Ruyi's World of Books & Stories

The concept of gifts seldom generates disputes especially when a benefactor changes his mind towards the beneficiary and attempts to retrieve a gift already given. Generally, gifts given out cannot be retrieved under the law except if the gifts is conditional or does not meet up with the requisite conditions that satisty an act as a gift. The Black’s Law Dictionary, Ninth Edition, defines a gift as the voluntary transfer of property or a thing to another without compensation. In simple parlance, a gift is the transfer of something of value to another without necessarily receiving anything in return. The gift giver is called the Donor while the recipient is called the Donee.     A gift is a legally enforceable transfer of interest in a thing provided same is done in accordance with the legal prerequisites which includes:    The donor’s voluntariness,  The intention to donate the gift,  The existence of an identifiable and unencumbered thing or interest ...

The President of the Association of Foreign Airlines and Representatives in Nigeria, Kingsley Nwokeoma, has said the Emirates Airlines’ suspension of its flights to Nigeria over trapped forex is just the beginning as more international carriers would join soon if nothing was done to address their concerns. Nwokeoma said this while reacting to the trapped forex of international airlines in Nigeria, which is the major reason Emirates Airlines suspended its flights. The International Air Transport Association (IATA) had expressed concerns over the decision by the Nigerian government to block foreign airlines from repatriating ticket sales revenue amounting to $450 million (N188.6bn) into their respective countries. Emirates Airlines, while announcing the suspension of its flights to Nigeria on  Thursday stated that it “has tried every avenue to address our ongoing challenges in repatriating funds from Nigeria, and we have made considerable efforts to initiate dialogue with...

The Federal Competition and Consumer Protection Commission (FCCPC) says it has ordered all financial technology companies (FinTechs) to stop providing payment or transaction services to digital money lenders under its investigation. Mr Babatunde Irukera, Executive Vice Chairman of the commission, disclosed this to newsmen on Thursday during an enforcement action on some of the digital money lenders in Lagos. He identified such FinTechs to include Flutterwave, Opay, Paystack and Monify which are operating payment systems and providing services to such digital lenders under its investigation or not operating with applicable regulatory approvals. Irukera said the commission also ordered telecommunication and technology companies which include Mobile Network Operators (MNOs) to stop providing server, hosting or other key services such as connectivity to such disclosed or known lenders. According to him, the Federal High Court empowers the commission to search and seize properti...