♻BREAKING: CBN Releases Reversed Regulatory And Supervisory Guidelines For Bureau De Change Operations In Nigeria, Here Are Key Points :

1.⁠ ⁠Bureaux de Change (BDCs) now have tiers: Tier 1 requires a minimum capital of N2bn (this is for a national license), while Tier 2 has a minimum capital requirement of N500m (these can only operate within one state and are allowed a maximum of 3 branches).

2.⁠ ⁠A shareholder cannot own more than one BDC, thus preventing people from holding more than one license.
3.⁠ ⁠BDCs can now serve as agents to disburse funds on behalf of International Money Transfer Operators (IMTOs). Only amounts less than $500 can be received in cash, while larger amounts should be deposited in bank accounts. For foreigners, a card will be issued. Essentially, BDCs will now be able to issue Naira cards.

4.⁠ ⁠BDCs can now issue PTAs and BTAs.

5.⁠ ⁠BDCs are going digital and will need to integrate the Central Bank of Nigeria (CBN) reporting platform for transaction and Anti-Money Laundering (AML) purposes. They will also integrate Federal Inland Revenue Service (FIRS) and Nigeria Inter-Bank Settlement System (NIBSS) for Bank Verification Number (BVN) verification, among other things.

6.⁠ ⁠As a Tier 1 BDC, you must have a minimum of 5 board members and a maximum of 9. Tier 2 should have 7 members. The draft guideline provides for gender equality, so a board cannot be constituted with only one gender. The CBN must now approve of directors serving on the board of a BDC and another regulated financial institution. New qualifications now require board members to have experience working in financial institutions. In particular, independent directors must have worked on the management team of a BDC.

7. Banks and Other Financial Institutions (OFIs) cannot hold Bureau De Change (BDC) licenses. It remains to be decided whether some of the permissible activities of BDCs under the draft regulation, such as the issuance of Business Travel Allowance (BTA) and Personal Travel Allowance (PTA), will be exclusively reserved for the BDC.

8. There is now a very extensive requirement for licensing. It’s a whole lot. It is very similar to what the CBN would demand from a finance company or bank, with increased scrutiny.

9. Unlike banks- BTA/PTA threshold they can sell is biannual – sell 4k to individuals and 5k to businesses cumulatively in a 6-month period

10. No more street trading.

The Central Bank of Nigeria (CBN) has introduced a foreign exchange (FX) Price Verification System (PVS) portal to ascertain quoted prices before Form Ms are approved.

The pilot project was launched on 1st February.2022 following an awareness notice in a circular in the August 2020.

REGISTRATION
Suppliers and buyers of goods and services for Import/Export operations into or out of Nigeria are required to register on a dedicated electronic portal provided by the CBN and operated by its agent service providers as in the operational manual for Form M & Form NXP;

An annual subscription fee of $350.00 is charged for the authentication of suppliers on the TRMS system.

E- INVOICE AND E-EVALUATOR
The PVS is also referred to as E-invoice and E-evaluator initiatives because it requires submission of an electronic invoice (E-Invoice) authenticated by Authorized Dealer Banks (ADB) on the Nigerian Single Window Portal – Trade Monitoring System (TRMS). The e-Valuator and e-Invoice would replace the hard copy invoice and become a necessary supporting document for all import and export transactions.

HOW IT WORKS
The price verification report from the portal is now mandatory for all Form M requests, effective from August 31, 2023. The PVS will be a process to be completed before the Form M submission stage on the single window platform and on the Trade Monitoring System (TRMS)

The PVS mechanism will be guided by a benchmark price of goods and services in the market where the goods are traded, to ensure that the invoiced prices are based on spot market prices at the time of invoicing. It is hopeful that the PVS will help in safeguarding the scarce foreign exchange (forex) by ensuring that forex is allocated for eligible transactions.

Imports and exports with prices more than 2.5% of the verified prices will be queried and will not be approved for either Form M or Form NXP. The aim of this system is to achieve accurate value of import and export items in and out of Nigeria.

EXEMPTIONS
The following transactions are exempt from submitting PVS:

  • Individual invoice with values less than USD 10,000 or its equivalent in another currency. However, where the annual cumulative invoice value issued by a supplier/service provider is USD 500,000 or more, such a supplier would be required to submit e-invoices regardless of the individual invoice values.
  • Import or export transactions carried out by security agencies in the country.
  • Supplies to diplomatic and consular missions and supplies to international agencies dependent on the United Nations.
  • Donations made by foreign governments or international organisations to foundations, charities and recognised humanitarian agencies
  • Goods directly supplied by a foreign government

CBN will regularly update prices on the portal while the prices of every item will be reviewed at least quarterly and more frequently for goods with higher price fluctuations.

HOW TO SELECT THE MOST APPROPRIATE BUSINESS STRUCTURE TO REGISTER WITH THE CORPORATE AFFAIRS COMMISSION (CAC)

The following are guidelines on which business structure will be suitable to register your business with.

(A) PROFIT MAKING STRUCTURES

  1. Business Name Registration as Sole Proprietorship

  • Participant is one and is called Sole Proprietor;
  • Liability of participant is unlimited (This means Decision Maker will avoid taking risk and thereby limit it’s commitments and business growth);
  • Decision Maker = One Participant (The Sole Proprietor);
  • Not useful for SEC listing (Shares is not involved, therefore no trading on stock exchange);
  • The Business is not a separate entity from Participants (This means its not legal for the business to enter into a contract with third parties);
  • Tax of the business are treated along side taxes of individual participants. That is, The income of the business is not taxable;
  • Fund contribution (in-kind or in-cash) by participants is not mandatory;
  • Number of participants involved: Minimum = 1, Maximum= 1;
  • Constitution is not involved and not mandatory for registration.

2. Business Name Registration as Partnership (General Partnership)

  • Participants are called Partners or Proprietors;
  • Liability of participants are unlimited (This means Decision Makers will avoid taking risk and thereby limit their commitments and business growth);
  • Decision Maker = Collective Participants (Partners/Proprietors). All Participants are involved in Decision Making process;
  • Not useful for SEC listing (shares is not involve, thus no trading on stock exchange);
  • The Business is not a separate entity from Participants (This means its not legal for the business to enter into a contract with third parties);
  • Tax of the business are treated along side taxes of individual participants. That is, The income of the partnership as a business is not taxable;
  • Fund contribution (in-ind or in-cash) by Participants is not mandatory;
  • Number of participants involved: Minimum =2, Maximum= 20;
  • Constitution is not involved and not mandatory for registration.

3. Limited Partnership (LP)

  • Participants are called Partners;
  • Liability of participants is a Mix of limited liability (participants to provide fund but no technical know-how) and unlimited liability participants (participants with technical know-how but has no fund);
  • Decision Maker = Collective Participants (Board of Partners). It can be few selected Participants or All participants depending on what is included in the constitution;
  • Not useful for SEC listing (No shares for trading on stock exchange);
  • The Business is not a separate entity from it’s participants (This means its not legal for the business to enter into a contract with third parties);
  • Tax of the business are treated along side the taxes of individual participants. That is, The income of the partnership as a business is not taxable;
  • Fund contribution (in-kind or in-cash) by few participants is mandatory;
  • Number of participants involved: Minimum =2, Maximum= 20;
  • Constitution is involved in the form of Partnership Agreement and mandatory for business registration.

4. Limited Liability Partnership (LLP)

  • Participants are called Partners;
  • Liability of participants are limited;
  • Decision Maker = Collective Participants (Board of Partners). It can be few selected Participants or All participants depending on what is included in the constitution;
  • Not useful for SEC listing (No shares for trading on stock exchange);
  • The Business is a separate entity from Participants (This means it can enter into contract with third parties);
  • Tax of the business are treated along side taxes of individual participants. That is, The income of the partnership as a business is not taxable;
  • Fund contribution (in-kind or in-cash) by participants is not mandatory;
  • Number of participants involved: Minimum =2, Maximum= Unlimited;
  • Constitution is involved in the form of Partnership Agreement and mandatory requirement for business registration.

5. Private Limited Liability Company (Ltd or Limited)

  • Participants are called Shareholders;
  • Liability of participants are limited (This means Decision Makers will always thrive to take calculated business risk needed for business growth);
  • Decision Maker = Usually Collective Participants (Board of Directors). However, One Participant Decision Maker (One Man Business) is possible;
  • Not useful for SEC listing (No shares for trading on stock exchange, however second tier market on the stock exchange might be available as option);
  • Business is regulated beyond CAMA. and ISA (Investment & Security Act) Laws are to be complied with
  • The Business is a separate entity from Participants (This means it can enter into contract with third parties);
  • Tax of the business are treated separate from taxes of individual participants. That is, The income of the company is taxable;
  • Fund contribution (in-kind or in-cash) by participants is mandatory in the form of shares;
  • Number of participants involved: Minimum =2, Maximum= 50;
  • Constitution is involved in the form of Memorandum and Article of Association and mandatory requirement for business registration.
  • Private limited liability companies are not mandated to publish their financial information for public consumption but are obligated to present to Tax authorities and related regulators.

6. Public Limited Liability Company (PLC)

  • Participants are called Shareholders;
  • Liability of participants are limited (This means Decision Makers will always thrive to take calculated business risk needed for business growth);
  • Decision Maker = Collective Participants (Board of Directors);
  • Useful for SEC listing (shares are involved and can be traded on the floor of the stock exchange);
  • The Business is a separate entity from participants (This means it can enter into contract with third parties);
  • Tax of the business are treated separate from taxes of individual participants. That is, The income of the company is taxable;
  • Fund contribution (in-kind or in-cash) by participants is mandatory in the form of shares;
  • Number of participants involved: Minimum =2, Maximum= Unlimited;
  • Constitution is involved in the form of Memorandum and Article of Association and mandatory requirements for Business registration.
  • Public limited liability companies are mandated to publish their financial information for public consumption, Tax authorities consumption and other related regulators.

7. Unlimited Liability Company (ULC)

  • Participants are called Shareholders;
  • Liability of participants are unlimited (This means Decision Makers will avoid taking risk and there by limit their commitments and business growth);
  • Decision Maker = Usually Collective Participants (Board of Directors). However, One Participant Decision Maker (One Man Business) is possible;
  • Not useful for SEC listing (No shares for trading on stock exchange, however second tier market on the stock exchange might be available as option);
  • The Business is a separate entity from Participants (this means it can enter into contract with third party);
  • Tax of the business are treated along side the taxes of individual participants. That is, The income of the company is not taxable.
  • Fund contribution (in-kind or in-cash) by participants is not mandatory;
  • Number of participants involved: Minimum =1, Maximum= 50
  • Constitution is involved in the form of Memorandum Only. Article of Association is not mandatory for registration.
  • Unlimited liability companies are not mandated to publish their financial information for public consumption and Tax authorities consumption
  • Unlimited liability companies are usually use as against Private limited company because the owners wish to keep information that could be valuable to competitors, such as turnover and the amounts paid in dividends, out of the public eye. Also, Amounts contributed by shareholders can be refunded to them.
  • Unlimited liability company is like a company version of Business Name Registration (either as Sole Proprietor or as Partnership). They can be registered with or without shares capital. They can also be registered as private or public company.

(B) NOT FOR PROFIT

  1. Incorporated Trustees
  2. Company Limited by Guarantee

1. Incorporated Trustees

  • Participants are called Trustees
  • Decision Maker = Collective Participants (Board of Trustees)
  • Minimum participants = 2, Maximum = Unlimited
  • Constitution is involved in the form of By-Laws and mandatory requirement for registration purpose

2. Company Limited by Guarantee (Ltd/Gte)

  • Participants are called Guarantor or simply put, Members
  • Decision Maker = Collective Participants (Board of Directors)
  • Minimum participant = 1, Maximum Participant = Unlimited
  • There is no Shareholders
  • Constitution is involved in the form of Memorandum and Article of Association and mandatory requirement for registration purpose

TEN (10) CRITERIA TO USE IN DETERMINING A SUITABLE BUSINESS STRUCTURE FOR YOUR BUSINESS

(a) is the business for Profit motive?

  • If the answer is YES, then it’s for Profit motives, then only business structures listed under category A above will be suitable for your business
  • If the answer is NO, it’s mean the business is not for Profit Motives, then either Incorporated Trustees or Company limited by Guarantee will be considered for use

What will then determine which one to use between incorporated Trustees and Company Limited by Guarantee will depend on the following understanding:

  • (i) A company limited by guarantee is allowed to venture into business or profit making agenda but cannot share the profit among members; but Incorporated Trustees are not allowed to venture into profit making business.
  • (ii) Willingness to make publication in newspapers before registration? Company by Limited by Guarantee does not require public awareness before registration while it is a requirement for incorporated trustees to carry the public along.

*IF THE ANSWERS TO THE ABOVE IS “NO” (THAT IS, NOT FOR PROFIT MOTIVE), THERE IS NO NEED TO CONSIDER OTHER CRITERIA BELOW. THE REMAINING CRITERIA BELOW FROM (b) to (j) ARE RESERVED FOR BUSINESSES WITH PROFIT MOTIVES

(b) Liability of participants to be limited?

  • If YES, it means, participants will sell their property to settle any debt that the business cannot be settled.

(c) Needed for listing on Stock Exchange?

  • If YES, it means more compliance burden as more professional will be employed to keep to the rules of SEC. This will make cost of running expensive.

(d) Business is a separate entity from individual participants?

  • If YES, It means the Business can do any PUBLIC BID. They can tender for any Government Bid. Other business structure can only do Professional Service related public bids.

(e) Tax of business is treated separately from that of individual participants?

  • If YES, it means more tax obligations. Engagement of Tax consultant, Auditors is a must and their fees will make cost of running the business to more expensive

(f) Fund contribution by Participants is mandatory?

  • If YES, it means, financial commitments determine your rights to some benefits in the business. In also implies that Investors can be attracted. NOTE: If share capital will be involved, it simply means fund raising is involved and therefore YES will be an answer.

(g) Want decision making process to be fast?

  • If YES, it means a business structure with ONE participant will be appropriate. Two Participants too can make fast decisions but not as fast with ONE participant.
  • If NO, it means business structures with Collective Body Decision Maker will be suitable.

(h) Any requirement of the Law, CAC, Professional and regulatory bodies on the appropriate structure penciled down to carry on a trade or profession?

  • For example, Corporate Affairs Commission (CAC) has mandated that all Schools are to be registered as Limited Liability Companies, Accounting and Legal practice are not to be carried out as Limited liability Companies, Banks, Insurance companies and other related financial institutions are to be carried out as Limited Liability Company.
  • In some cases with Limited Liability Company , it is regulated with Minimum Share Capital to be in issued and be fully paid otherwise no business operations.

(i) Will there be need for a constitution that will guide business operations?

  • If YES, it means a lot of paperwork and timing will be involved in the registration process thereby making it a complex process as against simplicity
  • If NO, it means lesser timing and paperwork and more simple to register.
NOTE: Constitutions takes the form of Bye-laws, Partnership Agreement, Shareholders Agreement and Memorandum and Article of Association (MEMART)

(j) Which of the following will be the numbers of participants that will be involved (To Achieve Perpetual Succession) ?

1 (one)
Greater than 1 (one) but limited
Unlimited
NOTE: Perpetual Succession cannot be achieved with single participant
  • If the answer is Greater than 1 (one) but limited, it means Business name registered as Sole Proprietor, Business name registered as Partnership (General Partnership), Private Limited Liability Company, Public limited Liability Company, Limited Liability Partnership, Limited Partnership are all available for use.
  • If the answer is 1, it means Public Limited Liability Company and Limited Liability Partnership ( LLP) cannot be used
  • If the answer is Unlimited, it means only Public Limited Liability Company and Limited Liability Partnership can be used.

Feel free to ask us anything about Corporate Affairs Commission and your business formation in Nigeria.

NATIONWIDE BROADCAST BY PRESIDENT BOLA TINUBU TO NIGERIANS ON CURRENT ECONOMIC CHALLENGES AND PALLIATIVE MEASURES WITHOUT DWELLING INTO ECONOMIC JARGONS AND CONCEPTS BUT RATHER IN CLEAR PLAIN LANGUAGE – JULY 31, 2023

President Tinubu’s Palliative measures centers around

(1) Financial assistance to businesses
(2) Food Security agenda
(3) Transportation
(4) Minimum wages

Going by the president’s speech, it suggest that the idea to give ₦8,000 per month for a period of six months to low-income earning household has been jettisoned. Probably replaced with FOOD SECURITY AGENDA. This was assumed since it was not mentioned in the nationwide address.

Find details of ALL the Palliatives proposed measures below:

FINANCIAL ASSISTANCE

MANUFACTURING BUSINESSES
Between Jul 2023 and Mar 2024 to 75 manufacturing enterprises will have access to N1Billion Loan at 9% per annum with a maximum of 60 months repayment for long term loan and 12 months for working capital in order to enhance their production capacity and in turn create good-paying jobs.

NON-MANUFACTURING BUSINESSES
Micro, Small, and Medium-sized Enterprises (MSME) will have ₦125bn funds to access.

  • INFORMAL SECTOR:
    • Out of the ₦125bn, ₦50bn will be available as Conditional Grant to 1 million Nano businesses between now and Mar 2024.
    • That is, ₦50,000 conditional grant each will be given to 1,300 Nano Business owners in each 774 LGAs.
  • FORMAL SECTOR:
    • The remaining ₦75bn (out of the ₦125bn) will be available to fund 100,000 MSME and startups. Each enterprise to get between ₦500K to ₦1m at 9% interest p.a. and a repayment period of 36 months.

FOOD SECURITY AGENDA

Multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain that will ensure staple foods are available and affordable by embarking on the following plans:

(1) to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course.

(2) ₦200bn of the ₦500bn approved by the National Assembly will be disbursed as follows: 

  • ₦50bn each will be invested to cultivate 150,000 hectares of rice and maize.
  • ₦50bn each will be invested to cultivate 100,000 hectares of wheat & cassava.

(3) to release 200,000 MT of grains from to households across 36 States and FCT free of charge.

(4) to provide 225,000 MT of fertilizer, seedlings and other inputs to farmers who are committed to the food security agenda above

TRANSPORTATION

Provision to invest ₦100bn between now and Mar 2024 by acquiring 3,000 units of 20-seater buses in order to roll out buses across the states and local governments for mass transit at a much more affordable rate

These buses will be shared to major transportation companies in the states and the companies will be able to access loan under this facility at 9% per annum with 60 months repayment period in order to fund its repayment of the buses.

MINIMUM WAGE

“I want to tell our workers this: your salary review is coming.”

Already working in collaboration with the Labour unions to introduce a new national minimum wage for workers.

Budget provision will be made for the immediate implementation of the new minimum wage once it is agree and determine.

OTHER COMMITMENTS
(1) To fulfill the promise to make education more affordable to all and provide loans to higher education students who may need them.

(2) Currently monitoring the effects of the exchange rate and inflation on gasoline prices. To intervene If and when necessary.

FINANCIAL PROTECTION TO SELLERS OF GOODS OR SERVICES IN BUSINESS TRANSACTIONS IN THE EVENT OF DELAYED PAYMENT FROM THE SIDE OF BUYERS

The best way to protect yourself as service providers, contractors or vendors against the risk of failure to receive payment upon delivery is to demand for some “Typical” Guarantee or Bond from BUYER. These guarantees and bonds are to be procured before delivery is made to the BUYER.
The execution of GUARANTEES or BONDS creates three parties as follows:

Buyer = Project owners (Primary Obligor)

Seller = Contractors, Vendors, Suppliers, exporter (Beneficiary)

Surety/Guarantor = Bank or Insurance Companies

These ”typical” Guarantees or Bonds are issued by the Surety/Guarantor at the request of the BUYER upon payment of Premium (%) of Contract Value.

The SELLER can demand for any of the financial guarantee and bonds listed below for protection the protection of their payment

(1) Deferred Payment Guarantee

(2) Letter of Credit (Inland or Foreign)

(3) Post Dated Cheques

(1) DEFEERED PAYMENT GUARANTEE

This is an assurance to the SELLER that BUYER will pay for goods supplied on a specific date. That is, BUYER will commit to a specific period in which all outstanding payment will be paid to beneficiary.

The maximum credit days (the specific date to pay) in DPG should be maintained at 90days

The seller offers credit to the buyer and buyer’s bank guarantees the due payments to the seller.

Perform = Payment

The Guarantee is issued by the Bank or Insurance company at request of BUYER in favour of SELLER

(2) LETTER OF CREDIT (LC)
Letter of Credit is a promise or commitment in writing made by a bank to a particular seller that payment will be made to the seller if the seller completes performing whatever is mentioned in the letter of credit. Payment here is not trigger by SPECIFIC DATE, payment is trigger once DELIVERY is made to BUYER. Letter of Credit is only used in foreign transactions. The type of Letter of Credit used for domestic transaction is called INLAND LC

LC is a form of Guarantee and is issued by the Bank or Insurance company at request of BUYER (local or foreign) in favour of SELLER

(3) POST DATED CHEQUES
Postdated cheque is one that is written with a future date indicated on it. This is usually done to account for an anticipated delay in deposit.

In Nigeria, like any ordinary cheques, post-dated cheques have a validity of 3 months from the date of issuance.

Post Dated Cheque is not a Guarantee issued by the Bank or Insurance company but rather an understanding between BUYER and SELLER to take advantage of illegal issuance of Post-Dated cheque without sufficient funds as a form of Guarantee for payment

*Knowledge shared here are for Sales and Marketing team of an organization or any individual assuming such a roles.

Time Perspective as a Useful Strategy to Achieve Success

The most successful people in any society are those who take the longest time period into consideration when making their day-to-day decisions. TAKE LONG TIME BEFORE A MAJOR DECISION
We can look at Time Perspective from Plant Trees and Doctors Training perspective to get a quick clue.


Plant Trees
What Banfield found was that the higher a person rises in any society, the longer the time perspective or time horizon of that person. People at the highest social and economic levels make decisions and sacrifices that may not pay off for many years, sometimes not even in their own lifetimes. They “plant trees under which they will never sit.”


Doctors
An obvious example of someone with a long time perspective is the man or women who spends ten or twelve years studying and interning to become a doctor. This person takes extraordinarily long time to lay down the foundation for a lifetime career. And partially because we know how long it takes to become a doctor, we hold doctors in the highest esteem of any professional group. We appreciate and admire the sacrifices that they have made in order to be able to practice a profession that is so important to so many of us. We recognize their long time perspectives.


Long Time Perspectives
People with long term perspectives are willing to pay the price of success for a long, long time before they achieve it. They think about the consequences of their choices and decisions in terms of what they might mean in five, ten, fifteen, and even twenty years from now.

Short Time Perspectives
People at the lowest levels of society have the shortest time perspectives. They focus primarily on immediate gratification and often engage in behaviors that are virtually guaranteed to lead to negative consequences in the long term. At the very bottom of the social ladder, you find hopeless alcoholics and drug addicts. These people think in terms of the next drink or the next fix. Their time perspective is often less than one hour.


Delayed Gratification is the Key to Financial Success
Your ability to practice self-mastery, self-control, and self-denial, to sacrifice in the short term so you can enjoy greater rewards in the long term, is the starting point of developing a long time perspective. This attitude is essential to financial achievement of any kind.

Action Exercise
Practice a long term perspective in every area of your life, especially in your financial life but also with your family and your health. Think of where you would ideally like to be in five years and begin today to take steps in that direction.

Tracking Traffic Offenders in Lagos with Technology Driven Device anchored on Mobile and Fixed Cameras

It’s no longer news that Lagos State Government has introduced two technology driven cameras till date. Vehicle owners are advised to regularly visit the two platforms to check for any possible Traffic Offense Billing for onward PAYMENT or CONTEST.

The two technology driven platforms are:

(1) Mobile Body Cameras (Traffic Management System TMS) – Operated by LASTMA
You can either use your Vehicle plate number, Violation number or Ticket number to search for any pending traffic offense bill

https://tms.lagosstate.gov.ng/Mobile/mClientHome.aspx

(2) Fixed Traffic Camera (PayVis ) – Operated by VIO
You can either use your Vehicle plate number or Bill number to search for any pending traffic offense bill

https://payvis.ng

(1) Traffic Management Solutions (TMS)

Traffic Management Solutions Devices was deployed in May 2023 to enable evidence-based prosecution of traffic violators.

Previously (July 2021) body cameras was employed, but the latest deployment will ensure that traffic offenders are captured from a distance.

The technology is a solution to LASTMA officials having altercations or struggling or trying to make arrests of motorists causing infractions on the road. Now, this camera captures traffic infractions from a distance. That means the LASTMA official will not be closer to you this time around before capturing you if you commit any traffic infractions.”

Notice in the form of video evidence will be sent to the traffic offender to justify infraction committed.
Traffic offenders can contest the video evidence. Under the video, you have three buttons there. One is to challenge it if you want to challenge it, probably you have the feelings that you have not committed such offense, you will be charged to a mobile court.

TMS has a learning modules with easy to assimilate animated representations of traffic laws and the effects their violations

TMS also has the Eyewitness function which allows road users the opportunity to also play a role in reducing traffic gridlocks by reporting observed traffic offenses, vehicle breakdowns, dysfunctional traffic lights, faded road markings etc, positioning everyone as a potential change maker in the traffic situation.

TMS also has a beautiful Mobile App, available for download from the Google Play Store and the App Store, which makes all these functions very easily available on mobile devices.

(2) PAYVIS (Plate Detection Platform)

PayVIS is a technology- driven plate detection platform that will capture plate number of traffic offenders and bill them. It was introduced in the January 2021.

VIO is in charge of its management

The cameras are located besides traffic lights to capture traffic offenders without the presence of traffic officials. The Camera will take photo shot of offenders plate number and run a scan on Lagos State Database to detect prior traffic offenses or expired vehicle papers so as to add it up to offenses committed.

NOTE, you can contest the bill

How to contest your bill under PayVIS Platform

  • Please search for your bill using either your Vehicle Plate Number or Bill Number
  • Click on the “Contest Bill” button
  • Upload your evidence of valid documents to seek redress. If your application is denied, ensure payment is made within Seven (7) days to avoid further sanctions

Nigerian Banks Lift Suspension on International Transactions With Naira Cards

“Wema Bank is the first to officially announced the lifting while other banks in Nigeria are expected to follow suit”.

“If we could recall, the Central Bank of Nigeria (CBN) stopped Nigerian banks from international transactions using naira cards and imposed a $20 monthly limit on international transactions with dollar cards.”


“Customers can now use their Naira cards on Amazon and other related sites and platforms for International spending.

BUHARI SIGNS EXECUTIVE ORDER 007 of 2019, TITLED: “ROAD INFRASTRUCTURE DEVELOPMENT AND REFURBISHMENT INVESTMENT TAX CREDIT SCHEME”. WHICH ALLOWS PRIVATE COMPANIES TO FUND ROAD PROJECTS

BUHARI SIGNS EXECUTIVE ORDER 007 of 2019, ON FRIDAY 25 JANUARY, 2019

The signing of this order on Friday (January 25, 2019) is another milestone recorded by Buhari led Federal Government to rapidly close the infrastructure gap left by previous administrations. Participating investors will use their funds to build infrastructure and return get incentives in the form of tax credits to reduce their corporate taxes payable to government until they recoup the value of their investments in roads and bridges.

The policy is an alternative source to fund infrastructure, including road and electricity projects.

For the records, Nigeria ranks 11th on the list of countries with the world’s worst road quality and network, according to the Global Competitive Index of 2018.

Between 2017 and 2018 Nigeria scored 2.5, worse than neighboring Cameroon which scored 2.6.

PILOT PHASE

The policy will take-off with six companies. In this pilot phase, the following six private sector companies have chosen to participate in the Scheme to construct 19 federal roads covering 794.4km under the new Executive Order 007

a) Dangote Industries Limited;

b) Lafarge Africa Plc;

c) Unilever Nigeria Plc;

d) Flour Mills of Nigeria Plc;

e) Nigeria LNG Limited; and

f) China Road and Bridge Corporation Nigeria Limited.

“The above companies (to be referred to as investors under the scheme) will be investing in the following 19 eligible road projects, totalling 794.4km which have been prioritised in 11 states across each of the six geo-political zones:

a) Construction of Ashaka-Bajoga Highway in Gombe State;

b) Reconstruction of Dikwa-GambaruNgala Road in Borno State;

c) Reconstruction of Bama-Banki Road in Borno State;

d) Rehabilitation of Sharada Road in Kano State

e) Rehabilitation of Nnamdi Azikiwe Expressway / Bypass, in Kaduna State;

f) Reconstruction of Birnin Gwari Expressway – Road in Kaduna State;

g) Reconstruction of Birnin Gwari – Dansadau Road in Kaduna State;

h) Reconstruction of Makurdi-Yandev-Gboko Road in Benue State;

i) Reconstruction of Zone Roundabout-House of Assembly Road in Benue State;

j) Reconstruction of Obajana-Kabba Road in Kogi State;

k) Reconstruction of Ekuku-Idoma-Obehira Road in Kogi State;

l) Construction of AdaviEba-Ikuehi-Obeiba-Obokore Road in Kogi State;

m) Rehabilitation of Lokoja-Ganaja Road in Kogi State;

n) Ofeme Community Road Network and Bridges in Abia State;

o) Rehabilitation of Obele-Ilaro-Papalanto-Shagamu Road in Ogun State;

p) Reconstruction of Sokoto Road in Ogun State;

q) Reconstruction of Apapa-Oshodi-Oworonshoki-Ojota Road in Lagos State;

r) Construction of Bodo-Bonny Road & Bridges across Opobo Channel in Rivers State; and

s) Rehabilitation of Benin City – Asaba Road in Edo State”.

METHOD OF APPLICATION

Any investors that is interested to participate in the scheme or take advantage of the scheme shall submit proposals (to include prospective road projects) to the government via the scheme’s management committee.

After carefully considering submissions by investors, the management committee will forward the proposals, through the chairman of the committee, to the president.

The president will then, based on the new Executive Order, select eligible road projects which will be published in an official gazette.

MEMBERS OF THE MANAGEMENT COMMITTEE

Minister of Finance, The chairman

Minister of Power, Works and Housing as its Deputy Chairman, and

The Permanent Secretary of the Federal Ministry of Finance as its Secretary.

Other members of the Management Committee are drawn from a number of relevant federal Ministries, Departments and Agencies (‘MDAs’),”

The other Representations from the MDAs are to include:

a) The Federal Ministry of Finance;

b) The Federal Ministry of Power, Works and Housing;

c) The Federal Ministry of Industry, Trade and Investment;

d) The Federal Ministry of Justice;

e) The Bureau of Public Procurement;

f) The Federal Inland Revenue Service;

g) The Nigerian Investment Promotion Commission;

h) The Securities and Exchange Commission;

i) The Infrastructure Concession Regulatory Commission;

j) The Budget Office of the Federation;

k) The National Bureau of Statistics;

l) The Nigeria Sovereign Investment Authority; and

m) The Office of the Chief of Staff to the President.