Famsville Solicitors

ENFORCEMENT OF SHIP MORTGAGE UNDER NIGERIAN LAW

Mortgaging a ship is a form of security wherein a ship owner (“Mortgagor”) gives to the lender (“Mortgagor”) an interest in a ship as a security for loan either by way of creating a statutory mortgage or a equity mortgage. The mortgage is consequently discharged upon payment of the principal sum and usually the interest.

Section 54 of the Nigerian Merchant Shipping Act 2007 (“MSA”) allows a vessel or a share in a vessel to be made a security for a loan or other valuable consideration. Upon entering a mortgage agreement, the mortgage may be registered at the Nigerian Ship Registry. One of the benefits of registering the instrument creating the mortgage at the ship registry is that, it takes priority over unregistered mortgage deeds. Where the Mortgagor is a corporate body, a charge may be registered at the Corporate Affairs Commission.

Section 57 of the MSA stipulates that if there are more mortgages than one registered in respect of a ship or share, the mortgages shall, notwithstanding any express, implied or constructive notice, be entitled in priority one over the other, according to the date on which each mortgage is recorded in the register and not according to the date of each mortgage itself. It is therefore important that mortgage agreement be registered as soon as executed by parties.

Under the Nigerian law, the procedure for enforcement of a ship mortgage is subject to a contractual right. Accordingly, the rights of a mortgagee are derived from specific terms agreed with the mortgagor. Usually, the loan documentation, which the mortgage is premised upon, will identify those events by the mortgagor, which give rise to the right on the part of the mortgagee to take enforcement action.

VISA REQUIREMENTS FOR NEWBORNS IN NIGERIA

Over 23% of pregnant Nigerian women insist on giving birth to their children abroad. Be it for show off or access to better medical service or dual citizenship for the child, the number of Nigerians travelling abroad for child birth is constantly on the increase. To a lot of people, giving birth abroad especially in countries like US and Canada is their way of securing their child’s future and making sure the child has the best of both worlds.

Citizenship by Investment: Insurance for the Ultra Wealthy In Nigeria

CITIZENSHIP BY INVESTMENT IN MOLDOVA

The Moldova Citizen by Investment (MCBI) program requires applicants to make a defined economic contribution to Moldova through the Public Investment Fund.

Applicants and their families will be granted citizenship in exchange having gone through a stringent due diligence process and thorough background checks. It is noteworthy that Moldova’s four-tier due diligence system has been considered the most thorough in the world.

CITIZENSHIP BY INVESTMENT: INSURANCE FOR HIGH NET WORTH INDIVIDUALS IN NIGERIA

INTRODUCTION

From artworks to property to super yachts, something sets the ultra-wealthy apart; the need to continually amass trophies. Undoubtedly, obtaining another citizenship is the recent trophy for the ultra-wealthy.

Asides from the boost of status and increased global mobility getting a passport of another country gives, it also keeps the wealthy rest assured that they and their family have an exit plan should there be insurrection in their country of citizenship. As it appears, even the wealthy needs a plan B.

Unlike some countries like the US that gives foreigners and residents the opportunity to gain citizenship after meeting specific criteria, some other countries allow foreigners to gain citizenship out rightly in exchange for a set minimum direct investment typically in property or local business. Some of these countries are Malta, Moldova, Cyprus, Grenada, St. Kitts and Nevis, Saint Lucia, Dominica, Portugal, Antigua and Barbuda.
Eight of these countries have been classified as offshore financial centres by the International Monetary Fund. The import of this is that they levy little or no taxes on corporate and/or personal foreign income.
This article sets to highlight the requirements and benefits of acquiring a second passport and how much citizenship costs in some of these countries.

ENFORCEMENT OF FOREIGN JUDGMENT UNDER THE NIGERIAN LAW ; A REALITY OR A MYTH?

INTRODUCTION

There is a general proposition that the powers of the courts are limited by their territorial boundaries (i.e. territorial jurisdiction). Thus, a judgment delivered by the court of one jurisdiction should ordinarily have no force or effect beyond its own territory save for situations where other jurisdictions have agreed to allow such judgment to be enforced within their own territories.

However, such judgment may become enforceable in another country if the
judgment is registered and recognised in the country where it is sought to be recognised.