*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 212)
“Transactions Of Equivalent Of $10,000 or Above Are Reported To EFCC & CBN”

Every foreign transfer of equivalent of Ten Thousand US Dollars ($10,000.00) or more or securities MUST be reported to Economic and Financial Crimes Commission (EFCC), Central Bank of Nigeria (CBN), Security and Exchange Commission (SEC) within 7 days of such transaction. Such report must reveal the details of transfer, amount, names and addresses of the parties involved.

My authorities are sections 2(1),(2), 25 and 26 of Money Laundering (Prohibition) Act.

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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 123)
“A Lawyer’s Bank Account is Exempted from EFCC, SCUML, NFIU and Police Registration/Clearance.”

Most ignorant banks will request that a lawyer obtains a proof of registration with Special Control Unit Against Money Laundering (SCUML) before a law firm’s bank account can be created; this is to enable EFCC and other agencies monitor such accounts easily.

This is wrong and illegal. Special Control Unit Against Money Laundering(SCUML), the National Financial Intelligence Unit (NFIU), the Economic and Financial Crimes Commission (EFCC) have no right to demand registration and seek regulation of lawyers, their law practice and management of clients accounts.

Don’t let any bank or security agency muscle you into illegality. Enjoy your lawyers privileges!

See sections of 192 and 195 of Evidence Act, sections 5 and 25 of Money Laundering (Prohibition) Act, Rule 19(1) of the Rules of Professional Conduct for Legal Practitioners 2007 and the Federal High Court decision on Registered Trustees of Nigerian Bar Association V. AGF & CBN (Suit No: FHC/BS/173/2014) And the Court of Appeal decision in the case of CBN V. NBA & AGF (Appeal No: CA/A/202/2015)

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