Nigerian Newspapers
Customer account opening – Mandate (1)
A mandate is a documented instruction usually given by the customer to his banker detailing how his account is to be operated or how the items deposited in safe custody should be released.
A mandate only remains valid and operative as long as the account holder or holders are alive and there is no dispute between them. Usually, the instructions come in a form or format specified by the bank and normally called Mandate Form. This forms part of the overall account opening form. Account mandate is only usually applicable to current accounts, whether joint or corporate.
The key mandate is usually the signature mandate, which defines who signs, how and for what.
In a joint account mandate, it will show if only one or all partners in the company/ joint account should authorise a transaction in the account.
There are other mandates such as account statements; how regular you want it; in which format; and the delivery point in the case of hard copy.
The mandate will also specify contact addresses, both residential and official of all the partners as well as their email addresses. This also serves the purpose of account statement delivery, as specified above.
In addition, the partners would be required by the mandate to provide their telephone contacts, preferably a GSM phone number for each of the partners for contact purposes.
Another critical provision of account mandate is cheque confirmation specifications where the partners would be required to specify how and what amount would require their confirmation before payment. Usually, if they are just two partners in the joint account, they would both be required to confirm the cheques. If they are three, any of the two members or any member along with a particular member must confirm. But in some cases, all the members would be required to confirm. However, because of the cumbersome and time consuming nature of cheque confirmation, most banks advise that joint account holders should limit their confirmation to just two signatories, if partners are more than two.
To this end, in some cases, there is a provision of ‘either to sign’ mandate which allows any of the parties, even when they are just two, to sign and confirm a cheque.
In any case, the agreement between the partners would have specified all these while a copy is demanded and deposited with the bank as part of the account opening requirements. In case of dispute between the partners, the bank will rely heavily on this document, in addition to both natural law and the principles and policies of the bank.
Customers’ forum
My friend and I have a company in which either of us could sign to withdraw from our account.
We have been depositing and drawing money from the account on regular basis for over two years now. However, sometime in March this year, I received our statement of account and discovered that some money had been withdrawn from the account without my knowledge.
I have since discovered more of such withdrawals that occurred without my consent. When I confronted our account officer, she said she could not guarantee my request except if I put it in writing or my partner agreed to my request. What do I do?
First, the account officer is right. She is standing on the existing mandate of your joint account.
Any letter received from you or your partner in respect of this matter will automatically nullify the ‘either to sign’ mandate and subsequently, mutual suspicious would set in and a new mandate would be required for the account to be operated. Obviously, you are right that the partnership would be threatened.
Something worse may occur on that account if you do not act fast. But I advise, in the interest of the business, that you first discuss with your partner on ways of amending the mandate to change the either or clause and make both of you signatories on all withdrawals. You have to convince him with sound argument without sounding suspicious.
Alternatively, you can get the bank to call for a tripartite meeting between the partners and the bank to discuss the matter on neutral pedestrian.
If this is not possible and no satisfactory agreement can be reached, the partners can apply to the court for an order for dissolution. The court may therefore consider whether it is just and equitable to dissolve the partnership or not: Re Yenid Je Tobacco Ltd (1961).
————————————————————————————————————————-
Posted in Nigerian Newspapers. A DisNaija.Com network.
Source: Punch Newspaper
DisNaija.Com publishes regular posts on Nigeria News, Nigerian Newspapers, Online Nigeria Gist.
Follow us on Twitter and Facebook.
Nigerian Newspapers
Follow @Dis_Naija
Your Opinion Counts. Be sure To Leave A Comment, If You Have Any.
Please Like, Share or Tweet. Your Support Is Appreciated.
Tribune Online
Nigeria records 55 new COVID-19 infections, total now 165,110
The Nigeria Centre for Disease Control (NCDC) has recorded 62 new cases of COVID-19, bringing the total number of infections in the country to 165,110. The NCDC disclosed this on its official Twitter handle on Friday. “55 new cases of #COVID19Nigeria; Lagos-21, Yobe-19, Ogun-6, Akwa Ibom-3, Kaduna-2, Plateau-2, FCT-1, Rivers-1.” YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE COVID-19: Nigeria Recorded […]
Nigeria records 55 new COVID-19 infections, total now 165,110
Tribune Online
Sourced From: Tribune Online
•Deploy more personnel as army chief vows to wipe out terror group
•Security beefed up at N’Assembly
Deji Elumoye and Kingsley Nwezeh in Abuja
Abuja, Nigeria’s seat of power, is under a massive security cordon following threats of attacks by insurgents and the increasing wave of banditry in the contiguous states of Kaduna, Kogi, Nasarawa and Niger States, THISDAY’s investigation has revealed.
There has been a wave of kidnappings in the outskirts of the federal capital, notably Pegi, Tuganmaje and Kuje among others, which the police have battled in recent times.
The security situation in and around the Federal Capital Territory (FCT) was heightened by the pronouncement of the Niger State Governor, Mr. Sani Bello, that Boko Haram fighters who he said sacked 50 villages in the state and hoisted the terror group’s flag, were about two hours drive away from the FCT.
Security has also been beefed up at the National Assembly as operatives, yesterday, thoroughly screened every vehicle approaching the National Assembly complex in Abuja.
The deteriorating security situation nationwide prompted the National Chairman of the Peoples Democratic Party (PDP), Prince Uche Secondus, to warn that the 2023 general election may not hold, demanding the declaration of a state of emergency as well as the convocation of a national conference.
However, the Chief of Army Staff, Lt. Gen. Ibrahim Attahiru, yesterday restated the Nigerian Army’s determination to annihilate Boko Haram.
But the Governor of Katsina State, Hon. Bello Masari, cautioned against declaring a state of emergency, saying doing so isn’t the solution to combat the security challenges facing the country.
The security of the nation’s airports was also in focus yesterday as the Office of the National Security Adviser (ONSA) said there was no threat to them.
THISDAY’s investigations showed increased presence of troops, police, Nigerian Security and Civil Defence Corps (NSCDC) personnel and intelligence operatives at the three strategic entrances to the city notably, Keffi, Zuba and Gwagwalada.
More checkpoints were also mounted around Gwagwalada and Keffi.
THISDAY also observed increased intelligence deployment at the entrance and the borders of FCT with contiguous states.
Beyond the borders, there were more deployments and police patrols inside the city and increased intelligence deployments as well.
Security sources told THISDAY: “There are deployments here and there but they are routine. Alertness is key to a secure environment.”
It was also learnt that security agencies were involved in frenzied meetings throughout yesterday.
The meetings, coordinated by the office of the Chief of Defence Staff under the new joint operational strategy of the armed forces, were aimed at coordinating a joint response to possible threats of attack to the FCT.
“I understand the security teams have been meeting for some days now and if you look around you, you will notice that there are increasing patrols and numbers of security personnel. The threats are not been taken lightly,” a source said.
National Assembly workers, lawmakers and visitors also had a harrowing experience accessing the legislative complex due to heightened security in the area.
Security operatives thoroughly screened every vehicle approaching the National Assembly complex in Abuja, impeding both human and vehicular traffic.
The Sergeant-at-arm of the National Assembly and other security agencies supervised the operations, leading to huge traffic build-up inside the complex.
Legislative staff, visitors and lawmakers were seen patiently waiting for their cars to be searched so that they could go ahead with the business of the day.
Some staff and visitors at some point got tired of waiting and were seen alighting from their cars to trek from the gate to the complex.
Meanwhile, the ONSA has said there is no threat to the nation’s airports.
A statement by the Head of Strategic Communication, Mr. Zachari Usman, said the reports of threats to the airports were an internal correspondence of security threat assessment misconstrued as security threat to the airports.
PDP Demands State of Emergency
In a related development, the PDP National Chairman, Prince Uche Secondus, yesterday demanded the declaration of a state of emergency, warning that the 2023 general election might not hold if the federal government failed to tackle insecurity.
He called on the federal government to summon a national conference to address the spike in insecurity.
Secondus added that the national caucus of the party will meet today to discuss the state of the nation.
Addressing members of the National Executive Committee (NEC) in Abuja, Secondus said: “We are worried Abuja is not even safe. It is no longer politics. We got alert of plots to bomb and burn down our airports.
“We urge the federal government to declare a national state of emergency in security. There is the need to call a national conference to discuss the insecurity in the country.
“There may not be any election in 2023 in Nigeria due to insecurity. This government must listen to the people. The Buhari government should call a national confab to discuss security and state of the nation. It is no longer politics. This time we are not playing politics. Let’s keep politics aside and move the nation forward.”
He said the country had been grounded, regretting that there had been no matching response from the federal government.
Secondus said in the past, terrorism in the North was confined to the North-east, but with the report of Boko Haram occupying villages in Niger State, terrorism had spread to the North-central
“Herdsmen are also menacing in the West; gunmen causing havoc in the East; and the militants in the South; all killing, looting, raping, maiming and burning down homes. The situation is bad; Nigerians all over are living in fear,” he said.
The Senate Minority Leader, Senator Enyinnaya Abaribe, said the problem of Nigeria was outside of the PDP headquarters, while pledging the support of the Senate to the declaration of state of emergency in security.
Abaribe said he deliberately decided not to speak on the floor of the Senate but to allow the APC senators to speak so as to avoid being accused of giving a partisan colouration to the issue of insecurity.
He stated that only electoral reforms would give victory to the opposition party in the 2023 general election and ensure a democratic defeat of the APC-led federal government.
Also, the Minority Leader of the House of Representatives, Hon. Ndudi Elumelu, commended the NEC and the PDP leadership for their collective efforts at resolving the House leadership crisis.
The NEC meeting adopted the position of Secondus, calling on the federal government to convoke a national conference to discuss the state of insecurity in the country, according to a communiqué read by the National Publicity Secretary, Mr. Kola Ologbondiyan.
Army Chief Vows to Wipe Out Boko Haram
The army yesterday reiterated its commitment to wipe out Boko Haram.
Chief of Army Staff (COAS), Lt. Gen. Ibrahim Attahiru, told reporters in Maiduguri, Borno State that Boko Haram had been defeated in many encounters and would continue to be defeated until it’s annihilated from Nigeria.
“We will take on Boko Haram decisively, and we are committed to the focus of the operations, which is the total annihilation of Boko Haram from Nigeria,” he said.
The COAS, who was visiting the headquarters of Operation Lafiya Dole in Maiduguri for the fifth time since his appointment four months ago, said the visit was to boost the morale of the troops, reassure them and listen to any issues affecting them.
Earlier, the Theatre Commander of Operation Lafiya Dole, Maj. Gen. Farouq Yahaya, lauded the visit, which he said had continued to boost the morale of the troops.
“We are honoured, we are grateful, we are encouraged by those visits. You provided us guidance, logistics and other things we required. We are most grateful for those visits,” Yahaya said.
State of Emergency Won’t Solve Security Challenges, Says Masari
Katsina State Governor, Hon. Aminu Masari, has, however, said declaration of a state of emergency won’t solve the security challenges facing the nation.
Masari, who spoke yesterday with journalists after meeting with the Chief of Staff to the President, Prof. Ibrahim Gambari at the State House, Abuja stated that he was against the recent call by the House of Representatives for the declaration of a state of emergency in the security sector as it would not solve the problem.
According to him, declaring a state of emergency will not achieve the desired effect as the security structure and personnel to be used to execute the emergency are already overstretched in a bid to safeguard lives and property.
Sourced From: THISDAYLIVE
Kamaru Usman has raked in a mammoth £1.1million, about N584.2 million after his impressive knockout victory over Jorge Masvidal on Saturday night, Sportivation.com.ng reports.
The Nigerian Nightmare has been handsomely rewarded for his stunning performance and he was the best-paid fighter on the card which was witnessed by 15, 000 fans in Florida.
According to Daily Mail, Usman earned £538,000 to show up, £459,000 pay-per-view bonus, a £43,000 sponsorship bonus and a well deserved £35,000 Performance of the Night bonus.
Jorge Masvidal also earned £358,000 to show, £186,000 in pay-per-view money and a £28,000 sponsorship bonus.
This is the biggest payday of Usman’s career so far and the Welterweight champion also benefited from the fact that Masvidal is also a top draw for the fans.
Kamaru Usman is a Nigerian-American professional mixed martial artist, former freestyle wrestler and graduated folkstyle wrestler.
Sourced From: Latest Nigeria News, Nigerian Newspapers, Politics
The government said that no worker should stay back beyond 6:00 p.m. within premises of buildings undergoing construction.
The post Insecurity: Lagos bans occupation of abandoned buildings appeared first on Premium Times Nigeria.
Sourced From: Premium Times Nigeria
Nigeria records 55 new COVID-19 infections, total now 165,110
Military, Police Ring Abuja to Forestall Boko Haram Attack
UFC: Usman gets N584m after beating Masvidal
Insecurity: Lagos bans occupation of abandoned buildings
Buhari Will Win In 2019: US Institute
The United States Institute of Peace (USIP) has predicted that President Muhammadu Buhari will win the 2019 election. The organisation...
Why Buhari Deserves Second Term – Lai Mohammed
The Minister of Information and Culture, Alhaji Lai Mohammed has said that President Muhammadu Buhari deserved second term election because,...
Atiku Presidential Campaign Council: PDP Releases List of Members
The Peoples Democratic Party (PDP) on Tuesday released the list of party members to handle the campaign team of the...
Obasanjo Forgives Atiku, Endorses Him For President
Former President Olusegun Obasanjo on Thursday said he has reviewed his stance on not backing his former deputy for the...
Buhari, Atiku In Battle Of Integrity Over 2019 Poll
THE brickbats continued yesterday between President Muhammadu Buhari and former Vice President Atiku Abubakar. The All Progressives Congress (APC) and...