Famsville Solicitors

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.

NIGERIA IMMIGRATION SERVICE SET TO EXTEND PASSPORT VALIDITY FOR ADULTS

Background

The Nigeria Immigration Service (NIS) through the Comptroller-General of NIS, Mr Mohammed Babandede has recently announced plans to increase the validity of passports issued to adults from five (5) to ten (10) years. Passport validity of children
will not be affected as it is expected that the facial features of children will change rapidly while growing up.
In essence, adult Nigerians will not require a renewal of their passports till 10 years as soon as this policy comes to force. The Comptroller-General of NIS has explained that
this is part of the reforms by the Nigeria Immigration Service towards improving the process of issuing passports to Nigerians and the security features in the Passport.

CENTRAL BANK OF NIGERIA ISSUES DRAFT CYBERSECURITY GUIDELINE FOR DEPOSIT MONEY BANKS (DMB) AND PAYMENT SERVICE PROVIDER (PSP)

BACKGROUND
The Central Bank of Nigeria (CBN) recently published a draft guideline on cybersecurity for Deposit Money Banks (DMB’S) and Payment Service Providers (PSP’s). The guideline is
borne out of the persistent and increasing cyber-attacks on financial institutions and platforms in the country. The increased sophistication of attacks has resulted in the huge
financial losses, loss of trust with the potential risk of exploitation of design vulnerabilities, identity theft, malware attack, and malicious use that post risks to security and safety of individuals. Cyberattack exposes organisations to the loss of intellectual properties and
trade secret; online fraud and financial crimes, theft of personally identifiable information (PII); financial manipulation; disruption in production or services, and reduced trust for online activities. This is dire for the expansion of financial institutions seeking wider financial inclusions for millions of unbanked Nigerians.
The CBN is empowered under the Central Bank of Nigeria Act and Banks and Other Financial Institutions Act (BOFIA) to issue guidelines to regulate the nation’s financial institutions and service providers in the country. The guideline is a commendable response
to an exigent problem plaguing the nation’s cyberspace. Nigeria is witnessing a burgeoning
growth in its banking sector and fintech space with increasing record transactions. Payant, a payment platform recently announced recording over 1 billion naira worth of transaction on its platform in less than two years.
Section 5 of Cybercrimes Act criminalises attack on sectors designated as critical national infrastructure punishable by imprisonment term not less than 15 years without an option of
fine. Part 7.5 of the National Cybersecurity Policy designates financial services sectors amongst other sectors as National Critical Information Infrastructure (NCII).

President of Nigeria Signs Executive Order 6 of 2018 on the Preservation of Assets Connected With Serious Corruption and Other Relevant Offences

BACKGROUND

The Nigeria President, Muhammadu Buhari on 5 th July 2018 signed the Executive Order 6 of 2018 (EO6) on the preservation of suspicious asset recovered from corrupt officials. This is part of the anti-graft drive by the Federal Government to stamp out corruption in the country.

According to the President, the order was issued to “restrict dealings in suspicious assets subject to investigation or inquiry bordering on corruption in order to preserve such assets from dissipation and to deprive alleged criminals of the proceeds of their illicit activities which can otherwise be employed to allure, pervert and/or intimidate the investigative and judicial processes”.

The executive order reinstates the Federal Government ’s commitment to fighting corruption in the country. The current government came into power on the promise of fighting corruption that has been endemic in the country. This has seen the government introduce policies like the Enforcement of Treasury Single Account (TSA), Implementation of the Bank Verification Number Policy, Whistleblowing Policy, and Signing of the Open Government Partnership amongst other initiatives to stem the tide of the scourge.

THE CBN NIGERIA /PBOC CHINA BILATERAL CURRENCY SWAP AGREEMENT (BCSA)

BACKGROUND
The Central Bank of Nigeria (CBN) in 2011 made a decision to hold a part of its external reserves in Chinese Renminbi (CNY). The reason for this is not far-fetched given the expanding influence of China in global trade and the rate at which Nigeria imports
from China. Statistically, bilateral trade between Nigeria stood at about US414.7 billion as at the end of 2016 and as at 2017q4, China accounts for up to 22% of the merchandise imports of Nigeria.
It is against this backdrop that the Central Bank of Nigeria (CBN) undertook a Bilateral Currency Swap Agreement (BCSA) with the People’s Bank of China (PBoC). This agreement was finally signed on Friday, 27 April 2018 making Nigeria the 3rd African
country to have a Currency Swap Agreement with the People’s Bank of China.