Stears, an African data and intelligence company, founded by Preston Ideh, Abdul Abdulrahim, Foluso Ogunlana, and Michael Famoroti, who met at the London School of Economics and Imperial College in the UK, has called it for Peter Obi: “Even after including silent voters, Peter Obi holds a comfortable lead. In essence, the Stears electoral poll and prediction model affirms that Peter Obi is by far the most popular and desired candidate for the 2023 Presidential Elections” .

Nairametrics provided a deeper insight: “Labour Party’s presidential candidate, Peter Obi, has been named the most universally accepted candidate amongst the list of aspirants for the 2023 national presidential elections. This is according to a recent poll by Stears, an African data and intelligence company. According to the findings of the survey, Peter Obi is the only candidate amongst the lot to achieve at least 25% of the vote in most geopolitical regions, that is five out of six, based on the responses of the voters that declared their candidate preference.”

Good People, if you have any poll  which any of Premium Times, Nairametrics, and top-6 newspapers (Guardian, Punch, Vanguard, Sun, Vanguard, BusinessDay) have found useful to publish, share with me, even if Tinubu, Atiku, Obi, etc is leading by 100%. Because I do not break news, focusing on broken ones, do not accuse me of publishing polls which Obi seems to be leading. Get it: I am only educating our community. Hold that insult; just share the poll – and I will run it. 

Remember, the smarter people in this business must have published the poll for me to use it; if not, do not bother. I depend on those experts because they’re trained journalists and have the tools to make better decisions so that we do not spread fake news and polls.

Of course, the best poll is the election; #vote.

The Dishonoured Cheques Offences Act (Amended in 2017) was passed as a designated framework for prosecuting acts constituting the financial crime of purporting to settle lawful payment obligations by the use of cheques which are monetary instruments (typically post-dated) issued by a drawer asking his bank to make a payment to a 3rd party.

This article will be dealing with the topics of :-

– What constitutes a dishonoured cheque.

– When presenting or drawing a dishonoured cheque becomes a crime under the Dishonoured Cheques Act.

– The means of commencing prosecution of offences under the Dishonoured Cheques Act.

– The punishments applicable for offences under the Act.

When is a cheque deemed to be dishonoured under the Act?

The act defines a cheque as being dishonoured when presented for payment within a reasonable time and is rejected on the following grounds of :-

– No funds or insufficient funds standing to the credit of the drawer of the cheque.

– The account of the drawer is dormant or non-existent.

– The mandate on the cheque being irregular.

– The drawer countermands the payment of a cheque without prior notice of such stoppage to the payer. 

When exactly is an offence deemed to be committed under the dishonoured cheques act?

The act states that a party will be guilty of an offence under the act when :-

– He deliberately obtains for himself or any other person by means of a cheque which when presented for payment not later than 6 months after the stated date of the cheque is dishonoured.  

– When a cheque is deliberately presented for the satisfaction of a contractual obligation by a drawer who knows that the cheque will be dishonoured on any of the grounds highlighted by the Act.

When will a person be deemed not guilty under the Act?

A person shall not be guilty of an offence where he proves in court that he had reasonable grounds to believe that it would be honored upon presentation for payment within the time period specified by the Act.

What are the prescribed punishments or sanctions for offences under the Act?

For individual offenders, the act prescribes a maximum 2 year imprisonment and a 500 Thousand Naira fine option,  a 5 Million Naira fine for big companies, a 1 Million Naira fine for small companies, and and a 1 Million Naira fine or twice the value on the dishonoured cheque (whichever is higher) for statutory corporations.

Who or which agency has the original jurisdiction to prosecute and adjudicate on offences under the Dishonoured Cheques Act?

The High Court of a State and the Federal High Court of Nigeria have the jurisdiction to hear and adjudicate on matters involving alleged offenses under the dishonoured cheques act and the primary power to commence prosecution of offences under the act resides in the Attorney-General of the Federation.

Letters of Credit in Nigeria

International commerce is heavily dependent on timely and foolproof payments made across borders and sometimes without face to face meetings of any sort. This has necessitated the use of a wide range of payment instruments, one of them being letters of credit.

Letters of Credit are payment instruments in support of International trade transactions based on bank guaranteed-payments between the bank of buyer and an exporter of goods.

This article will be looking at the provisions of Nigerian law on letters of credit.

What makes up the main Regulatory Framework for letters of credit in Nigeria?

Letters of Credit are regulated by the Central Bank of Nigeria by virtue of its Trade and Exchange Department Circular of February 24,2016 as well as the international Uniform Customs and Practice for documentary credits (UCP 600) published by the International Chamber of Commerce in July 2007.

Are letters of credit revocable?

No they are not.

Can letters of credit be used in domestic transactions?

In practice, no.

When are Letters of Credit required?

Letters of Credit are required when there’s no certainty of the representations made by contracting parties in International transactions.

Are Letters of Credit convertible?

Yes, letters of credit can be converted into loan agreements between the buyer and his bank.

Are banks statutorily required to provide foreign exchange for letter of credit transactions?

No they are not. This is the reason for a type of letter of credit known as “Non-valid for foreign exchange Letters of Credit” used by applicants that have to source required foreign exchange for their international transactions from the parallel market.