Lawyers, including two Senior Advocates of Nigeria (SAN), have called for the reduction of the powers of the Chief Justice of Nigeria (CJN) to accountability and public confidence in the nation’s judicial process.

They expressed concern that the increasing challenge of accountability, lack of transparency, and corruption among others, contribute to the dwindling public confidence in the judicial process.

These were part of the key issues that dominated discussions at a conference on accountability in the Judiciary held in Abuja on March 1.

Among the conferees were Jibrin Okutrpa (SAN), Adamson Adeboro (SAN), Mbasekei Martin Obono (the Coordinator of Tap Initiative), Victoria Benson, and Lillian Okenwa.

The event, with the theme: “Impact of judicial accountability on democratic Resilience and public trust in the legal system” was organised by Tap Initiative, with the support of Open Society Foundations.

In a communique made available on March 4, the conferees were of the view that the duty to restore the trust of the common man in the Judiciary rests on every member of the profession starting with the Judges and especially the heads of courts.

They urged the Judiciary to take urgent steps to improve transparency within its governance processes especially the appointment of judges.

The conference participants recommended that the office of the CJN should be unbundled especially as chairman of the National Judicial Council (NJC), Federal Judicial Service Commission (FJSC), National Judicial Institute (NJI), and Legal Practitioners Privileges Committee (LPPC).

The conference equally recommended that the conversations will continue and that all Nigerians will make their voice heard and the judiciary would listen and not take the calls for accountability as a challenge to its authority but rather as an opportunity to win public trust again.

They stressed the need to strengthen the integrity requirement of the appointment of judges and make it more transparent.

The conference participants also called for the strengthening of the NJC to hold judicial officers accountable.

They added: “The code of ethics for judicial officers by the NJC needs no review but proper political will by the CJN to investigate and sanction erring judicial officers.”

The participants and discussants suggested that the conference should be made periodic to review the state of accountability in Nigeria’s judiciary.

The Central Bank of Nigeria (CBN) has issued a warning message to Nigeria and other West African nations regarding trends in borrowing practices.
Traditionally, nations often relied on loans from the Paris Club, a group of creditor countries.

However, the CBN has observed a significant shift towards borrowing from non-Paris Club members and private lenders, such as banks and investors who buy government bonds.

The West African Institute for Financial and Economic Management (WAIFEM) has warned that Nigeria is at a high risk of falling into debt distress and urged the federal government to look for ways of improving revenue generation.

Governor of the CBN, Yemi Cardoso, gave the warning in Abuja at the Joint World Bank/IMF/WAIFEM Regional Training on Medium Term Debt Management Strategy in Abuja on Monday, March 4.

Represented by Dr. Mohammed Musa Tumala, Director of the Monetary Policy Department of the CBN, Cardoso noted that while this change in who countries owe money to might seem like a minor detail, he emphasized that it is a critical development with serious implications.

He argued that the way countries manage debt owed to the Paris Club may not be as effective for these new lenders. Cardoso expressed concern that this new debt landscape could pose a threat to financial stability and economic recovery for many countries.

According to the CBN Governor, “Public debt dynamics are increasingly influenced by significant debt servicing obligations to non-Paris Club members and private lenders, including commercial banks and bond investors. This shift in the debt structure represents a critical evolution in the global financial framework, with profound ramifications for public debt management in our countries.

Cardoso stated that recent events like the COVID-19 pandemic, geopolitical conflicts, and natural disasters have put a strain on many countries’ finances, making them more likely to seek loans from diverse sources. However, these non-traditional lenders might come with stricter repayment terms and potentially higher risks compared to Paris Club loans.

“Following the COVID-19 pandemic, along with other developments such as geopolitical conflicts and natural disasters, the financial strain on our sub-region has escalated, posing a threat to their macroeconomic and financial stability and prospects for faster recovery,” he said.

Nigeria, despite being classified as having generally moderate debt risk, the CBN urged the federal government to remain cautious, particularly regarding potential liquidity risks. These risks, if not addressed effectively, could stem from weak revenue mobilization, a persistent challenge hindering debt sustainability and economic stability.

What the CBN is saying is that while Nigeria’s overall debt risk is considered moderate, the country still needs to be careful about its ability to pay back its loans (liquidity risk). This risk could become a problem if the government doesn’t collect enough revenue (money) in the future.

Dr. Baba Yusuf Musa, Director General of the West African Institute for Financial and Economic Management (WAIFEM) told journalists: “When you compare Nigeria with the rest of the world or peer countries, you realize that with the 37 percent debt to GDP ratio, we still have room to borrow but the issue with the Nigerian debt is you don’t use GDP to pay debts rather you use the revenue to pay for any debt”

He added: “If you look at it from the revenue side Nigeria is at a high risk of debt distress in terms of our borrowing so what we need to do now is to step up our capacity to generate revenue, the more revenue we have, the less ratio of debt to revenue we have.”

WAIFEM, he said, is “very much in support of what the federal government is doing because there is a window for the government to raise more revenue, all that the people need to do is to support the federal government diversify the sources of revenue and of course generate more sources of revenue, once we have this we don’t really have debt problem but rather revenue problem

Musa said: “What the Medium Term Debt Strategy (MTDS) does is that it smoothens the debt service so that going forward when borrowing, you take into consideration the redemption profile that you have and the type of loans that you have in your existing portfolio and then it will enable you also to minimize the cost and risk the future loans will add to the debt portfolio.”

The Central Bank of Nigeria (CBN) has announced a further decrease in the exchange rate used to calculate import duties at seaports.
This reduction comes after a period of relative stability in the exchange rate between the Naira and US Dollar.

As of Monday, March 4, the new rate for calculating customs duties is N1,544.081 per US Dollar. This represents a 5.3% decrease compared to the previous rate of N1,630.159 per US Dollar used on Friday, March 2. In simpler terms, importers will now pay N86.078 less per dollar when clearing their goods through the ports.

This change reflects the CBN’s ongoing efforts to ensure that customs duties accurately reflect the prevailing exchange rate. By adjusting the rate downward, the CBN aims to ease the pressure on businesses importing goods into Nigeria. The expectation is that this will lead to a more predictable and stable environment for international trade.

On February 23, the CBN issued a circular in response to concerns from importers regarding fluctuating import duty assessments by the Nigeria Customs Service.

Key points from the CBN circular include acknowledging market volatility and price distortions due to the liberalization of the foreign exchange market, addressing importers’ concerns about uncertainties caused by fluctuating exchange rates affecting duty calculations, and advising the Nigeria Customs Service to use the closing FX rate on the date of opening Form M for imports as the fixed rate for duty assessment. This fixed rate will remain valid until the completion of import and clearance of goods.

These measures, along with the reduced customs duty rate and clarified import duty assessment process, aim to bring stability and transparency to the import environment. This is expected to benefit businesses, consumers, and the overall Nigerian economy.

Importers and businesses involved in international trade should keep themselves updated with the latest information from the CBN to accurately calculate duties and avoid potential delays or issues when clearing goods through customs.

“Even among thieves there’s honour,” is the sentiment that “criminals have a code of conduct among themselves.” According to grammarist.com, “some aspects of this code of conduct may be to not steal from each other, or to not testify against a fellow criminal to the police.”

Is there such a “code of conduct” among politicians? It’s doubtful, as among politicians – like among dogs – the first to die becomes the meat for the rest of the pack. If there’s really honour among politicians, heads would’ve rolled since the evening of Saturday, February 17 over the botched governorship primary election of the All Progressives Congress (APC) in Edo State, to choose a candidate for the September 21 governorship poll.

It’s such a messy affair that President Bola Tinubu’s invited to step in. So, will Tinubu prove the doubting Thomas wrong – coupled with his preachment of equity, fairplay and rule of law – by summoning the political will and courage, cancel the charade of a primary election, and save the APC from a second defeat in four years in Edo State?

Perhaps, the President has shown some spine, as the APC’s National Working Committee (NWC) has declared the primaries “inconclusive” after meeting and briefing Tinubu about the chaotic outcome of the exercise, and “the President expressed concerns at the turn of events, and directed the NWC to ensure that the exercise was concluded,” as first reported by The Nation on February 21.

Hence their tails tucked in-between their legs, the Abdullahi Ganduje-led NWC, after an emergency meeting on February 20, scheduled the completion of the primaries for Thursday, February 22, going by a statement by the national publicity secretary of the APC, Mr Felix Morka, fielding questions from reporters after the NWC meeting.

Morka said: “At its emergency meeting held today, Tuesday, February 20, 2024, to consider the report on the Edo State Governorship Primary Election, the National Working Committee (NWC) deliberated on the report and resolved that the Edo State Governorship Primary Election has not been completed, and has now fixed Thursday, February 22, 2024, for the completion of the Primary Election Process.”

Dr Ganduje and his team didn’t have to await Tinubu’s directive on what to do to rectify the controversial primaries. In a best case scenario, the APC leadership would’ve acted swiftly, called for calm, and given the assurance to members, particularly in Edo State, that it’d look into the primary misadventure through the primary election appeals committee instituted ahead of the exercise by the NWC.

And in a worst case scenario, the party would’ve dismissed the conflicting declarations made – with four aspirants laying claim to winning the primaries – dissolved the Governor Hope Uzodimma-led primary election committee, and fixed a new date for a re-run or fresh primary poll within days, to meet the February 24 deadline set by the Independent National Electoral Commission (INEC).

But what did Nigerians – particularly the shocked and distrust members of the APC in Edo State – see and hear from the leadership of the party? A congratulatory message in the night of February 17 from the national chairman, Ganduje, “to the winner of the primaries,” and solicitation for the “defeated aspirants” to “bury the hatchet” and work for party unity to win the Edo governorship.

As of Sunday, February 18, four aspirants claimed that they won the primaries – supervised by Governor Uzodimma, Cross River State Governor Bassey Otu, and five other members of the APC Edo Governorship Primary Election – to choose a candidate for the September 21 election.

The primary election claimants include Hon. Dennis Idahosa, a member representing Ovia Federal Constituency in the House of Representatives, who’s declared as the winner by the Uzodimma committee; and Senator Monday Okpebholo (APC, Edo Central), who’s declared the winner by the NWC-appointed state chief collation and returning officer, Dr Stanley Ugboajah.

The others are Hon. Anamero Dekeri, member representing Etsako Federal Constituency, pronounced the winner by local government returning officers; and Mr Clem Agba, former minister of state for Budget and National Planning, who claims that going by the turnout of voters, he won the majority of lawful votes of APC members, and has threatened legal action to affirm his “victory.”

Tension had enveloped the Edo political landscape when – on the eve of the primaries, two of the leading aspirants – former Secretary to the State Government and twice governorship candidate, Pastor Osagie Ize-Iyamu, and former Deputy Governor Lucky Imasuen withdrew from the race, citing the APC leadership’s zoning of the governorship to Edo Central that’s been marginalised in the governance of the state since civilian democracy returned in Nigeria in 1999.

Amid reports that the primaries didn’t hold in virtually all 192 wards of the 18 local government areas of Edo State, results started flying on social media, and coming in droves from the local government collation agents and returning officers into the designated state collation centre in Benin City, capital city of Edo State.

But midway into the televised collation of the primary results, scores of armed political thugs invaded the centre – and in the presence of security operatives, and INEC officials – disrupted the proceedings, and beat up journalists, electoral officials and destroyed laptops and television cameras.

Until that moment, it’s assumed that the primary election was one for all the aspirants. But the Uzodimma-headed committee, perhaps apprised in advance about the hoodlums’ attack, relocated to another venue, where it declared Hon. Idahosa as winner of the primaries, even as only eight of the 18 local government areas’ results had been collated.

Recall that stakeholders in Edo APC had protested Uzodimma’s appointment to head the primary election committee, alleging that he’d do a hatchet job for Senator and former Governor Adams Oshiomhole, who’d openly canvassed – even in a viral video on social media on the eve of the primaries – for Idahosa’s candidacy.

So, Uzodimma, willy-nilly, proved the Edo APC stakeholders right by taking advantage of the mileu caused by the political thugs at the collation centre to announce Idahosa as “winner” of the primaries, despite Senator Okpebholo leading in the results of eight councils declared before the thugs struck.

Still, amid the uproar that greeted Uzodimma’s declaration of Idahosa as the “duly nominated candidate,” Mr Ganduje, in a rather fait accompli statement by his chief press secretary, Mr Edwin Olofu, congratulated the “winner,” and called on the “defeated aspirants” to support him for the unity of the APC.

“I want to congratulate the winner of the Edo State governorship election, I want to equally commend and appreciate Governor Hope Uzodimma’s election committee for their hard work and the transparent manner in which the primary election was conducted,” Ganduje said.

“At this point, I want to call on all the aspirants to bury the hatchet and work for the interest of the party so that our party will emerge victorious (on September 21),” Ganduje added.

Was Ganduje’s congratulatory message to Hon. Idahosa hasty, as alleged by aggrieved  supporters of the “defeated aspirants,” or played into a script written by Comrade Oshiomhole to smoothen the primary path for his “anointed candidate,” Idahosa?

As seen in a trending video 24 hours to the election, as first reported by THISDAY, Oshiomhole claimed that President Tinubu had adopted Idahosa as the APC governorship candidate, a claim debunked by the deputy chairman of the Edo State APC gubernatorial primaries committee and Cross River Governor Otu.

Sen. Otu “categorically dismissed the rumour that President Tinubu has anointed a particular aspirant for the Edo APC gubernatorial primaries,” and “urged party faithful to disregard the lie and vote for their choice candidate.”

“This perhaps fuelled counter-narrative on the eve of the primaries, that the Presidency had settled for an aspirant from Edo Central, to be anointed for equity, justice and fairplay, and that Senator Monday Okpebholo is the anointed candidate,” THISDAY reports.

The same narrative of endorsement led to the withdrawal of Pastor Ize-Iyamu from the race, “with a directive to his supporters to cast their votes for Okpebholo,” and the subsequent withdrawal by former Mr Imasuen, citing the reported APC zoning of the governorship to Edo Central.

In the interim, the national publicity secretary of the APC, Mr Felix Morka, defended Uzodimma’s declaration, and dismissed the affirmation by the chief returning officer, saying the NWC had empowered Uzodimma to make the final return on the primaries.

Morka said: “We wish to state categorically that only the Governor Hope Uzodinma-led Edo State APC Governorship Primary Election Committee is duly authorized to undertake final collation and announcement of results of the Primary Election in the state. We urge all party members, officials in the state, and the general public to disregard the said announcement of results by these unauthorized persons.”

But a letter signed by the APC National Organising Secretary, Sulaiman Mohammad Argungu, appointed Ugboajah as the State Chief Returning Officer, with 18 others as Local Government Area Returning Officers for each of the 18 local government areas of Edo State.

So, who had the authority, between Uzodimma and Ugboajah, to make pronouncement on the outcome of the primaries, as the two were on legitimate duty?

Nonetheless, the Edo chapter of the APC, via its publicity secretary, Prince Igbinigie, describing the conduct of Uzodimma as “most embarrassing, unfortunate and bizarre,” faulted the governor’s “usurpation” of the duties of the local government collation agents and the returning officers for the primaries.

Mr Igbinigie alleged that “upon learning that his preferred aspirant wasn’t winning, Uzodimma singlehandedly relocated the collation centre, and then unilaterally assumed the role of the state’s returning officers without recourse to inputs from the local government collation agents as well as the chief returning officer of the exercise.”

However, Igbinigie said after normalcy was restored at the “recognised collation centre,” with the local government area returning officers and representatives from INEC, the results were declared by Dr Ugboajah, “whose responsibility it is to carry out this function.”

Reeling out the scores by 11 of the original 12 cleared aspirants for the primaries, with Sen. Okpebholo having 12,145 votes, and Hon. Idahosa getting 5,536 votes for the first and second positions, respectively, Igbinigie said: “Therefore, it is the desire of the state working committee to reiterate that Sen. Monday Okpebholo is the duly elected gubernatorial candidate of our great party for the September 2024 governorship election.”

Meanwhile, one of the leading aspirants and court-removed former Governor Oserheimen Osunbor has appealed to President Tinubu to step in and arrest the primary crises allegedly instigated to divide the APC for the PDP to retain power in September. Prof. Osunbor asked Tinubu to:

(1) Cause an investigation to be instituted into the allegation that this sham of a primary election, and the crises it has generated, have been induced by gratification given and received by the principal actors to damage APC and pave the way for the emergence of the PDP candidate in the election.

(2) Order the cancellation of the primary election, which has produced two or four candidates, as it can’t stand the test of legal scrutiny but rather will jeopardize the chances of APC, as there’s been “a brazen disregard of the Party Guidelines, Party Constitution and the Electoral Act, which may prove fatal in the event of litigation.”

(3) Order another primary election to be conducted ahead of the 24th February deadline set by INEC. Different officers should be assigned to conduct the fresh primaries.

Declaring that, “I make this appeal as the most popular aspirant with name recognition and acceptability throughout the length and breadth of Edo State,” Osunbor, at a press conference on February 18 in Ekpoma, Esan West of Edo State, said registered members of the APC across the state came out to vote for their preferred candidate, but “to their disappointment, the election did not take place anywhere that I know of across the 18 local government areas of Edo State.”

“The party officials deployed from the Abuja office of the National Organising Secretary to conduct the elections at the various wards and local government areas of Edo State were kept in hotels in Benin,” Osunbor said, adding, “There is no record or video of any of them preforming their assigned roles in the election at their respective designated points.”

“What we saw on television was not result of election but allocation of votes by some persons in Benin to each of the aspirants. In the end, two candidates have been announced as winners, Sen. Monday Okpebholo and Hon. Denis Idahosa in a primary election that was never held or was not conducted in accordance with the law and guidelines.

“This charade confirms the widespread suspicion that they are labouring to present a weak APC candidate that will be easily over-run and defeated by the presumed PDP candidate during the election. They are not working in the interest of APC but of PDP. We must avoid a repeat of the scenario which led to the defeat of APC in 2020.”

Also on February 18 in Abuja, after an emergency meeting, APC stakeholders rooting for Hon. Dekeri, called on Ganduje and President Tinubu to, “as a matter of honour, discard Governor Uzodimma’s infamous declaration of one Mr. Denis Idahosa, who didn’t win the primaries.”

Spokesman of the forum, Mr Emmanuel Godwin, said Uzodimma wasn’t the chief returning officer for the election, and accused the primary committee of “usurping the duties and responsibilities of local government returning officers in the Edo State primaries.”

Godwin said: “It is unfortunate that Hope Uzodimma, who is not the returning officer in whatever capacity, assumed the position and went ahead to announce Dennis Idahosa when the returning officers were still collating the results.

“We wish to therefore state categorically that the purported announcement is null and void and it should be disregarded in its entirety. Governor Uzodimma lacks the power to usurp duties and responsibilities of local government returning officers in the Edo State primaries.”

In the lead-up to the February 17 primary election Ganduje, and Uzodimma presented themselves as democrats, who wanted things done as laid out in the rulebook of the party. On February 15, at the national headquarters of the APC in Abuja, the former governor of Kano State, inaugurated the APC Edo Governorship Primary Election and Appeals Committees for the direct primary poll.

Specifically on the appeals committee, Ganduje, who vows to reclaim Edo State from the opposition Peoples Democratic Party (PDP), to expand the coast of the ruling APC in Nigeria, said: “It is a tradition for us to always constitute a body that will undertake an assignment so that at the end of it, we get good results.

“I will like to inform you that the composition of the two committees is a product of the National Working Committee (NWC) in accordance with the constitution of our party. Whatever you do, the contestants are free to appeal. That is why we have an appeals committee, which is like the Supreme Court.”

From hindsight, the Ganduje message was a double-edged sword: Members of the primary election committee should conduct a credible and transparent election acceptable to the aspirants, their supporters, and members of the APC; and whatever the outcome of the poll, the aspirants shouldn’t rock the boat, but appeal for a possible remedy.

Responding, Uzodimma thanked Ganduje and the NWC for the confidence reposed in the members, promised to discharge their assignment with utmost diligence, and stressed that, “Our prayers is that we work hard to justify this confidence reposed in us,” as “our party is a fantastic brand, very popular, and a good product.”
“It behooves on members of our committee to work in harmony with the party’s local leadership in Edo, to bring up a product that will look like our party and is easily marketable in Edo,” Uzodimma said, and urged the APC leadership to pray to God Almighty “to give us the wherewithal to carry out our assignment.”
In the end, did Ganduje and Uzodimma carry out the duty of producing a sellable, marketable and acceptable candidate in accordance with the dictates of the constitution of the APC? No, they did the opposite, in connivance with the local potentate, Comrade Oshiomhole who, from the get go, had primed Hon. Idahosa as his “anointed candidate” for the governorship.
Pre-the primary election, the APC NWC sent officials to the wards and local government areas of Edo State, to authentic the number of actual and financial members of the party – a finding that revealed that only about 42,000 members were qualified to participate in the primaries.

Surprisingly, announcing the results several hours before the completion of collation, Governor Uzodimma ascribed 40,453 votes cast by the verified 42,000 members to Hon. Idahosa alone. Other aspirants’ scores were: Anamero Dekeri, 2,030 votes; Monday Okpebholo, 100; Clem Agba, 100; Osagie Ize-Iyamu, 2; Gideon Ikhine, 700; David Imuse, 400; Charles Airhiavbere, 162; Oserheimen Osunbor, 180; Blessing Agbomhere, 50; Ernest Umakhihe, 2; and Lucky Imasuen, 2 votes.

“This is to certify that Dennis Idahosa, having scored the highest number of votes, is hereby declared winner of the primary election,” Uzodimma said.

In the results declared by Ugboajah, Sen. Okpebholo received 12,145 votes; Dennis Idahosa, 5,536; Afolabi Umakhihe, 2,090; Anamero Dekeri, 1,625; Charles Arhiavbere, 919; Gideon Ikhine, 902; Oserheimen Osunbor, 688; David Imuse, 507; Lucky Imasuen, 503; and Osagie Ize-Iyamu, 383 votes. Clem Agba’s name and score weren’t included.

“This is to certify that Monday Okpebholo has scored the highest votes, and declared winner of the APC governorship primary and thereby declared the candidate of the party,” Dr Ugboajah said.

And in the results announced on Saturday night by Mr Ojo Babatunde for the local government returning officers, Hon. Dekeri got 25,384 votes, while Idahosa received 14,127 votes. No votes were recorded for Okpebholo and nine other aspirants.

If any of the three results declared by the different authorities of the APC Primary Election Committee for Edo 2024 governorship election are considered, only Dr Ugboajah’s declaration merits giving any probative value, having followed the prescribed process of collation and declaration of results.

Besides, no matter their level of popularity and reach in Edo State, no single aspirant among the 10 that made it to the fiercely-contested primary, could secure even 15,000 votes, talkless of outlandish votes in excess of 40,000 from less than 42,000 members that voted. It’s daylight robbery to claim as such!

As the National Leader of the APC – an appellation he’d styled himself for eight years under the Muhammadu Buhari administration (2015-2023) – President Tinubu should show true leadership and cancel the bogus primary election in Edo State, and call for re-run or fresh primaries before the INEC deadline of February 24. Nothing else will assuage the electoral heist perpetrated on February 17! Edo people are watching and waiting, and may not forget their deliberate disenfranchishment on September 21!

* Mr Ezomon, Journalist and Media Consultant, writes from Lagos, Nigeria .

The widow of the late former governor of Ondo State, Rotimi Akeredolu, Betty Anyanwu-Akeredolu, has knocked her husband’s niece, Funke Akeredolu Aruna, for supporting the incumbent governor, Lucky Aiyedatiwa, ahead of the governorship election in the state.

In a post on her Instagram page on Monday morning, Betty described Funke as shameless, adding that time will tell if she is “truly lucky”.

The late governor’s wife wrote, “Behold the face of Aketi’s niece, Funke Akeredolu Aruna, the former deputy chief protocol to Aketi, shamelessly parades as ‘I am lucky’ Bloody serpent! Time will tell if she is truly lucky.”

Lucky Aiyedatiwa was sworn in as the Governor of Ondo State on December 27, 2023, following the death of his former boss, Akeredolu, who died of prostate cancer in Germany at the age of 67.

National Daily reports that the Independent National Electoral Commission has fixed April 16, 2024, for the governorship primary, while the main election will be held in November.

[NationalDaily]

Bitcoin surpassed $65,300 on Monday morning, bringing it one step closer to its all-time high of $69K, which was reached in November 2021.

The cryptocurrency asset increased by more than 6% in the last day. Historical gains associated with Bitcoin’s halving event, euphoric sentiment, and institutional buying demand are positioning the asset to surpass its lifetime highs of $69,000 in March.

The crypto markets have had a very bullish influence since the beginning of February. Every day, the volume has been surpassing, demonstrating the extensive participation of market players.

Given that the price of bitcoin is currently settling into a very small range, it is anticipated that the token will soon mirror a prior price movement.

Investors are pricing the direct impact on the supply side of the Bitcoin economy that will result from the impending halving of the crypto asset, which will reduce daily BTC issuance from 900 to 450.

To successfully navigate this landscape, traders must comprehend the implications of this event in the larger market context, considering other significant factors like Bitcoin ETFs. Interest in Bitcoin exchange-traded funds (ETFs) has surged recently, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the way.

At a pivotal point in the institutional adoption of cryptocurrency, the fund broke records by becoming a member of the $10 billion assets under management (AUM) club in a record-breaking seven weeks.

The swift amassing of assets reflects a wider pattern of institutional investors’ growing desire for Bitcoin as they look for ways to gain exposure to the crypto space through conventional investment vehicles.

Vital insights for managing market volatility both before and after market halving are provided by tools such as Glassnode’s data and analytics.

According to the most recent price movement, Bitcoin appears to be preparing for yet another significant breakout and has formally entered a bull market.

Some reports state that OTC desk balances are almost at zero, suggesting that big institutions might begin to accumulate once more. Profit-taking activity has drastically decreased in comparison to the 2021 bull run, which may be another reason to be bullish on Bitcoin.

The record-high open interest in Bitcoin futures on the Chicago Mercantile Exchange is another important indicator of a potentially overheated market (CME).

According to CoinGlass, open interest in CME Bitcoin has increased to an all-time high of $8.66 billion. Together, these elements suggest that there is a strong bullish sentiment surrounding Bitcoin, but investors should exercise caution.

[Nairametrics]

When Justice Olukayode Ariwooola, Chief Justice of Nigeria (CJN) retires from the Bench in 2024, upon the attainment of the statutory, mandatory retirement age of 70 years, he would be able to count among his legacies, as CJN, the singular fact that it was under his watch that the Supreme Court achieved the full complement of 21 Justices as required by law. Section 230(2) (b) of the 1999 Constitution states that “the Supreme Court of Nigeria shall consist of such number of Justices not exceeding 21 as may be prescribed by an Act of the National Assembly.” By February 2020, the number of Justices left on the Supreme Court was 13. One after the other, their Lordships retired: Justice Paul Galumje retired in 2020, Justice Sylvester Ngwuta died while still in service in March 2021, three weeks to his 70^th birthday, Justice Olabode Rhode-Vivour, retired in 2021, Justice Mary Odili in 2022, Justice Ejembi Eko in 2022, Justice Tanko Muhammad resigned abruptly in 2023, Justice Amina Augie retired in 2023, and Justice Musa Dattijo Muhammed, 2023, Justice Chima Cletus Nweze, due to retire in 2028 died in July 2023.  By October 2023, the number of Supreme Court Justices had dropped to an unprecedented, all-time low number of 10. Those vacancies have now been filled. It is a historic, welcome development and beyond the Bench itself, an achievement for the Bola Ahmed Tinubu administration. 

The extant Revised NJC Guidelines and Procedural Rules for the Appointment of Judicial Officers of all Superior Courts (2014), and the 2016 National Judicial Policy define the processes for the appointment of such officers - nominations from a broad spectrum of persons and officials are required but for some reason, there was never a full complement of Supreme Court Justices under the Buhari administration.  Sometime in 2019, President Buhari had in fact asked the then acting CJN, Justice Tanko Muhammad to initiate the process of filling the vacancies on the Supreme Court Bench. This caused a little furore, the nomination of judges not being the function of the Executive. The integrity of the process was the issue. When the NJC went ahead to obey the Presidential directive and recommended the appointment of four new Supreme Court Justices, and sent the list to President Buhari, a civil society group, Access to Justice went to court. We need not allow the history of the relationship between the Buhari administration and the judiciary to detain us in this present enquiry, however. It is enough to say that at those times, 2015 – 2023, the relationship between the judiciary and the Executive arms of government were in turns adversarial and complementary. Buhari was the first President to allocate the largest amount of funding to the judiciary, but it was also in those days that it became common for the houses of judges to be raided at midnight. Justice Walter Onnoghen was suspended as CJN, and forced to retire before his time. His replacement, Justice Tanko Muhammad was also forced to retire prematurely. The Buhari administration routinely disobeyed court orders and violated the rule of law. In 2016, two Justices of the Supreme Court were appointed under the Buhari administration -Justices Ejembi Eko and Amina Augie, and in 2020 four Justices - Tijanni Abubakar, Mohammed l. Garba, Abdu Aboki and Mohammed M. Saulawa but at no time since 1999 did the Supreme Court reach its full complement. 

This has now happened with the swearing in, a week ago, of additional 11 Justices of the Supreme Court: Haruna Tsammani (North East), Jamilu Tukur (North West), Abubakar Umar (North West), Jummai Sankey (North Central), Mohammed Idris (North Central), Stephen Adah (North Central), Moore A. Adumein (South South), Chidiebere Uwa (South East), Chioma Nwosu-Iheme (South East) Obande Ogbuniya (South East) and Habeeb Adewale Abiru (South West). These were the 11 that made it to the Supreme Court out of the 22 that were originally shortlisted and screened by the National Judicial Council on 28^th November 2023, divided then into priority and reserved candidates. The final list has 10 of the priority candidates and one that was reserved - Justice Chioma Nwosu-Iheme. It is most appropriate to congratulate their Lordships on their elevation to the apex Court. It is a great honour and an accomplishment of no small measure to sit on the highest court in the land. The CJN underlined this when he told the 11 Justices that they should see themselves as “God’s representatives on earth.” He told them that they should not seek to please everyone: “the only deity you can fear is the Almighty God. Once your judgment is in consonance with what God expects from you, and is also in accordance with the Constitution, you should consider yourself the happiest and freest person on earth. Your moral uprightness, integrity and respect for the constitution and other extant laws in operation, must be unwavering and unassailable. Any judgement given at this level can only be upturned in heaven.”  

In those words, CJN Olukayode Ariwooola reminded the JSCs of the role of the judex, and the high responsibility upon their shoulders. They are expected to be above board like Caesar’s wife, to dispense justice without fear or favour not minding whose ox is gored. These 11 Justices are taking their seats on the Supreme Court Bench at a time when the reputation of the Nigerian judiciary, including the apex court has received so much bashing, and there is a lot of cynicism about our judges among the populace. Today, not many would agree with CJN Ariwoola that Nigerian judges at any level are God’s representatives on earth, or that they have any clue about what God expects from them. The CJN could have offered his guidance without dragging God into the matter. But he was right to have suggested that all eyes will be on the apex court, especially the eyes of Nigerian politicians who think that part of their mission should be to steal the votes and also influence the judges. The eyes of lawyers will also be on the new Justices, who are already known, but in terms of how their elevation and having a full complement of the judex on the apex Bench would affect the dispensation of justice and enrich jurisprudence.  

The key concern about the depletion of the apex court was that the dockets were full, the court was over-congested with cases, and the Justices, so few in number, were overworked. They were also underpaid and under-resourced as Justice Musa Dattijo Muhammad pointed out in his somewhat histrionic valedictory speech in October 2023. With the apex court now having 21 Justices, it means more cases can be heard and there can be a better rate of performance and efficiency. But for this to happen, however, the administrative processes at our Supreme Court also need to be overhauled and modernized. There is too much clumsiness that is advertised up there. Many cases that need not go all the way to the Supreme Court show up there. This should be a proper policy court, not an “orisirisi court”. It must be possible to have a strong, pro-active Registry of the Supreme Court that rejects cases that do not belong there. The Supreme Court’s original and inherent jurisdiction should be clear enough. Many lawyers have had to go to the Supreme Court only to be told that the Justices are away for another function, or that the matter should not have been brought there in the first place. In the age of telephony and modern communication, that is scandalous. The Supreme Court must become a 21^st Century Court by deploying technology to aid its processes and by learning the best lessons from other jurisdictions. Any counsel that files any incompetent or frivolous matter or tries to waste the time of the court must be promptly sanctioned. These days, there is too much indiscipline by lawyers that is condoned by the Bench at all levels. 

The 11 new Justices were said to have gone through screening by the Department of State Services (DSS). I think it is scandalous that potential Justices of the Supreme Court have to be screened by the DSS, which in the books has absolutely no role in the nomination or appointment of Judges. The very suggestion that the Nigerian judiciary can throw up any persons who can rise through the system and act as judges for years, only to be investigated for any form of wrong-doing at the point of elevation to the apex court is scary. But in any case, all the Justices reportedly passed the test and they were unanimously cleared by the Senate of the Federal Republic via the instrumentality of a voice vote. I think the rubber-stamp role of the Senate in the process should also be reviewed. In other jurisdictions, such as the United States, justices don’t just get to the Supreme Court. They are subjected to rigorous public scrutiny and may be rejected or withdrawn. Public hearings are held, the nominees are interrogated. Their previous judgements are scrutinized to determine their scope, ideological bent and contributions to Constitutional doctrine. Their academic qualifications are carefully re-examined too. Students of comparative legal systems will remember the case of Justice Clarence Thomas and the sexual harassment testimony of Anita Hill in 1991, as well as the objection of Democrats to Justice Robert Kavanaugh, and the febrile public hearings that attended his screening in 2018. There is also the recent case of Ketanji Brown Jackson, the first Black woman to serve as a Justice of the United States Supreme Court. She did not get there because of her colour or gender. Her confirmation hearings were heated and contentious.

Here in Nigeria, once you make the NJC final list, you are already on the Bench. We need to review the process and allow public hearings. In the course of the review of litigations after the 2023 general elections, questions were raised about the work of at least two of the 11 Justices who are now on the Supreme Court Bench: Justice Moore Adumein in the 2023 Kano Gubernatorial election case, and Justice Chioma Nwosu-Iheme whose nomination was openly questioned by Senator Elisha Abbo. It would have been good for their Lordships to be asked for example to respond to the allegations and insinuations about their professionalism. 

It is also not a good thing that elevation to the highest judicial seat in the country has been reduced to geography and promotion. There has been some talk about how the appointments show diversity - that is geography. Every geopolitical zone is now well represented at the Supreme Court Bench.  It must be said that Supreme Court Justices are not quota representatives. They are to be chosen on the basis of merit, character and proven contributions to law. The notion that Justices of the Court of Appeal are entitled to be promoted to the highest court in the land is wrong. I find strong merit in the recommendation that the Supreme Court Bench should be made open to Senior Advocates of Nigeria of great distinction and academics to deepen the knowledge and expertise base of the court. The Supreme Court must not be turned into a secret society or a retirement zone for Justices of the Court of Appeal. In 2017, the Nigerian Bar Association nominated nine of its members for the Supreme Court seat but they were ignored. The appointment of judges must be reformed. And that would not be new: Justices Teslim Elias and Augustine Nnamani got to the Supreme Court through academia and the Bar. In Canada, this widening of the pool that we recommend is standard practice. 

The big elephant in the room is jurisprudence. One of the major concerns about Nigeria’s Court of Appeal is that it had become a court of technicalities, with the judex determining cases on convenient technical grounds rather than the higher ground of judicial activism. With the new Justices of the Supreme Court coming directly from that court, it is hoped that they would not bring their over-reliance on technicalities to the Supreme Court. Once upon a time, especially during the golden era of Justices Kayode Eso, Chukwudifu Oputa, Augustine Nnamani, Ayo Irikefe, Anthony Aniagolu, Andrew Obaseki, Adolphus Karibi-Whyte, Alfa Belgore Muhammadu Uwais, Mohammed Bello … Nigeria witnessed some of the most rigorous applications of the law and the delivery of justice, even under the military, and court judgements by their Lordships were profound exercises in law, language, philosophy and wit. Over the years, the standards collapsed, as court judgements were reduced to a simple summary of pleadings and a casual pronouncement of decisions – a frightening indication of how robust craft and sound reasoning had disappeared from our courts. Most students of the law would like to see a return to the good old days not just at the apex court, but within the entire judiciary, which in itself is in urgent need of reform. 

With the current talk about reconfiguration, decentralization and restructuring, whichever phrase suits our fancy, the Nigerian judiciary is also in urgent need of reconfiguring. There is too much power in the hands of the Chief Justice of Nigeria who in addition to being CJN, is also Chair of the National Judicial Council (NJC), Chair of the National Judicial Institute (NJI), Chair of the Legal Practitioners Privileges Committee (LPPC) and Chair of the Federal Judicial Service Commission (FJSC). The military after a fashion may have imagined that the head of the country’s judiciary should also be an overlord like them, but that has to change: the office of the CJN must not possess the powers of an Emperor or what Yorubas call “Kabiyesi”, that is a traditional monarch, who represents God on earth!  The NJC should be unbundled. The CJN must be a democrat within the system. It should also not be the duty of the NJC to appoint and discipline judges or to appoint Chief Judges of the states. There have been calls as well for the de-centralization of the Supreme Court for more effective administration of justice, with the apex court having divisions in the country’s six geopolitical zones like the Appeal Court. 

While the pros and cons of that suggestion may be a different kettle of fish altogether, the immediate expectation is that a full Supreme Court would have all its court rooms functioning and that the new Justices will enrich our jurisprudence and help the apex court achieve its full potential. Even with these new appointments, more Justices of the Supreme Court will also soon retire. There should be no delays in filling whatever vacancies may arise. At an individual level, each one of the Justices has a duty and a responsibility to prove his or her mettle. Welcome on board, your Lordships… 

The latest Injective (INJ) forecast has been the talk of the town and signals a promising rally in the crypto market. Furthermore, the evolution of Ethereum has also been a significant industry trend in recent times, with the Ethereum ETFs on the horizon.

Interestingly, new crypto projects have also started to sprout. One of such is BlockDAG (BDAG). BlockDAG stands out due to its various incredible achievements since its inception. It has raised over $2.56 million in 2 presale batches, selling over 2 billion tokens. It has also generated $1,567,640 through BDAG miner sales, selling more than 3.1K miners. This development underlines BlockDAG’s potential as it aims to become a cryptocurrency giant within the market soon.

Injective (INJ) Forecast: Gliding Through Volatility

The Injective (INJ) forecast is poised for a rally after a 70-day buildup, signaling potential upward movement. Known for facilitating smooth transactions, Injective stands out in the cryptocurrency arena. Despite market volatility, Injective’s prospects for growth are strong, attributed to its secure, fast trading and ability to link diverse ecosystems.

While the outcome of the expected rally is uncertain, highlighting the speculative nature of cryptocurrencies, Injective’s technology is pivotal in DeFi’s expansion, with a focus on interoperability and user-friendliness, garnering attention from cryptocurrency enthusiasts.

Ethereum’s Evolution: Adaptability & Innovation

Since its inception in 2013, Ethereum has been a leading cryptocurrency, second only to Bitcoin, and a key player in DeFi, NFTs, and the Metaverse. Its continuous evolution has expanded its influence into gaming, art, and online casinos, enhancing its value and solidifying its status as a blockchain leader.

With upcoming updates like Danksharding, Ethereum aims to improve data management and scalability. These advancements, along with efforts to increase transaction speed and reduce costs, highlight Ethereum’s commitment to progress and user experience, positioning it for a dynamic future in blockchain innovation.

BlockDAG’s $2 Million Mega Giveaway Allure

BlockDAG is turning heads in the crypto market. It has raised over $2.56 million in its presale phase, trading over 2 billion tokens. It has also generated $1,567,640 from BDAG miner sales, selling more than 3.1K miners. These achievements show BlockDAG’s strong potential in the crypto market, elevating its current status as a leading presale crypto.

There’s more buzz with the $2 Million Mega Giveaway. So far, almost 3000 people have joined. The giveaway offers the community a chance to win big cash prizes. This prize will be shared among 50 lucky members who engage on BlockDAG’s social media platforms. Participants must follow BlockDAG’s social media pages to participate, submit their wallet address and engage with the community to increase their chances of winning. Users can also bring friends into the challenge, increasing their chances of winning.

This giveaway is not just for promotion, it is a big deal. It shows BlockDAG’s dedication to its community and innovation. However, users must hurry and join now, as this giveaway ends on April 15. As BlockDAG nears selling out its second presale batch, its quick sales highlight its growing status in the market and its resolve to bring the needed transformation into the crypto space.

Quick Take

The Injective (INJ) forecast and Ethereum’s ongoing innovation are no doubt, top projects. However, BlockDAG’s presale looks most promising, as investors are sure of a 5000x return on investment. Moreover, it’s a win-win situation, as BlockDAG’s $2 Million Mega Giveaway further creates more avenues for winning. BlockDAG’s place as a top investment option for 2024 cannot be contested.

[DailyTrust]

•Says Nigeria must focus on production, discourage dollarisation of economy

Edo State Governor, Mr. Godwin Obaseki, has predicted tougher times for the Nigerian economy, due to what he termed as the bad policy decisions of the federal government, even as he condemned the decision of the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) to 22.75 per cent.

The Monetary Policy Committee (MPC) of the CBN had last week raised the MPR, also known as the benchmark interest rate by 400 basis points to 22.75 percent from 18.75 percent.

Obaseki, who spoke at the annual Edo Zone Bankers’ Committee Dinner held in Benin City, Edo State, was quoted in a statement yesterday, to have cited the potential adverse effect of the interest rate increase by the CBN on businesses and the nation’s economy, reiterating the need to focus on productive activities.

The governor said, “The next few months will be difficult because the policies rolled out by CBN will unfortunately not support growth in our economy. The interest rate is already high and jacking it up will not allow small businesses access to credit to make them grow.

“We must focus on the fundamentals which is increasing production, making sure our citizens produce what we consume and depend less on imports. Our economic and monetary policies should not be determined by exchange rate alone.

“The issue of increasing the cash reserves in a bid to tighten liquidity is going to be detrimental to our economy. We should focus on fiscal issues to enable us to grow our economy, not panic about the interest rate. Creating jobs should be a priority for us as a nation.”

Commending the role of commercial banks in societal development, Obaseki tasked the banks to come up with products and services which can assist the majority of citizens in overcoming the harsh economic realities experienced nationwide.

He, however, reassured that his government would continue to partner with the financial sector to cushion the effects of the present economic realities on the people of the State.

Noting that his government has over the last seven and half years undertaken several policies and programmes to reposition the State as a leading sub-national in terms of GDP growth, the governor reaffirmed his government’s commitment to the welfare of the people.

He said, “We have built institutions, empowered our people with skills, and ensured they are gainfully employed and seven years after, we are ranked as one of the top States in terms of GDP growth in Nigeria.

“I am here to thank you for collaborating with us to grow the economy of Edo State in the last seven years. You have supported me to make progress this far.

“I thank each bank and management for taking advantage of the opportunities created in the last seven years, especially with our reforms and growth.

“In the last seven years, we have improved our security, ensuring our people walk freely as the ability to restore security gives confidence to our people who come back home to invest in our State.”

The governor further stated, “Before now, our young ones traveled at will to seek greener pastures but our administration in 2017 got the report about how desperate our youths are traveling out but we have changed the narrative.

“As I wind down as governor, I am leaving a strong State economically; agricultural production has been ramped up significantly. We are leaving a State that is the most digitally connected in Nigeria today as we have laid over 2,000km of fiber optic connection across the state and we have connected the 18 LGA and all your branches are well connected.

“We are leaving a State that is leading in terms of electricity generation. We have Azura, contributing to the stability of the national grid. We also have Ossiomo Power.  Investors are ready to support our initiative in the State. We have the Edo State Electricity Regulatory Law that will allow us to regulate those who want to generate and distribute electricity in Edo State.”

He added: “We have laid the basis for economic growth and development in Edo State and Nigeria. We saw this difficult time coming but could not move and make the necessary decision that would have saved us, but those who ought to act to save us failed to do that, hence here we are today.”

[ThisDay]

South African artiste, Black Coffe has recounted how his estranged wife, Enhle Mbali’s “ungrateful” reaction to an expensive car he bought for her during their marriage left him disappointed.

Speaking in a recent interview with Kaya 959, the Grammy-winning DJ revealed that after presenting his gift to his woman, the reaction he got was unexpected.

He stated that the event made him feel as though his efforts were not valued or appreciated.

“The response wasn’t what I expected; she wasn’t excited. I expected her to even cry, but she was just like; ‘Oh, nice, thank you.’ And it sat with me heavily for a long time as someone who was not appreciating,” he said.

Recall that Black Coffe and Mbali’s marriage ended in 2019 after she accused the record producer of infidelity and abuse.

The ‘We Dance Again’ DJ fathered two children with other women while the couple was married.

[DailyPost]