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…

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 STRUCTURESBusiness Name Registration as Sole ProprietorshipParticipant 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…

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

President Tinubu’s Palliative measures centers around(1) Financial assistance to businesses(2) Food Security agenda(3) Transportation(4) Minimum wagesGoing 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…

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…

Financial Protection For Buyers Of Goods Or Services In Business Transactions In The Event Of Performance Failure From The Side Of Sellers

The best way to protect yourself as “project owners” is to demand for some “typical” Guarantee or Bond from potential service providers, contractors or vendors against the risk of non-performance or undue delay in project completion. These guarantees and bonds are purchased before contract is given to the SELLER.The execution of GUARANTEES or BONDS creates three parties as follows:Buyer =…

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 DECISIONWe can look at Time Perspective from Plant Trees and Doctors Training perspective to get a quick clue.Plant TreesWhat Banfield found was that the higher a person rises in any society, the…

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 LASTMAYou can either use your Vehicle…

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…

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.REGISTRATIONSuppliers 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…

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, 2019The 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…
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