The Central Bank of Nigeria (CBN) by its letter dated 5th October 2018, written to all banks, telecommunication companies, mobile money operators, banking agents and the Nigerian Communication Commission, circulated draft guidelines and regulations of Payment Service Banks in Nigeria (PSB) for comments and observations. The Payment Service Banks in Nigeria is CBN’s initiative to…
Over the years, the Nigerian maritime industry has witnessed the uncontrolled and illegal participation of foreign shipowners which has been detrimental to the industry. This position necessitated the enactment of the Coastal and Inland Shipping (Cabotage) Act in 2003. The Cabotage Act was enacted to restrict the participation of foreign vessels in the Nigerian Coastal…
The Federal High Court in Abuja, Nigeria on Wednesday, 16th November, 2018 delivered Judgment in a suit filed by Dr. Olisa Agbakoba (SAN) to determine the constitutionality of President Muhammadu Buhari holding office as the Minister of Petroleum. Justice Mohammed in deciding that there was no violation of Section 138 of the 1999 Constitution (as…
There is currently a bill before the National Assembly for the amendment of the Arbitration and Conciliation Act (ACA) 1988. The Arbitration and Conciliation Act (Repeal and Re-enactment) Bill (The Bill) has successfully passed through the Senate and awaits the concurrence of the House of Representatives and the assent of the President to become law.…
The maxim, “Once on Demurrage, always on Demurrage” is with respect to the subject matter of a Charterparty. There are different types of charterparties namely; bareboat/demise, time and voyage. This article will focus on time and voyage charter parties. In a time or voyage charter party, the charterer hires the vessel for a specific…