Renew Your Legalnaija Subscription To Get These Benefits

Renew Your Legalnaija Subscription To Get These Benefits

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6 Books For Energy Law Practitioners In Nigeria 

6 Books For Energy Law Practitioners In Nigeria 

 

Energy laws govern the use and taxation of energy, both renewable and non-renewable. Also, Energy lawyers work on a variety of concepts relating to energy. They also work in multiple sectors, including clean energy, nuclear power, oil, and gas.

If you want to perfect your skill in Nigerian Energy Law, here are 6 books available on Legalnaija you should add to your law library.

1. Oil and Gas Law In Nigeria

This includes the ff laws;

– Nigerian Oil and Gas Industry Content Development Act, 2020

-Oil Spill and Oilly Waste Management Regulation

-.Oil Spill Recovery, Clean – Up Remediation And Damage Assessment Regulations, 2011

Available here; https://legalnaija.com/product/oil-gas-laws-in-nigeria/

 

2. Essays On Nigerian Electricity Law

This book is a collection of articles on the various issues or aspects of electricity law and regulation in Nigeria. It covers various peer-reviewed articles on the subject such as: “The Pathway to Energy Liberation in Nigeria: Lessons for Namibia”; “Manitoba Hydro and Electricity Undertakings In Developing Countries: The Case of Nigeria”; “Regulation of the Captive Power Generation and Rural Electrification”; “Implications and Challenges of a Privatized Power Sector In Nigeria: Perspectives to Host Community Concerns”; “Comparative Appraisal of Renewable Energy Laws and Policies” (2014); “Challenges and Developments in the Nigerian Power Industry”; “Compulsory Purchase as an Alternative to Revocation of Title to Land for Electricity Purpose in Nigeria”; “Beyond Power Sector Reforms: The Need for Decentralised Energy Options (‘DEOPs’) for Electricity Governance in Nigeria”; “Electricity Regulation and the Protection of Rights of Electricity Consumers In Nigeria: Revisiting Amadi Vs. Essein; “Prospects and Challenges of Expert Determination and Other Dispute Resolutions Mechanism of the Nigerian Electricity Sector” and other essays on the subject of electricity law and regulation.

You can order your copy here https://legalnaija.com/product/essays-on-nigerian-electricity-law/

3. Nigerian Petroleum, Energy and Gas Resources Law

This book explores the topical and contentious issues of the Nigerian Petroleum, Energy and Gas Resources Law, and the transition to low carbon energy in Nigeria. The legal and business risks confronting financing of oil and gas investments and renewable energy development drive in Nigeria and the way forward.

You can order your copy here https://legalnaija.com/product/nigerian-petroleum-energy-and-gas-resources-law/

 

4. Nigerian Energy Resources Law and Practice

https://legalnaija.com/product/nigerian-energy-resources-law-and-practice/

 

5. Understanding Petroleum (Oil & Gas) Transactions and the Nigerian Market

There have been several policies in the Petroleum industry such as those related to local content and domestic gas supply obligations. This book provides a clear Insight about executing transactions, obtaining licenses and other complex issues industry participants encounter

This book is available here; https://legalnaija.com/product/understanding-petroleum-oil-gas-transactions-and-the-nigerian-market/

 

6. The Nigerian Electricity Market; Understanding The Transactional, Legal & Policy Issues

The books aims at giving industry participants all the necessary negotiating tools as they engage in the complexities within the power sector in Nigeria. The books discusses licenses, agreements, and regulations that operate within the power industry space.

You can order a copy here; https://legalnaija.com/product/the-nigerian-electricity-market-understanding-the-transactional-legal-policy-issues/

If you are in search of other law textbooks, you can browse through our bookstore here legalnaija.com/shop

 

Have a pleasant weekend!.

 

@legalnaija

+2349029755663

www.legalnaija.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5 Books For Privacy & Data Protection Practitioners

5 Books For Privacy & Data Protection Practitioners

Data privacy is about who has access to (your) data, while data protection provides tools and policies to actually restrict access to the (your) data.Here is a list of 5 books for Privacy & Data Protection Practitioners.


1. Casebook On Data Protection – ₦20000

The book is divided into fourteen chapters.  After an introduction that traces the brief history of data protection in Nigeria, separate chapters are devoted to Definitions, Relationship with other rights; Principles of Data Protection; Exceptions and Derogation; Employment Data; Sensitive Data; Transfer of Data to a Foreign Country; Liability of Data Controllers; Data Subject’s Rights; Data Breach; Remedies; Data Property Rights; Supervisory Authority and Appendices that feature the Nigeria Data Protection Regulation and the NDPR Implementation Framework.

You can order the book here; https://legalnaija.com/product/casebook-on-data-protection/

 

2. Privacy And Data Protection In Nigeria
-₦10000

Privacy and Data Protection Law in Nigeria is a book written by Olumide Babalola and published in 2021 by Noetico Repertum Inc. The first part of the book deals with one of the two major themes of the book- privacy. This part consists of chapters 1-5. Chapter 1 covers the Definition of Privacy and chapter 2 deals with The Taxonomy and Typology of Privacy.

Part 2 covers data protection and consists of 3 chapters. Chapter 6 covers the Evolution of Data Protection in Nigeria and chapter 7 explores The Sources of Data Protection Law in Nigeria. The part concludes with chapter 8, which considers The Relationship between Data Protection and other Rights.

Part 3 broadly covers the Nigeria Data Protection Regulation (NDPR): Introduction, Scope and Definitions.

You can order the book here; https://legalnaija.com/product/privacy-and-data-protection-in-nigeria/

 

3. European Data Protection Law And Practice ₦40000

European Data Protection: Law and Practice,” which will serve as the textbook for the CIPP/E certification. While the General Data Protection Regulation (GDPR) promises to unify the approaches of the EU member states, it brings forth challenges as organisations work toward compliance with this robust and comprehensive regulation. Based on the body of knowledge for the Certified Information Privacy Professional/Europe (CIPP/E) certification (ANSI accredited under ISO 17024:2012), European Data Protection is the essential text on the GDPR, pan-European, and national data protection laws. European Data Protection reviews concepts, criteria and obligations of the GDPR and related laws, examines the territorial and material scope of the GDPR, legitimate processing criteria, information provision obligations, data subjects’ rights, security of processing, accountability. You can order the book here https://legalnaija.com/product/european-data-protection-law-and-practice/

4. Emerging Jurisprudence On Privacy And Data Protection In Nigeria ₦10000

You can order the book here; https://legalnaija.com/product/emerging-jurisprudence-on-privacy-and-date-protection-in-nigeria/

5. Information and Communication Technology Law in Nigeria

₦5500
This book is the first comprehensive discussion of legal issues relating to the information and communications technology (ICT) in Nigeria, with particular reference to English, European, Canadian, and American data.

You can order the book here; https://legalnaija.com/product/information-and-communication-technology-law-in-nigeria/

Check out other law books on the Legalnaija bookstore www.legalnaija.com/shop

@Legalnaija
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Dissolve NBA Women Forum to ensure Gender Equality in law profession – Tolu Aderemi

Dissolve NBA Women Forum to ensure Gender Equality in law profession – Tolu Aderemi

Dissolve NBA Women Forum to ensure Gender Equality in law profession – Tolu Aderemi

The Chairman, Arbitration Commission of the International Law Association (ILA) Mr Tolu Aderemi has charged the legal profession to promote gender diversity in every facet of legal practice.

Aderemi equally advocated the dissolution of the NBA Women Forum, saying that there is no NBA Men’s Forum .

He stated this at the Nigerian Bar Association Women Forum (NBAWF) Lagos State Chapter webinar titled ‘Work-Life balance and the legal profession: A social responsibility or a competitive advantage’ held on Tuesday.

Speaking at the Forum as a keynote speaker, Aderemi, who is also a partner at the leading law firm of Perchstone & Graeys LP, said, “it is disconcerting that of the 732 Senior Advocates of Nigeria, only a 4% fraction are ladies.

“ Out of the 37 Attorneys General in Nigeria, only 4 are female. There has been only 1 female Chief Justice of Nigeria whilst, there has been only 6 Justices of the Supreme Court so far,” he explained.

Aderemi also noted that since 1960, there has been only 1 female president of the Nigerian Bar Association whilst the Court of Appeal can only boast of 2 female presidents.

In his further analysis, he stressed
‘it will appear to me (and from statistics) the only 40% of Nigerian lawyers are females. However, we are seeing increasing 61% in public sector roles, 55% in corporate sector, 33% on the bench, 31% as partners in sized law firms and only about 15% are founders of their own law firm’.

,Aderemi advocated that to demonstrate that female lawyers are prepared for gender equality, they should promote the dissolution of the NBA Women Forum, for according to him, there is no NBA Men’s Forum.

This, in his view, should also extend to the dissolution of the Ministry of Women Affairs and Social Development, Nigeria For Women Project and those other Associations established solely for women ostensibly to advocate for women empowerment.

He concluded by saying that unless this is done, their male counterparts will continue to believe the legal profession is exclusively for men and special provision has been made for women. In its stead, Aderemi charged the women participants to jointly move to re-submit the Gender and Equal Opportunities Bill, which sadly the 9th Assembly rejected.

Another keynote speaker who is also very senior lawyer, Mrs Abimbola Akeredolu, SAN, a former Attorney General of Ogun State, a partner at the firm of Banwo & Ighodalo and the chairperson of LASIAC similarly advocated for the dissolution of women-focused empowerment Associations.

Although the learned Silk slightly disagreed with Mr Aderemi by suggesting that the government’s 35% affirmative action be sustained as this goes a long way to support women’s growth.

The third keynote , Dr Amina Ahmed, a Consultant Gynecologist at the Federal Medical Center, Abeokuta, Ogun State charged female lawyers to always conduct health checks periodically to live a cancer-free life.

According to Dr Ahmed, early detection of any cancerous cell(s) in the cervical goes a long way to determining the success of treatment of cervical cancer.

Dr Ahmed therefore charged the women lawyers of the Nigerian Bar Association to take the lead in the advocacy of early detection.

Other prominent participants included Mrs Funke Adekoya, SAN, Dr Dorcas Abah (who served as the Moderator) and a host of other distinguished female lawyers.

Get FREE Delivery In Lagos On All Orders From The Lawyers Bookstore This Month of July

Get FREE Delivery In Lagos On All Orders From The Lawyers Bookstore This Month of July

Dear Lawyers,

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Visit the shop here legalnaija.com/shop and get free delivery on all orders in Lagos in the month of July.

The Law On Domicile Under Matrimonial Proceedings

The Law On Domicile Under Matrimonial Proceedings

In private international law, the principle of domicile was first propounded and developed in the Middle Ages by the Italian school of Post glossators, as a result of the development in the ease of mobility of persons from one state to another. This led to the reasoning that persons should be attributed to a particular legal system. The reason for this line of thinking includes the perceived importance attached to the notion of belonging to a country/state; this Martin Wolff appropriately posited as ascribing to any given individual a legal ‘centre of gravity’; and determining which legal system has jurisdiction in cases pertaining to personal law.[i]

According to the Blacks Law Dictionary, Domicile is the place where a person has fixed his habitation and has a permanent residence, without any present intention of removing therefrom. The different types of Domicile are domicile of origin, domicile of dependency and domicile of choice. The first domicile which a person acquires is the domicile of origin. This type of domicile is determined by the domicile of the parents at the point of a person’s birth, as determined in Bell v Kennedy.[ii] Domicile of choice is acquired by a person of full capacity. This is gotten by fulfilling all the requirements of domicile of the particular state one wants to get domiciled in. This can be acquired by an adult of full mental capacity acting in his own will to permanently settle elsewhere. Once the domicile of choice is acquired, the domicile of origin of such person goes into abeyance. Domicile of Dependence focuses on married women, children under 21 years, and mentally disordered persons. Married women acquire domicile being that of the husband upon celebration of a valid marriage. This domicile of dependence can apparently be terminated either by divorce or death of one of the couple.

The topic of domicile is important as it is a guide for determining the question of personal law, especially when it relates to Divorce Proceedings, as the Matrimonial Causes Acts in Section 2, states that a petitioner must be domiciled in Nigeria at the time of his filing of a petition for divorce. This was illustrated in the case of Omotunde v. Omotunde (2020) LPELR 10194 CA, wherein the petitioner, who had been consistently domiciled in the United States of America since 1993 up to the time he filed his petition on the 21st day of April, 1998. The Court held it cannot be said of him that as at 21/4/98 when he was filing his petition through his learned Counsel, he was domiciled in Nigeria.

Regarding female spouses, due to the fact that Nigeria inherited its laws from the United Kingdom, Nigeria adopted the position that a wife inherits the domicile of her husband. It’s important to note that this concept is an archaic and anachronistic one which views the wife as incapable of having an independent existence from the husband, therefore appurtenant to the domicile possessed by the husband. Law being a dynamic element: forward thinking jurisdictions such as England has abolished this by enacting the Domicile and Matrimonial Proceedings Act 1973 which provides that married women can have domicile independent of their husbands. This has been exemplified in cases such as Inland Revenue Commissioners v Duchess OF Portland.[iii] The existence of this class of domicile eludes common sense and objective reasoning especially because of the fact that the woman before and during the existence of marriage may be subject to different laws from that of the husband and by reason of the relationship that exists between them, will not offer justification for the imposition of the domicile of the husband upon the wife. Lord Denning in relation to this point stated, “the last barbarous relic of a wife’s servitude”.

On the side of judicial activism, the Nigerian court has put a step forward in the abolishing of this class of domicile. The court in Bhojwani v Bhojwani per Uwaifo JCA stated that;

“there are strictly two types of domicile. One is domicile of origin and the other, domicile of choice. There is no separate domicile known as domicile of dependence as was canvassed by Professor Adesanya in the present case and also in Osibamowo v. Osibamowo, and there in that case accepted by this court[iv].

While the issue of domicile continues to come up in legal matters, it will be interesting to see the decision of the Court in similar matters going forward.

Read more law articles on www.legalnaija.com/blawg

[i] Martin Wolff, Privte International Law (2nd ed. Clarendon Press 1950) 5

[ii] (1868) UKHL 566 1.

[iii] [1982] BTC 65.

[iv] Ewenike E. Ebuka and Araka Chukwunweike. (2023). Gauging The Current Position Of The Principle Of Domicile In Nigeria. [Online]. DjetLawyer. Available at: https://djetlawyer.com/gauging-the-current-position-of-the-principle-of-domicile-in-nigeria/ [Accessed 28 June 2023].

Running A Profitable Real Estate Business (Part 2) |  Adebola Valentine Adeleye

Running A Profitable Real Estate Business (Part 2) |  Adebola Valentine Adeleye

In the first part of the series, we talked about Marketing in Real estate and the importance of knowing the right marketing technique to employ for your real estate company for the company and business to do well in the market. Marketing is the sole sustenance of every business, be it small or large business.

However, there is a popular saying that when you are in Rome, you behave like a Roman and when you are in Italy, you behave like an Italian. Having the capital, and marketing knowledge of the real estate sector is not as important as having an idea of the needed laws governing that sector. Not being aware of the laws governing Real estate in your country and venturing into it is like a blind man walking on a busy road with no walking stick or anybody holding his hand, he will surely meet his misfortune. Lord Denning in Benjamin Leonard MacFoy v. United Africa Company Ltd.  3 All ER 1169 at 1172 (1961) said putting something on nothing will surely fail.

This part of Running a Profitable Real Estate Business examines some of the vital laws that are required for most real estate transactions. This part will also discuss the different legal documents needed for a perfect real estate transaction. While discussing the laws, the focus shall mainly be on Nigerian laws because the writer is domiciled in Nigeria. However, readers outside the jurisdiction can pick laws similar to the ones that will be discussed here for their perusal. It should however be noted that knowing these laws is not adequate than engaging the services of someone good in them. You can do that either by retaining the service of a Lawyer or employing a Lawyer to work in your Legal Department.

RELEVANT LAWS

  1. LAND LAW

Signed into law in the year 1978. The law governs the ownership, purchase, administration, management, and management of land in Nigeria’s states and Federal Capital Territory, including land allotment, title registration, etc. Section 1 of the law states that every land is vested upon the Governor and he has the power to grant ownership of any portion of the land to anybody and he also has the liberty to withdraw such grant.

All lands comprised in the territory of each state in the Federation are vested in the Governor of that State and such land shall be held in trust and administered for the use and common benefit of all Nigerian in accordance with the provisions of the Act.

Such land granted to an individual by the Governor is only for 99 years, after which the said land reverts to the Governor.

  1. COMPANIES AND ALLIED MATTERS ACT

After determining to go into Real Estate, the next thing an individual needs to consider is the Incorporation of a company or registration of a business name, both of which are guided and provided for under the Companies and Allied Matters Act 2020. This aspect requires the service of an accredited Corporate Affairs Commission Agent. Registration of a business name is good if you have an ideal name you want to use for business and you want to secure the name before deciding to start a company using the name. You can also use it to run a business.

However, the mere registration of a business name has its limitation compared to the incorporation of a company. When you incorporate a company, you have more advantage as most loan, grant organizations, and business angels tend to deal with incorporated companies than business names. The CAMA amongst other things states that a single person can be the sole shareholder of a private company, so you do not have to bring too many hands into the leadership of your organization.

  1. MORTGAGE LAWS

It should however be noted here that presently in Nigeria, there are different mortgage laws governing the administration of mortgages in the different parts of the country. There are two types of mortgages in Nigeria, namely legal mortgages and equitable mortgages. The mode of creating a legal mortgage in Nigeria is determined by the law applicable in the State where the property is situated. Given that it grants the mortgagee legal title to an item, a legal mortgage is the most secure and complete type of security interest. In contrast, an equitable mortgage entails the transfer of the mortgagor’s beneficial interest in a property to the mortgagee as collateral for the fulfillment of debts.

Legal Mortgage

The most secure and complete type of security interest is a legal mortgage, which gives the mortgagee legal title to the collateral and forbids the mortgagor from dealing with the mortgaged property while it is still secured by the mortgage.

Equitable mortgage

The transfer of the borrower’s beneficial interest in a property to the lender as security for the fulfillment of specific obligations constitutes an equitable mortgage. This transfer is made with the express or implied understanding that the beneficial interest will be returned to the borrower once the secured obligations have been satisfied.

It should however be noted that there are three (3) laws governing the administration of mortgages in Nigeria.

The Conveyance Act, of 1881 (CA)

Under the Conveyancing Act, there are two methods of creating a legal mortgage:

  1. By assignment of the entire and unexpired residue of the mortgagor’s leasehold interest to the mortgagee (under the Land Use Act) with a proviso for cesser upon redemption.
  2. Sub-demise (sub-lease) of the unexpired residue less few days with a proviso for cesser upon redemption (could even be less one day)

Property & Conveyancing Law (PCL) is applicable in States in the old Western and Midwestern regions namely Ondo, Osun, Oyo, Ogun, Edo, Ekiti, and Delta except for Lagos.

Under the PCL, there are two methods of creating a legal mortgage:

  1. The demise of a freehold for a term of years absolute subject to cesser on redemption.
  2. Sub demise (sublease) for a term of years absolute, less at least one day than the term vested in the mortgagor and subject to provision for cesser on redemption.
  3. A legal charge by Deed expressed to be by way of a legal mortgage

Creation of Legal Mortgage in Lagos State

The law regulating all mortgage transactions in Lagos State is the Mortgage and Property Law (M&PL) of Lagos State, 2010 which abolished the Property and Conveyancing Law. Under the M&PL, a mortgage can only be created in the following ways

  1. A demise (the conveyance or transfer of property) of a term of years absolute, subject to a cesser on redemption.
  2. A charge by deed is expressed to be by way of a legal mortgage.
  3. A charge by deed is expressed to be by way of statutory mortgages in the forms provided under this law.

 

  1. TENANCY LAW

Whether you are starting big or small, not all the places you use for professional and residential transactions will be yours, you will either rent or lease some. Each State of Nigeria has its tenancy law which governs the service of notices, rights of a landlord, rights of tenants, increment of rent, peaceful possession of the property, etc.

  1. PERSONAL INCOME TAX (AMENDMENT) ACT 2011 AND COMPANY INCOME TAX ACT 2011

Also known as PITA and CITA. It is a general knowledge that citizens are expected to pay tax which in return helps the government in the dispensation of their duties to the general citizenry. Also, up-to-date payment of tax as a business owner and a business entity is part of the things you will be expected to submit while applying for loans and/or grants from both local and international financial organizations and government financial institutions like the Bank of Industry. The latest Tax Regulation 2018 also states that your Special Purpose Vehicles may be taxed.

  1. FINANCE ACT 2023

This was signed into law by the former president, Mohammed Buhari while he was about to leave office. The Act makes some amendments to Capital Gains Tax Act, Companies Income Tax Act, Personal Income Tax Act, Petroleum Profit Tax Act, Value Added Tax Act, Tertiary Education Trust Fund Act, Customs, Excise, Tariff Act, Stamp Duties Act, Public Procurement Act, Corrupt Practices and other Related Offences Act and Ministry of Finance (Incorporated) Act.

 

LEGAL DOCUMENTS

  1. SALES AGREEMENT

After the declaration of interest to purchase a plot of land or landed property, due diligence is carried out, and the Sales Agreement is put in place between the Vendor and the Purchaser stipulating the amount the property will be sold and any other conditions that would be fulfilled before total alienation takes place.

  1. DEED OF ASSIGNMENT

This is the document that perfects the alienation of the property. It is the final document that exchanges the hands of the parties to the transaction.

  1. POWER OF ATTORNEY

It should be noted that this document in particular is not only used in the alienation of a property or property transactions. It is a document bestowing power and responsibilities from the Donor to the Donee.

However, when it is used in property transactions, it is bestowing the rights, duties, and obligations expected of the Donor to Donee either for a period certain or forever which must be explicitly stated in the Power of Attorney.

  1. PARTNERSHIP AGREEMENT

This is an Agreement that spells out the terms of a Partnership. The Partnership might be Sponsoring Partnership, i.e. A wants to purchase a property worth N4,000,000,000.0 (Four Billion Naira Only) but A does not have up to that amount at the present but he knows in a couple of months he would get the amount. If A decides to wait till then before purchasing the property, he would miss purchasing it. On the other hand, B has more than N4,000,000,000.0 that he is not using presently. A and B can enter into a Partnership whereby B will give A the amount of money he needs with an agreement to pay back N4,500,000,000.0 after some months. After the payment, A takes full possession of the property.

All other terms and conditions of this Partnership would be expressly stated in the Agreement.

  1. SPV DOCUMENTS

Special Purpose Vehicles or Entity is a type of Project Finance under Corporate Finance. Whenever Companies or entities want to embark on a new project in which they do not want the mother company to be involved or hide some finances or raise capital for a project, Special Purpose Vehicles or Entities are created. They are created to carry out a particular function, they have Directors and Shareholders just like a normal company. For example, HH Holdings, a Special Purpose Vehicle created by Tony Elumelu’s Heirs Holding purchased about 9 Billion Transcorp shares. So also, Sowami of Ardova Plc’s Special Purpose Vehicle, Ignite Investment and Commercial Limited (IICL). So as a Real Estate company carrying out different projects and desires to isolate the risk of that project from your company, you need a Special Purpose Vehicle.

  1. JOINT VENTURE AGREEMENT

The coming together of a person and an estate company or two estate companies to jointly execute a particular project. The Agreement amongst other things must spell out the input of each party to the project and also state the profit-sharing formula. It is pertinent to be agreed before signing if the Joint Venture Agreement will include any reversionary clause.

  1. LOAN AGREEMENT

Funny enough this is the Agreement I was told to draft when I went for the Interview at my present place of work. The Agreement must disclose the amount sought, the duration, repayment plan and also state if it is a security-based loan or not.

  1. TENANCY AND LEASE AGREEMENT

For those that are basically into Property Management, virtually all their transaction revolves around these 2 documents. It must spell out the duties and rights of both parties, the duration of the rent or lease, the rent review clause, and the rate.

  1. SEARCH REPORT

At the preliminary stage of every land and landed property transaction, it is advised that after the exchange of details about the property, the party intending to purchase the said property should carry out searches to verify the authenticity of what the intending Vendor has and is saying about the property. Searches about a property should be carried out at the Land Registry of that particular jurisdiction and also the court registry to know if there is an existing court case on the said property before purchasing the property.

In a nutshell, we have discussed some of the vital laws and documents needed for a perfect real estate transaction. It is advised that you engage the services of a Lawyer for this aspect of your real estate business.

Adebola Valentine Adeleye Esq. is a Real Estate Lawyer and has keen passion and interest in Corporate and Commercial practice. He is based in Abuja and can be reached through adeleyebola93@gmail.com or 08108173996

Rising Unemployment and Inflation: The Fallout of Nigeria’s Subsidy Removal, By Omojo Wada

Rising Unemployment and Inflation: The Fallout of Nigeria’s Subsidy Removal, By Omojo Wada

Consider the wonderful purpose of subsidies, a kind gesture that allows individuals and businesses access to petrol, an essential treasure, despite limited resources. However, in this tale, the small and medium enterprises (SMEs) in Nigeria have been dealt a huge misfortune by the subsidy removal, casting a shadow of uncertainty on their growth trajectory.

Nigeria, which is a country endowed with an abundance of 2.4 million barrels of crude oil every day, sadly sees its wealth sent abroad. This was made possible by a history of corruption and neglect which rendered our local refineries inactive, leaving the country to rely heavily on imports for more than 70% of its petrol consumption.

Recent realities demonstrate this. The elimination of subsidies has put small-scale business owners in a tough position only three days after a new government took office. These entrepreneurs, like battling fires without air, feel their profits dwindling and their survival threatened by this harsh approach.

In its most basic form, the fuel subsidy acts as a buffer, restricting the price of this petrol and insulating buyers from its true cost. The government, to its credit, bridged the gap between market pricing and regulated value per litre.

Now picture, if you will, the bustling streets that were once packed with the goals and aspirations of courageous entrepreneurs. These spirits forged ahead, inspired by the promise of financial relief, under the soothing shade of the subsidy tree. However, the withdrawal of this crucial lifeline has cast a dark cloud over the Nigerian business landscape, plunging SMEs into a maze of unparalleled difficulties.

Transport costs, like a raging fire, now eat their budgets. Entrepreneurs, who were previously helped by subsidised fuel, now face the hard reality of dedicating a considerable percentage of their cash to sustain operations. These additional expenses will eventually descend, like predatory birds in the sky, impacting consumer purchasing power and casting a shadow over economic growth.

According to a World Bank analysis, MSMEs account for up to 45% of total employment and up to 33% of national income in emerging economies. As noted by the Financial System Surveillance 2020 (FSS2020), the MSME sector is considered strategic for the development of the Nigerian economy due to its enormous potential and contributions.

In this difficult environment, the difficulties encountered by businesses attempting to manage high petroleum operating costs, which are critical to their operations, are worrying. Because of the costs imposed by the elimination of subsidies, small-scale business owners may be forced to lay off staff, dramatically raising the unemployment rate.

A worldwide consulting group predicted that Nigeria’s jobless rate will reach 49.6% in 2023 by December 2022. As of the fourth quarter of 2020, the country’s unemployment rate was 33.3%, according to the National Bureau of Statistics.

The statistics office produced an inflation report in February, revealing a considerable increase in the country’s inflation rate to 21.91%. Unfortunately, this percentage is expected to increase much higher in 2022, reaching 37.7%. and 40.6% in 2023.

Furthermore, the Bureau of Statistics had earlier predicted that the elimination of fuel subsidies and the adoption of the 2023 Fiscal Bill would exert additional pressure on domestic prices in 2023.

The headline inflation rate increased to 22.04% in March 2023, up from 21.91% the previous month, further exacerbating the problem. Nigeria’s annual inflation rate resumed its continuous rise in April 2023, reaching an alarming 22.22%. This statistic was the highest in over 18 years.

This problem has a particularly negative impact on food prices, which have risen dramatically. Food inflation rose to 24.61% in March, exceeding the previous month’s figure of 24.45%. Essential commodities like oil and fat, bread and grains, fish, potatoes, yams, fruits, meat, vegetables, and spirits all contributed to the population’s load.

With the elimination of subsidies, providers of vital products are now confronted with the new problem of deteriorating infrastructure. Nigeria, once brimming with opportunity, today struggles with decaying roads and intermittent power supplies, both of which have a significant impact on small-scale business owners. These challenges stifle ambitions and inhibit growth.

Transportation bottlenecks and power outages have become common occurrences in this turbulent environment. Entrepreneurs face logistical challenges that limit their ability to meet market demands efficiently. In an era when success is measured in millimetres, the lack of dependable infrastructure stifles productivity and creates uncertainty for countless SMEs.

In this absence of subsidies, the country is plagued by rising unemployment and soaring inflation. High food prices alienate the public, while the dreams of small-scale businesses, which are critical to economic growth, are jeopardised.

As we reflect on the plight of Nigeria’s SMEs, it is evident that this enormous problem will necessitate more than just government intervention. It is critical to create a collaborative ecosystem that encourages inter-SME collaboration. Business associations, industry experts, and experienced entrepreneurs have the ability to steer the path forward. These guiding lights can provide support, resilience, and prosperity by sharing knowledge, promoting best practices, and mentoring. This collaborative endeavour will unlock entrepreneurs’ true potential, reviving the nation’s spirit and ushering in a new period of limitless prosperity.

Omojo Wada, a serial entrepreneur, is the founder of Solohan & Co, Africa’s premier legal outfit company. Since its beginnings, the firm has outfitted over 12,000 lawyers and justices throughout the world.

Running A Perfect Real Estate Company; Part 1 | Adebola Valentine Adeleye

Running A Perfect Real Estate Company; Part 1 | Adebola Valentine Adeleye

Real estate, no doubt, is one of the best if not the investment option an individual can invest in. Buying shares in a company, your dividends are based on the performance of the company at the end of the year. Investing in Cryptocurrency takes a lot of patience, and studying the market and you can watch the huge amount of money invested into it reduced to nothing, increase, and before you blink, it’s nothing again. This is so because the Crypto market is unstable. Likewise investment in Oil and Gas. Although investment in Oil and Gas is a bit on the stable side when you view it from the last gain point. It is also on the rising and falling side which at times affects the price. The hoarding of it is another issue that needs attention.

This series is basically for those in the real estate sector or those who are planning to go into it and need to learn more about the marketing before venturing into it. The series, in no particular order will come in six parts which will cover virtually all areas that you need to know to make your real estate company outstanding. This first series is about Real Estate Marketing.

However, real estate is an investment whose profit is not fixed. You can purchase land or landed property for $500 today and you decide to sell it, let us say a year later the same property is sold at $2500. Real estate yields more profit with time and it is more stable, your land is not moving nor is it going anywhere. You can travel out of the country and still come back to see your land or landed property where you left it increasing in worth. With proper documentation (we will talk about that in the next episode) you rest assured you have an increasing profit investment that can serve you during your lifetime and even leave for your offspring.

However, it should be noted that the real estate market is a broad one and it encapsulates a lot of things. Briefly, we have a study of some of the areas of real estate and from the study, you can choose the one you want to invest in or even get to know the actual one you are already into.

  • Construction

This is the type of real estate that is concerned with the construction and erection of different edifices either for commercial, residential, or mixed purposes use. This aspect, apart from the appreciation of the location of the land where the construction would be done, the edifices erected on the land add to the appreciation of the property. For example, the Maitama area of Abuja, the Federal Capital Territory of Nigeria is a high-priced location and you can not get a plot of land for anything less than $200,000. You cannot say because you are the owner of your property and decide to erect a bungalow or ‘face me, I face you’ on the property. Purchasing land there, your plan is approved, and given the type of structure that you can erect there. In an area like this, both the location and type of edifice add to the appreciation of the property.

  • Management

I remember when I was in University, I was involved in this type of real estate. I even added painting and arrangement of properties for the students. Now, management in real estate is often taken as Real estate Agents. It is a way of overseeing the affairs of a property at an agreed fee and reverting to the actual owner. In my case, the environment has different hostels for students. I made sure any student that contacted me in need of a hostel gets the worth of their money and the hostel they subscribe to is fit to their taste. You have an agreement with the owner of the property that on each tenant, you have a certain percentage you will collect and you remit the rest to the owner. Another way of making money as a Real estate Agent is through the sales of forms and inspection fees that the prospective tenants will pay.

  • Consulting

In this type of real estate, you are not directly involved in the construction of properties. You serve as an intermediary between Contractors and Investors. Contractors will register themselves with you or agree with you at an agreed fee so that you can recommend them to Investors that come to you seeking companies or persons that could render the service they need to erect their structures.

On the other hand, you can be a Real estate Consulting firm or personnel and be indirectly involved in the construction of a property. You can be a Consulting firm that has Contractors registered with you and you have land of your own that you want to develop. You let these Contractors handle the project while you get yourself busy with maybe the marketing of the property or any other business of yours.

  • Hospitality

This type of real estate has more to do with finished and empty properties. In the latter part of the first half of this year, a colleague told me of a friend of his that his employer permitted him to stay in his 5 Bedroom Duplex here In Abuja because the man and his family are based in another state of the country. The employer even told him that if the fuel in the generator and cable TV gets exhausted, he should put him on notice and he will send him money to re-subscribe.

This is just an example of a person I heard of and you can agree with me that in your locality there are empty houses in which the owner has another property elsewhere. Some of these property owners just got these properties to tie their money down with something they can always see or use anytime they or anyone is known to them is within the location of the empty property.

Now, to keep these properties in use, the owner can go into deciding to go into hospitality and use them for private hotels, get them registered on Airbnb or go corporate, incorporate a hospitality company, create a website of their own, employ one of two persons and start using the property(s) for short let whereby you can make at least $200 every week on each room in the property and from there, those with empty and vacant properties will register their properties with you for short let at an agreed fee.

It should, however, be noted that the areas listed and discussed above are not the only areas in real estate but they were picked because they are the most common ones which even a layman can easily liaise with.

On the other hand, Social media through its invention more than thirty decades ago has been a great blessing to the human race. It has helped those who know its worth and how they maneuver through it to achieve things that others don’t or better put, have not achieved. Social media without a doubt has a lot of untapped fortunes for its users. As an example, I made my first $2000 through a writing competition I got to know about on social media, and also, the day I packed my stuff from school after my final exams, I got a content writing job with a company that till today, I have not even met the owner physically. I have seen and heard of people who met their spouses or business angels on social media. These examples were pinpointed so that you can know that social media has a lot to offer. Deals are created, executed, and completed on social media with account balance on the high side.

It will, however, be unethical of me to ignore the dark side of social media simply because it has been of benefit to me and some other people. Social media is a wild market filled with a lot of spammers and scammers who just want to make money out of people. To harness the good of social media, individuals need not be greedy, or anxious to make quick money because there is no quick money anywhere, not even with those that go into money rituals. Everything takes a gradual process for it to be achieved likewise making a fortune out of social media.

To use social media to your advantage as a player in real estate, you need not be tech-savvy, you need to know the right way and the right link which you can tap into and use to your advantage, and that exactly, is what this essay is about. The next things to be discussed are processes that I and some other persons have used, still using, and will use, which have, over time, proved productive.

  • Instagram and Facebook Advert

Meta, the mother company for basically Instagram, Facebook, and WhatsApp has made it easy and possible for its users to advertise their goods and services for other users to see. These adverts and reach are so flexible that a particular advert can reach over a thousand users based on the duration you choose and the amount you are ready to pay. With this, those who are regular and new users of these Apps will get to see the properties you have, the prices, the location, and the features. Once it meets their fancy, they will chat you up. However, the person that saw the advert might not even be interested in the advert but once she hears people talking about something you advertised that she saw, she can easily refer the person(s) to your profile.

  • Social media influencers

Let me start by saying anybody can be a social media influencer like the likes of MrBeast, ZHC, MrBro, Tundeednut, and Ovation, etc. just that it takes a lot of time, dedication, and undoubtedly creativity to get that done. You have to dedicate your whole life to it to be relevant as a social media influencer.

A Social Media Influencer is a content creator who constantly releases content on their profile for the consumption of their followers and/or subscribers. They creatively keep their followers and subscribers glued to their profiles with their content. They are at times referred to as social media marketers because once you engage their services, they will create content about your product in a way that will catch the attention of their followers and subscribers and they will just want to patronize your business. As a real estate player, engaging the services of a social media influencer on any of your properties, you are bringing both your brand and properties to the attention of these social media influencers’ followers. Just imagine that your property is talked about by MrBeast in one of his videos on YouTube with over 100M Subscribers and tell me if you people would not want to patronize you or have Tundeednut with well over 10M Followers on Instagram make a post of your property. Having your property on any good and well-celebrated social media influencer will surely give your property a boost.

  • Website

As a corporate or a business entity, it is expected that you have a website that your prospective clients can go to and easily check your profile and what you do without you being there to educate them about what you do. As a real estate company or profile, it is required that you have a website that people can easily assess. Talking about websites here, it does not necessarily mean that you should use the classic website used by well-established persons or incorporations. You can use blogs and if you are financially stable enough, you can engage the services of a programmer to construct a website for you. Also, there are some templated, mildly affordable domains that you can go to, create and launch a website for yourself within an hour or two. Although the address of the website, if you use the domains, may not generically be yours in the meantime, you have a platform where people can access your profile and learn more about you and your brand. Some of these domains which I know of and I have perused and seen people use are GoDaddy.com and wix.com. You can check them out and try your hand at some of their features, all things being equal.

I hope you have learnt one or two things from this series on how you can perfectly both your real estate company and the products you have for sale and those to come. See you in the next series.

ABOUT THE AUTHOR

Adebola Valentine Adeleye Esq. is a Real Estate Lawyer and has keen passion and interest in Corporate and Commercial practice. He is based in Abuja and can be reached through adeleyebola93@gmail.com or 08108173996

Over 100 Law Books Available For Your Law Library

Over 100 Law Books Available For Your Law Library

Every successful lawyer has a rich and up to date law library; it’s one of the requirements for success, whether you are in private or in-house practice. Below, we have a provided a list of over 100 books you can add to your library, all specially curated from diverse areas of practice and are available on the legalnaija bookstore for delivery to you anywhere in and out of Nigeria.

Place your order directly on the website or contact us on 09029755663 or hello@legalnaija.com . If you are shopping on the bookstore, you can access a 10% discount when you use the voucher code: ILOVELAW.

Here is the list; @Legalnaija|09029755663

 List of books on Legalnaija Bookstore

  1. A – Z Of Sports Law by Olisa Agbakoba Legal  (₦2,500)
  2. A Compedium Of Practice Notes ₦17500
  3. A Force of Justice (A collection of law articles published in honour of Hon. Justice Oguntade JSC Rtd)(₦30,000)
  4. A Hand Book Of Criminal Law And Procedure Through Cases (Hard Cover) ₦15000
  5. Administration of Criminal Justice Act Annotated ₦10500
  6. ADR and Arbitration In Nigeria by Abdulsalam O. Ajetunmobi (N8500)
  7. ADR Proceedings (N3500)
  8. Anatomy of Crime of Corruption in Nigeria (Vol. 1) ₦9500
  9. Anatomy of Crime of Corruption in Nigeria (Vol. 1) ₦9500
  10. Annotated Nigeria Data Protection Act, 2023 ₦20000
  11. Aviation Law An Practice In Nigeria by Ugo Ezeugwa (N21,500)
  12. Babalola’s Law Dictionary Of Judicially Defined Words And Phrases (2nd Edition)(₦5,000)
  13. Bhadmus on Corporate Law (N13000)
  14. Board Committees: Directors Guide for Effectiveness ₦23000
  15. Business Law And Practice 1 (N13500)
  16. Business Law And Practice 2 (N13500)
  17. Carriage Of Goods By Sea ₦19000
  18. Casebook On Data Protection (₦20,000)
  19. Casebook On Human Rights Litigation In Nigeria (₦20,000)
  20. Cases & Materials On Nigerian Legal System (N8,000)
  21. Child’s Right Act, 2003 ₦3650
  22. Civil and Criminal Litigation In Nigeria (N10,000)
  23. Civil Litigation In Nigeria (N10,000)
  24. Commercial Law And Practice by Eni EjaAlobo (₦10000)
  25. Company Law And Practice In Nigeria (N13,500)
  26. Company Secretary’s Guide On Corporate Governance ₦19000
  27. Compendium Of Consumer Protection Law In Nigeria (N13,500)
  28. Competition Law, Local Content, and Capital Market (₦6000)
  29. Contemporary Issues In Nigerian Constitutional Law (₦8000)
  30. Corporate Finance and Investment by Joseph Ezenwa (N5500)
  31. Corporate Governance and Sustainable Reporting in Nigeria ₦16500
  32. Corporate Governance by Richard Adepeju& Felix OjemhedeAkahome (₦7500).
  33. Court Of Appeal Rules 2021 (N3500).
  34. Criminal Evidence in Nigeria (N11000)
  35. Criminal Litigation In Nigeria (3rd Edition) by Afolayan (N13,000)
  36. Customary Land Law In Nigeria (N13,500)
  37. Dark Hearts (Hard Cover)(₦6,500)
  38. Debt Recovery In Nigeria by Emeka Odikpo (₦7000)
  39. Directors Handbook On Corporate Governance ₦16000
  40. Electoral Act 2022 (₦3000)
  41. Electronic Evidence And Digital Transaction Law ₦17000
  42. Enforcement of Fundamental Rights In Nigeria ₦9000
  43. Enforcement of Income Taxes ₦5500
  44. Entertainment Law In Nigeria by Michael Dugeri (₦25000)
  45. Essays on Nigerian Electricity Law (N6500)
  46. Family Law And Succession In Nigeria (N8000)
  47. Fatal Blunders And Considerations In Criminal Trial ₦17000
  48. Final Decisions In Criminal Laws And Practices In Nigeria ₦17500
  49. Guidelines for the Assessment of General Damages In Personal Injury Cases ₦16000
  50. Hints On Land Documentation And Litigation In Nigeria (Paperback) by LayiBabatunde SAN (N9000)
  51. Hire Purchase And Sales Of Goods Act (N3500).
  52. Human Right and Enforcement Clinic ₦8500
  53. Human Rights And Civil Liberties In Nigeria (N5500)
  54. Human Rights Legal Protection of Children in Nigeria by Yinka Olomojobi (N13,000)
  55. Human Rights Litigation In Nigeria: Law, Practice And Procedure by Frank Agbedo (₦8,000)
  56. Human Rights On Gender, Sex And The Law In Nigeria (N7500).
  57. Impeaching Witness Credit In Nigeria (₦6000)
  58. Information & Communications Technology Law in Nigeria (N5000)
  59. Insurance Law In Nigeria (N5500)
  60. Interlocutory Applications (Trial And Appellate Practice) (₦8000)
  61. Internal Security, Criminal Justice And The Police (₦12000)
  62. International Arbitration Law And Practice: The Practitioners Perspective by Tolu Aderemi (₦10,000).
  63. Introduction To Nigerian Labour Law (N8500)
  64. Islamic Law of Evidence by Hanafi A. Hammed (N5000)
  65. Journal Of Current Law And Arbitration Practice (Vol 1, No.1)(₦5,000)
  66. Journal Of Current Law And Arbitration Practice (Vol 1, No.2)(₦5,000)
  67. Journal Of Current Law And Arbitration Practice (Vol 2, No.1)(₦5,000)
  68. Journal Of Current Law And Arbitration Practice (Vol 2, No.2)(₦5,000)
  69. Jurisprudence And Legal Theory (N6500)
  70. Jurisprudence And Legal Theory In Nigeria ₦8500
  71. Keaton On Building Contracts ₦250000
  72. Know Your Rights: Legal Guide For Everyday Life ₦10000
  73. Land Law In Nigeria ₦12500
  74. Law And Medical Ethics ₦65000
  75. Law And Practice Of Extra – Judicial And Confessional Statements ₦14000
  76. Law For The Layman(₦3,000)
  77. Law In Practice In Nigeria (N7000)
  78. Law In Practice in Nigeria ₦12000
  79. Law of Armed Conflict: Principles and Concepts by Hagler Okorie (N5000)
  80. Law Of Contract (N6500)
  81. Law of Evidence in Nigeria (N8500)
  82. Law of Succession ₦15500
  83. Law Of Tort (N7500)
  84. Legal Research And Writing In Nigeria by Adewale Taiwo (N4500)
  85. Legal Rights And Obligations Under Nigerian Laws (Ebook) (₦1500)
  86. Legal Rights And Obligations Under Nigerian Laws (Hard cover) (₦3000)
  87. LISTENEVERYHOW – How Negotiations Work by JemideAyuli (₦9800)
  88. Market Abuse Regulation ₦25000
  89. Mass Media Law by Ese Malami (N5500)
  90. Metamorphosis; Tales By A Lawyer Girl by AdeolaOsifeko (₦2800)
  91. Modern Appellate Procedures ₦15500
  92. Modern Approach To Intellectual Property Laws In Nigeria (N8,500)
  93. Money Laundering Act 2022 (N3000)
  94. Motions And Applications In Criminal Law Practice ₦11500
  95. New Developments In Law And Practice In Nigeria(Essays In Honour Of Dele Adesina SAN) (₦20,000)
  96. Nigeria Immigration Law And Practice ₦18500
  97. Nigerian Conservation Law And International Environmental Treaties by Amari Omaka (₦9000)
  98. Nigerian Energy And Natural Resources Law ₦6500
  99. Nigerian Energy And Petroleum Industry Law ₦25000
  100. Nigerian Energy Resources Law And Practice by Yemi Oke (₦10,500) – Unavailable.
  101. Nigerian Petroleum, Energy and Gas Resources Law by Olusola Joshua Olujobi (N20,000)
  102. Nigerian Tax Law And Administration (₦7000)
  103. Overturned Criminal Convictions In Nigeria (₦8000)
  104. Practical Approach To Chieftaincy Matters In Nigeria (N7500)
  105. Practical Approach To Civil And Criminal Liigation In Nigeria by A.O. Oluwadayisi, O.S. Akinwumi& A.F. OLorunyomi (N9500)
  106. Practical Approach To Effective Cross Examination (N6500)
  107. Practice Of Muslim Family Law In Nigeria ₦6750
  108. Precedents, Drafts and Forms for Lawyers ₦20000
  109. Principles & Practice Of Law Of Contract In Nigeria (N6000)
  110. Principles And Practice Of Plea Bargain (₦10000)
  111. Principles Of Bail In Nigeria by EkeminiUdim (₦5500)
  112. Principles Of Clinical Ethics And Their Legal Dimensions In Nigeria (Paper Back) by Prof. ShimaGyoh and LayiBabatunde SAN ₦5000
  113. Principles Of Formulation And Classification Of Grounds Of Appeal (N6500).
  114. Principles Of Formulation And Classification Of Grounds Of Appeal (₦6500).
  115. Principles Of Land Law In Nigeria ₦15500
  116. Privacy And Data Protection In Nigeria by Olumide Babalola (₦10,000)
  117. Probate And Letters Of Administration Made Easy (₦5500)
  118. Probate Practitioner’s Handbook ₦42000
  119. Property Law Practice In Nigeria (N7000)
  120. Public Health Law and Policy in Nigeria by Simon Uchenna Ortuanya (N13,000)
  121. Questions And Answers by Oluwadayisi (N8000)
  122. Revenue Law – Principles and Practice ₦57000
  123. Rights Of Suspects And Accused Persons Under Nigerian Criminal Law(₦6000).
  124. E.T Guide On Entertainment Law (N4000)
  125. Sexual Harassment And The Law (N2500)
  126. Social Media For Lawyers by Adedunmade Onibokun (Ebook) (₦1500).
  127. Social Media For Lawyers by Adedunmade Onibokun (Hard Cover) (₦3000).
  128. Sports Law And Practice ₦25000
  129. Studying And Practicing Law In Nigeria (N4,500)
  130. Tax Laws in Nigeria 2022 (N9000)
  131. The Bankers Remedy For Set-off ₦30000
  132. The Business of Running Your Business (N5000)
  133. The Criminal Law Library Stone & Johnson On Forensic Medicine ₦30000
  134. The Dialectics Of Alternative Dispute Resolution ₦35000
  135. The Employment Law Handbook by Jamiu Akolade(₦15000)
  136. The Law Of Affidavit Evidence (₦9500)
  137. The Law Of Evidence In Nigeria (N9500)
  138. The Law Of Succession In Nigeria ₦18500
  139. The Lawyer’s Companion – Paper Back by LayiBabatunde SAN (₦15000)
  140. The Nigerian Electricity Market; Understanding The Transactional, Legal & Policy Issues by Dr. Ayodele Oni (₦35,000)
  141. The Nigerian Land Law (N5500)
  142. The Nigerian Legal Method by Ese Malemi (₦5000)
  143. The Shipping Law Review ₦85000
  144. Tourism, Travels, Entertainment And Hospitality Law by Olufemi Abifarin (₦3500)
  145. Trial within Trial In Criminal Proceedings by Ekemini Udim (N5500)
  146. Understanding Equitable Principles And The Law Of Torts (N9000).
  147. Understanding Petroleum (Oil & Gas) Transactions and the Nigerian Market by Dr. Ayodele Oni (₦50,000).
  148. White Book (₦165,000).

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