Unauthorized Withdrawal of Money from Customer’s Account in Nigeria: The Legal Implications for the Banker/Customer Relationship (Published)
The relationship between Commercial banks and their Customers in Nigeria imposes some duties and obligations on both the banks and the customers. The fundamental duty of a banker to the customer is to ensure the security of the money in the account operated by the customer. The reality in Nigeria is that customer’s accounts are daily endangered by the activities of fraudsters facilitated by the use of technological devices. The study examined the liability of parties and how to combat the challenges. The study is doctrinal and the data are obtained from statutes, judicial decisions, textbooks, journal articles, newspapers and materials from the internet. The study found out that unauthorized withdrawal is a breach of the trust of the customer in the banker/customer relationship with severe consequence of destroying the goodwill of the banker and loss of customers. The study concluded that the challenge can be combated by the banks through the use of sophisticated devices to forestall the activities of fraudsters and the detection of the culprits.
Keywords: Cybercrime, Recapitalization, banker, countermand, garnishee
TAX CHALLENGES OF E-COMMERCE IN NIGERIA: THE PANACEA FOR LEGAL JURISPRUDENCE (Published)
The strides in information and communication technology (ICT) makes e-commerce a critical and inexorable feature of the global economy. In modern trend, significant numbers of transactions are consummated online. In Nigeria, it is no longer news that Central Bank of Nigeria (CBN) is promoting a ‘cash-less policy’ to drive development and modernation of our payment system in line with Nigeria’s version 2020 goal of being amongst the top 20 economies of the year 2020. This paper seeks to examine the tax framework to reflect the realities of modern transactions, establish a basis of taxation that arrests leakages and enables tax authorities to capture revenue that would otherwise have continued to leak. The researcher recommends the legal frame work of e-commerce taxation which has to be amended to reflect the global taxation principles of e-tax in our tax laws as a sovereign state so that investors and business carried on online should be taxed. Also that our tax policy and compliances to the regulatory authorities such as FIRS(Federal Inland Revenue Services)should be enforced on defaulting businesses, individuals and corporate entities as wells government agencies and departments to minimize tax evasion and avoidance.
Keywords: Assessment and E-Payment, Cybercrime, E-Commerce, ICT, Internet, Leakages, Legal Framework, Taxation