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


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

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

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.”

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

(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

(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.