According to S.211 of the Constitution of the federal republic of Nigeria, it is the Attorney General of the state who has the power to institute and prosecute crimes in the state. By the subsequent provision of subsection 2 of this section, these powers of the attorney general can also be delegated to officers in the state ministry of justice only. 

This provision by its reason, therefore, introduced a rule  which has stood for a long time in the Nigeria legal system and the rule is that institution and prosecution of crimes is reserved exclusively for the Attorney General of the state, therefore private citizens or private legal practitioners cannot exercise that power unless that such private individual who wishes to prosecute a crime applies to the Attorney General to delegate such power to him and the Attorney General can thereby delegate the power to the private citizen to prosecute crime by the issuance of a legal document known as “fiat” to that private citizen. 

This has been a long-held rule that a private citizen cannot institute and prosecute crime in Nigeria excerpt with the consent and authorization of the attorney General of the state but this rule has been overruled by the recent (2022) judgment of the Supreme Court of Nigeria in the case of RAPHAEL OBIJIAKU V CHIEF JOE OBIJIAKU & 2 ORS (2022) 17 NWLR (PT. 1857) 377 at 405 Paras E- F. His Lordship Aboki JSC while reading the leading judgment held inter alia thus; 

“A private legal practitioner or indeed a private citizen, has the indisputable right, under section 301(1) of the Anambra State Administration of Criminal Justice Law, 2010, to lay a complaint and prosecute same, without the fiat of the Attorney General of the State”

By the above judgment, the Supreme Court of Nigeria, the long-known and long-held position of the law that it is only the Attorney General of the State can prosecute or authorize the prosecution of criminal complaints in the Courts has been overturned. 

The Supreme court further emphasized that the notion that the provision of the Administration of the Criminal Justice Act/ Law granting powers to private legal practitioners or private citizens to prosecute without the authority of the Attorney General of the State is in conflict with Section 211 of the Constitution of the Federal Republic of Nigeria 1999 ( As Amended) is held in error, therefore, the power issued to private citizens by the ACJL to prosecute crimes is not in conflict with any constitutional provision. 

This is the new position of the law as ruled by the supreme court of Nigeria, therefore lawyers and students of the law should thereby take note of it. 

The Central Bank of Nigeria in the course of its legitimate mandate to promote a sound financial system birthed the  Nigerian Cash Management System which seeks to reduce costs and improve operational efficiency in the country’s cash management value chain, leading to the creation of Bank Neutral Cash Hubs (BNCH) which are cash collection centers established by licensed processing companies or deposit money banks based on business needs.

This article will be looking at the following topics:-

– The components of the regulatory framework governing BNCHs in Nigeria.

– The objectives of the regulatory framework governing BNCHs in Nigeria.

– Permissible and Non-permissible activities of  BNCHs.

– Registration requirements for BNCHs in Nigeria.

What are the main components of the regulatory framework governing BNCHs in Nigeria?

BNCHs are regulated by the CBN Guidelines For the Registration & Operation of Bank Neutral Cash Hubs in Nigeria . These Guidelines are made pursuant to the Central Bank of Nigeria Act 2007.

What are the objectives of the CBN Guidelines?

– To provide minimum standards and requirements for BNCH registration and operations for effective supervision.

– To reduce the risks and costs borne by banks, merchants & huge cash handlers in the course of cash management activities.

What are the permissible and non-permissible activities of BNCHs under the CBN Guidelines?

Permissible Activities

– The receipt of Naira denominated deposits on behalf of FIs from individuals and businesses with high cash volumes.

– The disbursement of Naira denominated withdrawals on behalf of FIs to individuals and businesses with high cash volumes.

Non-permissible Activities

– Lending activities.

– Investing activities.

– Subcontracting another entity to carry out BNCH operations.

– Engaging in foreign exchange transactions.

– Any other activity prohibited by the CBN.

Who is eligible to promote and own a BNCH?

BNCHs can only be promoted by either deposit money banks or cash processing companies (you can consult your lawyer on the registration requirements for cash processing companies).

What are the registration requirements for BNCHs in Nigeria?

BNCHs registrations are processed in 2 stages :-

1. The Approval-in-Principle (AIP) stage.

2. The Final Approval stage.

The AIP stage

This involves sending the following to the CBN :-

1. A written application for BNCH registration.

2. A valid deposit money bank license or proof of CPC registration issued by the CBN.

3. Evidence of a non-refundable application fee payment of 100 Thousand Naira to the CBN.

4. Evidence of a board resolution approving the application signed by the deposit money bank /CPC board chairman and secretary.

5. A detailed business plan/feasibility report.

The Final Approval stage

Upon the grant of an AIP, the promoters of a BNCH shall submit the following:-

1. Evidence of office location for the purpose of BNCH business take off.

2. Evidence of an active insurance policy to cover the hub’s vault cash.

3. Evidence of ability to meet the technical requirements and provision of modern infrastructural facilities.

4. Evidence of a collaboration arrangement with the Nigerian Police Force.

5. A business continuity plan.

6. Evidence of a non-refundable 500,000.00 Naira approval fee payment to the CBN.

What are the ways in which a BNCH can cease operations?

A BNCH can cease operations by :-

– An order of the CBN.

– Voluntarily by the BNCH itself subject to communicating a minimum 90 day notice to the CBN.

A BNCH ceasing operations is also subject to the CBN having the powers to order any BNCH to meet its outstanding obligations before shutting down its operations.

The crypto market is currently worth over $200 billion and continues to grow at a rapid pace. With so much money flowing into the space, it’s no wonder that there are so many different projects vying for a piece of the pie. However, not all projects are created equal. Snowfall Protocol (SNW) has sold millions of tokens, making it one of the most successful ICOs in history. But what makes Snowfall Protocol (SNW) better than Ripple (XRP) and Unus Sed Leo? Read ahead to find out.

Ripple (XRP) fails to grow in price

In July this year, Ripple Labs announced that former Ripple (XRP) co-founder and creator of the Stellar cryptocurrency, Jed McCaleb, has sold his last 9 billion XRP tokens. Since he was no longer promoting Ripple (XRP) into the market, experts believed that it could relieve some of the downward pressure on the price. However, in spite of the prediction, Ripple (XRP) couldn’t sustain a price above $0.40. Ripple (XRP) recently released the last quarter’s market report and the numbers do not look good.

The report stated that the company’s Ripple (XRP) reserves were less than half of the overall supply. It also revealed that Ripple’s (XRP) net acquisitions dropped by about $100 million from the previous quarter. At the time of writing, the technical analysis shows that Ripple’s (XRP) sentiment is bearish, with less than 8 out of 30 positive indicators. Thus, Ripple’s (XRP) price may drop from $0.39 to $0.29 by the end of December, as per experts.

Unus Sed Leo (LEO) declines over 18% in just a month

Unus Sed Leo is a subsidiary of iFinex that works as a utility token for Bitfinex. Unus Sed Leo (LEO) can be used on Bitfinex, a cryptocurrency exchange, to lower the costs of trading, borrowing, and other exchange operations. Despite the impressive features that Unus Sed Leo (LEO) has to offer, the token’s value has dropped significantly over the past month. Unus Sed Leo (LEO) has lost 18.58% of its value in the last 30 days. With a 35% loss in value over the previous three months, Unus Sed Leo (LEO) has been on a consistent downward trend. Investment in Unus Sed Leo (LEO) should be considered risky due to its volatile nature. A possible drop in Unus Sed Leo’s (LEO) value has been linked to current events involving the US government and illicit financial transactions. It has been speculated by market watchers that long-term holders of Unus Sed Leo (LEO) may suffer a financial loss. Potential investors are cautioned to avoid Unus Sed Leo (LEO).

Snowfall Protocol (SNW) is a big hit in the market

Snowfall Protocol has recently gained attention since it is one of the rare protocols to support cross-chain transactions. The ability of Snowfall Protocol’s (SNW) dApp to trade assets within blockchains without the need for third-party platforms allows blockchains to work together seamlessly and effectively. Snowfall protocol (SNW) is a multi-chain co-operability platform that allows for secure and easy exchange of EVM-compatible and non-EVM-compatible assets between different blockchain networks.

Snowfall Protocol (SNW) is currently in its presale phase, and has recently concluded its second phase successfully. More than 100 million tokens were sold, making the price of Snowfall Protocol (SNW) soar from $0.005 to $0.075 in just two months. The future looks great for Snowfall Protocol (SNW) and its investors considering the token’s potential to grow. Moreover, after its launch, several experts predict that Snowfall Protocol (SNW) will see a price increase of 5000%.

get in while you can and invest in Snowfall Protocol (SNW) today!!!

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It’s usually fun to trade in the cryptocurrency market. There are plenty of options to choose from. Therefore, it can be quite confusing when picking any digital assets from the alternatives. Before buying any cryptocurrency, it’s essential always to consider the features and potential of the future development of the coin.

This piece has identified Avalanche, Chiliz, and Big Eyes Coin (BIG) as good alternatives to purchase and consider. Keep reading to learn what to expect from them in the future.

Avalanche: The Ethereum-Killer

Ethereum-killers are a special category of cryptocurrency tokens. Every cryptocurrency that’s named an Ethereum killer has the potential to do well. When purchasing Avalanche, you should always expect the coin to grow substantially. Avalanche can host smart contracts and decentralized applications. There’s a growing number of projects on Avalanche. The blockchain of this cryptocurrency can provide near-instant transaction finality for those who use its platform.

Because of Avalanche’s faster speed, it can provide scalability options and faster transaction speed. AVAX is the basic unit of account on the Avalanche blockchain. AVAX is used to secure the blockchain. It will also serve as a transaction fee. This decentralized protocol is a fast, versatile and affordable project. Furthermore, Avalanche is an open-source project. This means anyone can contribute to the project without any special access. What’s more? Developers can use this code to create something similar.

Avalanche has a total supply of 720 million AVAX coins. However, users will decide when more tokens will be minted. There’s a reward structure that will provide incentives for loyal holders.

Chiliz: A Hot Community Of Fans

The first generation of cryptocurrencies that we had on the coin market focused on allowing traders to process their transactions faster. Chiliz is different from most cryptocurrency tokens that you’ll find out there. Chiliz isn’t concerned about faster transactions. CHZ is designed as the in-house cryptocurrency for Socios. Chiliz serves as a new form of fan engagement. Gone are those days when fans could only support their teams by watching them play. Now, the social platform allows you to purchase NFTs and support them through digital asset investment.

Chiliz activities are protected from coin market volatility because it’s the cryptocurrency of a growing business. Different teams have partnered with Chiliz. Fans’ contributions vary depending on the team in question. Many fans have given positive testimonials about this project and how it allows them to connect with their teams.

Big Eyes Coin Will Dominate The Meme Coin Market

There are many meme tokens in the coin market today. Each of these meme coins is designed differently. It’s essential that meme coins can stand out from each other. There are hardly any other coins that can stand out from Big Eyes Coin. This project has done many things correctly when compared to other tokens. Its developers have created an impressive utility where users can create beautiful NFTs. The NFT industry will expand as more Big Eyes Coin collections are added.

As a meme coin, it’s essential that Big Eyes Coin can perform better than other alternatives. In terms of how the token is run, Big Eyes Coin is operated similarly to big names like Shiba Inu. It adopts a community-driven system. It has used an effective system to ensure an equitable distribution of cryptocurrencies. This way, every user will have similar amounts of cryptocurrency. No one will buy up all the tokens for themselves and store them in a single wallet.

Big Eyes Coin will also create a centralized ecosystem for swapping crypto tokens. The Big Eyes Coin presale is in the 7th stage. There are little tokens up for grabs. You can join quickly to enjoy the hype of the token when it is launched.

Use the code for a BIG bonus: BCUTE592

For more information on Big Eyes Coin:

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

Cryptocurrency models as we know it has always developed and crafted plans to guarantee their success in the market. Polkadot (DOT) and VeChain (VET) have done very well through the features they provided and the solutions they brought. The new cryptocurrency in the market, Big Eyes Coin (BIG), aims for an even bigger success as it plans for an autonomous cryptocurrency. Through its community, Big Eyes Coin (BIG) aims to build a dynasty in the crypto world.

An engaging community that creates wealth for Big Eyes Coin (BIG) is What It Aims for

Big Eyes Coin (BIG) operates on the fundamentals of establishing a sustainable model for growth with an active community to bring wealth to the Decentralized Finance (DeFi) ecosystem. To reach its goal, Big Eyes Coin (BIG) recognizes the importance of its community and will offer them benefits along the way. From its presale, steps will be taken to push it toward success.

Being a meme coin Big Eyes Coin (BIG) offers the advantage of being popular in the market. This will, in turn, see a rise in its community members as this is one of its goals. Big Eyes Coin (BIG) will also offer exciting events for its community, one of which is its Non-Fungible Token (NFT) beauty contest that will take place and is also necessary for accessing other features on the platform. Art brings us together. Thus, this event will likely increase its community and create awareness for Big Eyes Coin (BIG) in the crypto market.

At intervals, giveaways will be carried out in the form of Big Eyes Coin (BIG) tokens, all to make the community more active and engaging to build momentum for the project and raise its value. A zero-fee model has been adopted, separating it from VeChain (VET) and Polkadot (DOT), which will save expenses for its community. 5% of the total supply has been dedicated to the marketing wallet for publicity and taking on social media platforms to add to the popularity of the Big Eyes Coin (BIG).

VeChain (VET) Contributes to the Decentralized Finance Ecosystem Through Its Blockchain Technology

To make the flow of information and workflow in a complex supply chain more streamlined, VeChain was brought to life. It uses distributed ledger technology to enhance business processes and allows business organizations to build and launch Decentralized Applications (dApps). One important decision will be to increase or decrease the supply of the VeChainThor (VTHOR) tokens. Its native cryptocurrency VeChain (VET), is the main currency powering the platform providing users with staking, holding, and spending benefits.

The total amount of VeChain (VET) in circulation is limited and capped at 86.7 billion. Its other cryptocurrency VeChainThor (VTHOR), is only accessible through VeChain (VET) tokens and is needed for paying transaction fees on Decentralized Applications running on its blockchain. Thus, an increase in demand for VeChainThor (VTHOR) will likewise increase demand for VeChain (VET) and raise its future value. Also, users can hold and stake their VeChain (VET) tokens as it allows them to vote on changes on the platform.

Polkadot (DOT) Implements a Staking Model that Provides Users with Rewards

Polkadot serves the necessities of those hoping to enter the blockchain space, giving the important instruments expected to form their blockchain projects. When these undertakings are made on the Polkadot programming, they can follow their roadmaps in selling presale tokens to raise assets. The utility token, DOT, is the symbolic coin that fills and supports the Polkadot platform. It has raised 200 million USD (assessed) to subsidize the fundamental exercises. Its overhauls are expected to improve the platform and remain at the highest point of the crypto market charts.

When Polkadot (DOT) tokens are staked, prizes and motivating forces are determined and given to the stakers as per the sum staked. This will assist with empowering their work in the maintenance and sustenance of the platform. The clients and buyers are essential for the platform administration and decisions on significant issues concerning the Polkadot stages development and government assistance.

Also, Big Eyes Coin has announced that they are doing a bonus tokens giveaway. To claim the bonus tokens, use the code: BCUTE245 when buying BIG tokens.

To find out more about Big Eyes Coin (BIG), visit the links below:

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL