*HOW TO PROVE THAT A BANK IS LICENSED IN NIGERIA.* DAILY LAW TIPS (Tip 300) By Onyekachi Umah, Esq., LLM. ACIArb(UK).

No bank can operate in Nigeria without a banking license from the Central Bank of Nigeria. The easiest way to prove that a bank has been licensed by Central Bank of Nigeria under the Banks and Other Financial Institutions Act by the production of a certificate by an officer of the bank that it has been duly licensed.

My authorities are sections 92 and 259 of the Evidence Act, 2011.

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*CONTENTS OF A GENUINE ATM RECEIPT IN NIGERIA.* DAILY LAW TIPS (Tip 292) By Onyekachi Umah, Esq., LLM. ACIArb(UK)

Due to developments in electronic payment system across Nigeria, the Central Bank of Nigeria approved a format for every physical and electronic records of transactions in Nigeria from any transaction channel including ATMs, POS, Internet Payments, Mobile Payments, Physical Branch or agent.

The approved receipt formats are sufficient proof of transactions in Nigeria and as such all financial institutions must provide customers with only approved receipts.

An approved receipt from an Automated Teller Machine (ATM), must contain the following;
1. Name of the Service Provider
2. Location/Terminal Identity
3. Transaction Identity
4. Date of transaction
5. Time of Transaction
6. Transaction type
7. Sequence Number
8. Account Name
9. Amount
10. Personal Account Number (PAN) (But should be Masked)
11. Card Type
12. Account Type
13. Reference Number

My authorities are sections 47(4) of the Central Bank of Nigeria Act, 2007 and Approved Format of Evidence For Electronic Transactions, 2013.

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DAILY LAW TIPS
by Onyekachi Umah,Esq.
(Tip 263)
WHO ARE THE SHAREHOLDERS OF THE CENTRAL BANK OF NIGERIA.

Central Bank of Nigeria is created to promote stability and continuity in economic management of Nigeria, among other things. The minimum authorised capital of the bank is One Hundred Billion Naira. The capital are all subscribed and held by only the Federal Government. Hence, the Federal Government of is the only shareholder of Central Bank of Nigeria. So, no individual, company, bank, foreign agency, state, state government or local government is permitted to be a shareholder of the Central Bank of Nigeria.

My authorities are sections 4, 60 and 61 of the Central Band of Nigeria Act, 2007.

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DAILY LAW TIPS 
            by Onyekachi Umah,Esq.
                  (Tip 168)
“No Bank In Nigeria Can Unilaterally Change /Vary Interest Rate In Its Agreement With A Customer”.
 
Where there is an agreement between a bank and its customer showing agreed interest rate but without an option for variation of such Interest, such bank cannot vary/change the interest rate. It does not matter whether or not there is a new interest rate from Central Bank of Nigeria.
 
My authority is the Supreme Court’s decision in the case of UBN PLC v. AJABULE & ANOR (2011) LPELR-8239(SC).
 
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DAILY LAW TIPS
by Onyekachi Umah,Esq.
(Tip 133)
“Houses, Emails, Phones, Computers, Bank Accounts and Other Personal Items Cannot Be Merely Searched and Seized By Nigerian Police”.

In Nigeria, there is “Right to Private and Family Life” as a fundamental human right of all persons in Nigeria(including literates and illiterates, Young and Old, Students and Workers, Nigerians and Foreigners).
Hence, Police, SARS and other security agencies and their agents CANNOT break into and search your house or search through your phones, laptops, emails or bank accounts. Before any of the above activities can be done, the security agency must first obtain and show to you an order of court authorising such activities. Unprofessional policing is a crime.

My authority: section 37 of the Constitution of the Federal Republic of Nigeria 1999.

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