name with the intention to sell it out is called cybersquatting and it is a crime in Nigeria and most other jurisdictions of the world. In Nigeria, upon conviction, it is punishable with at least 2 years imprisonment term and or a fine of N5,000,000

Cybersquatting, also known as domain squatting, is the practice of registering, trafficking or using an internet domain name with the intent of profiting from the goodwill of a trademark or the popularity of someone else.

Squatting simply means the act of occupying an abandoned or unoccupied space pending when the owner of the space comes to take possession. cybersquatting, therefore, refers to the unauthorized registration and use of Internet domain names that are identical or similar to trademarks, service marks, company names, or personal names.

Cybersquatting became a crime in the USA with the 1999 Anti-Cybersquatting Consumer Protection Act (ACPA). The statute made it illegal and criminal for anybody to buy domain names that are identical to or very similar to trademarks or to register a domain name with popular phrases/ words which had come to be identified with a particular person.

It became criminal too in Nigeria with the introduction of the cybercrime act of 2015. This act in section 25 of it specifically prohibits Cybersquatting and provided a punishment of two years term for Cybersquatters.

Tech bros and tech hustlers should get to know that their ever-booming business of cybersquatting is a crime which is highly prohibited by our laws.

“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.