In my previous life, as an in house counsel, I often had to sensitize my colleagues about new bank policies and also make presentations at prep – classes for promotion examination(s). I found these two presentations in my archives. One is on the Bilateral Currency Swap agreement between the Central Bank of Nigeria (CBN) and People’s Bank of China (PBoC), the other is on the Structure of the Legal Services Department and the Powers and Functions of the CBN. I hope you find them useful and relevant.
I shall be dropping little gems from my experience in private and public practice through out my legal career on this platform from time to time as part of our knowledge sharing and capacity building drive. Stay tuned to this page.
Bilateral Currency Swap
Highlights of the Bilateral Currency Swap agreement between the PBoC and the CBN
This book is the first of its kind and the most comprehensive comparative analysis of Garnishment law and practice in Nigeria, UK, and U.S. It treats age old questions and contemporary issues like:
1. When is a debt due or accruing? What are Attachable debts and Funds? Who can appeal an Order Nisi and Order Absolute? Jurisdiction; service; and proper parties;
2. It examines the Supreme Court decision in CBN v. Interstella and other recent Court of Appeal cases vis-à-vis the questions: Who is a public officer under section 84 of the Sheriffs and Civil Process Act (SCPA)? Is the CBN a public officer for purposes of section 84 SCPA? The constitutionality of Attorney General’s Consent under section 84 SCPA;
3. Interim and Final Third-Party Debt Orders (TPDO) under CPR Part 72, UK; the applicability of TPDOs for the attachment of cryptocurrency and cryptoassets in the Ions case in the UK;
4. Wage Garnishment under Title 28 USC 3205 as well as Wage Garnishment Laws of the various States in the U.S. What are the duties of a debtor and the employer upon receipt of a writ of wage garnishment? What are the attachment limits on non-exempt disposable earnings and the protections under Federal and State law?; and
5. The place of Sovereign Immunity and Jurisdiction in the enforcement of international commercial arbitration awards against states? Lessons learnt from the recent P&ID v Nigeria cases instituted in Nigeria, UK, and U.S.
The book is presented with clarity of expression and academic rigour citing recent cases, scholarly works, and experiences from the author’s legal career to provide useful context, insight and instruction. There are copious footnotes, weblinks and hyperlinks to cases, articles and resource materials cited and referenced for further reading and research. The book is a valuable resource for law students, scholars, lawyers in private practice and public service, arbitrators and ADR professionals, litigants (debtors, creditors & garnishees), judges, legislators and draftsmen that may be involved in future review and amendment of extant laws on garnishment and related matters, as well as general readers who wish to be informed on the subject matter.
The Nigerian cement armada saga was a whirlpool of events that culminated in cases instituted by contractors engaged to supply large quantities of cement by the Nigerian Ministry of Defense following the CBN’s unwillingness to honour letters of credit opened to cover payments for the supplies in ships which waited months unend at the Lagos Port waiting to be cleared. It is estimated that about 16 to 20 million tonnes were shipped.
The cases consolidated the restrictive theory of the doctrine of sovereign immunity captured in the erudite judgment of Lord Denning M.R. in the locus classicus Trendtex v. Central Bank of Nigeria (CBN) which recognised the exception of the sovereign engaged in “commercial activity”. “The King in the market place is subject to the same rules as all other common folk” as it was colorfully put and espoused by the Master of Rolls.
We have created this post to inform and educate readers on the International law doctrine of sovereign immunity, the relevant cases, law and evolving principles and applicability.
Statement fom the Author (our Managing Partner): –
Presently putting finishing touches to my long awaited book on Garnishment and attachment proceedings in the US, UK and Nigeria. Stay tuned to this page. It promises to be an interesting and informative read when released. The book traces the history of garnishee proceedings as a mode of enforcement of money judgment debts. It also presents a comparative analysis of the extant Law and Practice across the UK, US and NGN jurisdictions. Age old and Contemporary issues like service; proper parties; Attorney General’s Consent; Sovereign Immunity and Jurisdiction; attachment of crypto assets and enforcement of international arbitration awards are examined in the book with the aid of recent court decisions and scholarly articles employed for valuable insight and instruction.
WODI & WODI 