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ROBBING AN ATM

ROBBING AN ATM

by | Nov 23, 2015 | Uncategorized

Photo credits – www.atm-link.com

I
remember a scene from the movie Fast and Furious 6 where Ludacris, a member of
Dominick Torredo’s team, manipulated an ATM (Automated Teller Machine) and
money began spewing from it, you can imagine how people on the streets must have
rushed to pick up the notes as they spilled out. So after hearing about a
failed ATM burglary in the news someday, my friends and I debated how easy or
difficult it must be to burgle one, a look at the metal machine seems to
somehow say I am not giving up any money except you type in a password. Sadly,
the reported thief in the news could not get any money out of the machine but
ended up in a jail cell. 
Trying
to break into or manipulate an ATM is a serious crime with serious consequences
in Nigeria as espoused in the Cyber Crimes (prohibition, Prevention) Act, 2015.
The law in Section 30 states that:
“Any person who
manipulates an ATM machine or Point of Sales terminal with the intention to
defraud shall be guilty of an offence and upon conviction sentenced to five (5)
years imprisonment or N5,000,000 (Five
Million Naira) fine or both”.
I
guess now you must see my point about why it is a serious crime. Due to the
fact that most ATM machines are located within banks or fitted by banks, it is
not unusual to hear that staffs of a bank are involved in certain fraudulent
acts with others to defraud the bank. That’s why sub-section 2 of section 30
stated above further provides that; 
“Any
employee of a financial institution found to have connived with another person
or group of persons to perpetrate fraud using an ATM or point of sale device,
shall be guilty of an offence and upon conviction sentenced to seven years
imprisonment without an option of fine”. 
In
a nutshell, if you have been intending to burgle an ATM machine you should
probably think twice except you believe 5 years in a Nigerian prison is an
experience you will like to partake in. 
Adedunmade Onibokun, Esq
@adedunmade
dunmadeo@yahoo.com 

DID YOU KNOW:PENALTY FOR RAPE

DID YOU KNOW:PENALTY FOR RAPE

by | Nov 21, 2015 | Uncategorized


A
person commits rape when he or she intentionally penetrates the vagina, anus,
mouth or any other opening of another’s person’s body without the person’s
consent. Also if the consent was obtained by force, intimidation or threats or
fear of any kind or by misrepresentation of the act
Such
offender may be found liable to imprisonment for life, however when the victim
is below 14 years, the offender shall be liable to a minimum of 14 years in
prison, in other cases to a minimum of 12 years in prison without an option of
fine. In the case of rape by a group of persons, such group shall be liable to
imprisonment for a minimum of 20 years collectively.
LEGAL PERSONALITY – BABATUNDE FAGBOHUNLU, SAN

LEGAL PERSONALITY – BABATUNDE FAGBOHUNLU, SAN

by | Nov 20, 2015 | Uncategorized

If you have ever met Tunde Fagbohunlu,
then I don’t have to convince you of how much of a gentleman he is. Or how he
radiates poise,is very humble and treats everyone with utmost respect, even
younger lawyers. I met Tunde Fagbohunlu for the first time at the Law Society,
Chancery Lane, London. The event was about the Lagos Chamber of Arbitration, a
subject he is very passionate about. Here are a few things about this gentleman
per excellence.
Tunde obtained a Bachelor’s degree in
law (LLB honors) from the University of Ife, Ile Ife, Nigeria, and an LLM from
the University of Lagos, Nigeria, in 1987 and 1991 respectively. He is a
barrister and solicitor of the Supreme Court of Nigeria (admitted 1988).

 
Tunde Fagbohunlu is a Partner and head
of Litigation, Arbitration and ADR Practice Group at Aluko & Oyebode. Tunde joined
the firm of Aluko & Oyebode (Barristers & Solicitors) in 1993 and his specialty
is in commercial litigation. Tunde has litigated on extensive range of issues,
including that pertaining to oil and gas, maritime, intellectual property,
telecommunications, taxation, finance and banking, contracts, receiverships and
insolvency, commercial law transactions and general litigation both at trial
and appellate levels. 
Tunde has represented various clients
including oil companies, telecommunication companies and banks both in
litigation and arbitration proceedings. He renders legal advice on a wide range
of commercial transactions. He regularly represents Nigerian as well as foreign
and multinational clients in ad hoc arbitrations and arbitrations administered
by arbitral institutions such as the International Court of Arbitration of the
ICC.
Tunde was a member of the national
committee on the Reform and Harmonization of Arbitration/ADR Laws in Nigeria. In
Chambers Global 2013 legal rankings he was described as “hard-working
and thorough” respected by peers for his litigation skills, and is
also increasingly involved in arbitration.
Tunde’s expertise has also been
recognised in publications such as Who’s Who Legal Nigeria 2010 and 2012. Where
he was described as a “fantastic litigator” and (2012), he was noted for his
“craftsmanship” in constructing legal arguments when representing international
entities in arbitration proceedings.

In December 2008, Tunde was conferred
with the rank of Senior Advocate of Nigeria (SAN) by the Nigerian Legal
Practitioners Privileges Committee. A Nigerian equivalent of the Queen’s
Counsel.

Tunde participated in the International
Arbitration Seminar: Transnational Arbitration Issues in Emerging Markets
(jointly organized by Aluko & Oyebode and Clyde & Co) Lagos, Nigeria
(February 2011). He was also a speaker at the ICC, UK Annual Arbitration 
Practitioners’ Symposium, London, England (July 2010).


By: Adedunmade Onibokun

DID YOU KNOW: PENALTY FOR HACKERS

DID YOU KNOW: PENALTY FOR HACKERS

by | Nov 20, 2015 | Uncategorized

Any person, who without authorization, intentionally accesses in whole
or in part, a computer system or network for fraudulent purposes and obtain data
that are vital to national security, commits an offence and shall be liable on conviction
to imprisonment for a term of not more than 5 years or to a fine of not more than
N5,000,000.00 or to both fine and imprisonment.
– Section 6(1) Cyber Crimes (prevention, prohibition) Act, 2015 
RULES ON TRADING IN UNLISTED SECURITIES by Oyinkansola Annie.

RULES ON TRADING IN UNLISTED SECURITIES by Oyinkansola Annie.

by | Nov 20, 2015 | Uncategorized

Credits –www.ncas.rutgers.edu
Until
recently, the trading of securities of unlisted public companies in Nigeria was
freely carried out through private arrangements with little or no regulatory
oversight. This arrangement seemingly did not encourage transparency, enhance
liquidity of the securities and did not augur well for price
certainty/discovery.
In
order to ensure transparency in trading of securities of unlisted public
limited companies in Nigeria, the Securities and Exchange Commission (“SEC”)
introduced the Rules on Trading in Unlisted Securities (the “Rules”) effective
April 13, 2015.

HIGHLIGHTS
OF THE SEC RULES ON TRADING IN UNLISTED SECURITIES

The
Rules have been primarily introduced to ensure that the buying and selling of
securities including equities and bonds of unquoted/unlisted public companies
is carried out through a system which has been approved by the SEC. In this
regard, the Rules stipulate that no person shall buy, sell or otherwise transfer
securities of an unlisted public company except through the platform of a
registered securities exchange established for the purpose of facilitating
over-the-counter (“OTC”) trading of securities.
This
new requirement implies that the legitimate trading platform for unlisted
securities of public companies in Nigeria can only be effected through a
registered OTC platform. Accordingly, buying, selling and transfer of all
securities of unlisted/unquoted public companies must henceforth be made through
SEC registered OTC platforms such as the NASD Plc (sponsored by the National
Association of Securities Dealers) and the FMDQ OTC Plc (owned by the Financial
Markets Dealers Association) platforms which deal in trading of equity and debt
securities respectively. Therefore it has become illegal to trade in securities
of unlisted public companies through a platform not recognised by SEC.
To
further ensure strict compliance with the Rules, an ad valorem penalty
provision was included in the Rules which stipulate that any unlisted public
company, director, company secretary, registrar, broker or dealer or such other
persons who facilitate the buying, selling or transfers of the securities of an
unlisted public company otherwise than through the platform of a duly
registered securities exchange shall be liable to a penalty of not less than
N100,000.00 in the first instance and not more than N5,000.00 for every day of
default.
It
is our view that the introduction of these penalties for trading in unlisted
securities will serve as deterrence and ensure strict compliance with the
requirements of the Rules.

CONCLUSION

It
is our belief that the introduction of the Rules will generally enhance trading
in the securities of unlisted companies by ensuring transparency and liquidity
which are required to further improve and make the Nigerian capital market more
attractive for investment by both domestic and foreign investors.
By: Oyinkansola Annie
Credits – http://odujinrinadefulu.com
http://odujinrinadefulu.com/rules-on-trading-in-unlisted-securities/

YOU HAVE RIGHT TO REMAIN SILENT IF POLICE ARREST YOU

YOU HAVE RIGHT TO REMAIN SILENT IF POLICE ARREST YOU

by | Nov 19, 2015 | Uncategorized


 

Credit – www.patrol-log.com

I have seen a number of
Hollywood movies where upon arrest by the police, the suspect is read his
rights. This means the suspect has been mirandized. This experience is however
different from  Nollywood movies, where
upon arrest, a suspect is told that he would be informed of the reason for his
arrest when he gets to the police station. If this is actually the reality in
Nigeria, then I must say the Nigerian police force is doing something wrong.

The doctrine of Miranda can
be traced to the case of  Miranda V. Arizona, 384 U.S. 436,86. S.Ct
1602 (1966). This case discussed the admissibility of statements obtained during. It states that a criminal suspect in police custody must be
informed of certain constitutional rights before being interrogated. For
instance, the suspect must have been advised of the right to remain silent, the
right to have an attorney present during questioning and the right to have an
attorney appointed if the suspect cannot afford one. 
In the U.S and some other
legal jurisdictions, when the suspect is not advised of these rights or does
not waive them, any evidence obtained during the interrogation cannot be used
against the suspect at trial. Though, this is not the case in Nigeria, the
Miranda rule is not restricted to other legal jurisdictions as we have a
similar provision of law in Section 6 of
the Administration of Criminal Act 2015 provides that:
6(1)
Except when the suspect is in the actual course of the commission of an offence
or is pursued immediately after the commission of an offence or has escaped
from lawful custody, the police officer or other persons making the arrest
shall inform the suspect immediately of the reason for the arrest.
(2)
The police officer or the person making the arrest or the police officer in
charge of a police station shall inform the suspect of his rights to:
a.
remain silent or avoid answering any question until after consultation with a
legal practitioner or any other person of his own choice;
b.
consult a legal practitioner of his choice before making, endorsing or writing
any statement or answering any question put to him after arrest; and  
c.
free legal representation by the Legal Aid Council of Nigeria where applicable;
provided the authority having custody of the suspect shall have the
responsibility of notifying the next of kin or relative of the suspect of the
arrest at no cost to the suspect.
Credits – nigeriapoliticsonline.com
In the past, we have heard
of police officers who abuse their powers, however, we must always demand a
high level of professionalism from the police and other security agencies.
Therefore, please share this blog and inform as many people as you can. Thank
you. 
Adedunmade Onibokun, Esq.
@adedunmade
TIME TO SERVE A QUIT NOTICE

TIME TO SERVE A QUIT NOTICE

by | Nov 13, 2015 | Uncategorized


Credits – housingrights.co.uk
 A
landlord has an unfettered legal right to terminate a tenancy upon giving
adequate notice. This is because the property is his and he can at any time
retrieve it subject to the conditions of the tenancy agreement. Once he abides
by the provisions of the tenancy agreement, the tenant has no choice than to
vacate possession. If the tenant refuses to quit, a court of law can, on an
action by the landlord, force him out of the premises. 
Many
Landlords and Tenants have been mixed up in endless court battles and rigorous
negotiations and/or arguments over notices to quit. The arguments of many
tenants have been that the notices are invalid or not properly served while
Landlords believe otherwise. This is a quick attempt to clear the air on the
issue. 

In
order to recover possession of his premises, a landlord must determine the
tenancy, by service on the tenant of the appropriate notice to quit depending
on the type of tenancy. 
Some
tenancy agreements provide for the length of notices and must be strictly
adhered to when it does, however Section
14 of the Lagos State Rent Control
and Recovery of Residential Premises law states that –
    1. Where there is no express
stipulation as to the notice to be given by either party to determine the
tenancy, the following periods of time shall be given –
a)   
In the case of a tenancy
at will or a weekly tenancy, a week’s notice.
b)   
In the case of a monthly
tenancy, a month’s notice;
c)    
In the case of a yearly
tenancy, half a year’s notice. 
On
the determination of the tenancy, the tenant should be served with the
statutory 7 days’ notice of the landlord’s intention to recover possession of
the premises. Thereafter, the action can be filed in court. It should be noted
that service of valid quit notices is a precondition for the recovery of
possession by the Landlord. 
It
is settledthat a notice to quit in order to be effective ought to determine the
tenancy at the end of the current term of the tenancy as illustrated in the
case of African Petroleum Ltd. V.
Owodunni (1991) 8 NWLR (Pt 210) 391. For instance, a notice of six months
is necessary to determine a yearly tenancy and such notice must terminate the
tenancy at the end of the current term of the tenancy. Thus any notice given to
end at the middle of the term of the tenancy will be invalid. This was
illustrated in Akpokiniovo V. Air
Liquide Nigeria Plc (2012) LPELR – 9582(CA). 
Where
a tenant for a fixed term refuses at the expiration of his tenancy to vacate
possession and wrongfully, that is, without the consent
of the landlord, continues in possession, he would be a tenant at sufferance.
This arises where a tenant at sufferance, holds over without the landlord’s
assent or dissent. What is important to note is that, if a notice to quit does
not follow the stipulated time prescribed by law, it is not valid.
AdedunmadeOnibokun,
Esq.
@adedunmade