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Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 election, says the seizure of three presidential jets by a French court is an “international embarrassment” to the country.
A Paris court recently ordered the seizure of three jets belonging to the Nigerian government over a dispute involving an arbitration award in favour of ZhongshanFucheng Industrial Investment Co. Ltd., a Chinese firm.
The court ruled that the Chinese firm should use the three jets at the Paris-Le Bourget and Basel-Mulhouse international airports “as security for its claim of EUR 74,459,221”.
However, the presidency on Thursday accused the Chinese firm of using “unorthodox and subterfuge” means to take away Nigeria’s offshore assets.
Obi, in a statement by Yunusa Tanko, his campaign spokesperson, said the seizure of presidential jets has exposed the federal government’s disregard for the rule of law and failure of leadership.
The former governor of Anambra said the federal government’s decision to proceed with the purchase of the jet amidst widespread criticism and severe economic struggles showed the insensitivity of President Bola Tinubu’s administration to the plight of citizens.
Obi also demanded that the federal government explain the circumstances surrounding the jet seizure.
“The trending international news on the seizure of three jets belonging to Nigeria’s presidential fleet is yet another of many embarrassing things exposing our failed leadership and our attitude to the rule of law even in a democracy,” the statement reads.
“It has also exposed multiple dimensions to our leadership failure and our insensitivity to the plight of the growing poor class in our midst.
“The fact that the federal government went ahead with the jet deal despite the cacophonous cry against the purchase of a presidential jet at this time when the people are going through a horrifying economic hardship shows the insensitivity of this administration.
“Added to it is the embarrassing aspect of our country’s presidential jets being held for contractual breaches arising from yet another dimension of inadequate leadership tidiness.
“I have been loud in my demand over time that the government at all levels should be accountable to the people, meaning that they must be very transparent in all their dealings.
“Until a court in France prohibits Nigeria from moving or selling these three jets, Nigerians have no iota of information about both the buying and selling of these aircraft.
“It has been done in secrecy. Federal government property, which belongs to the people, is being managed as a personal family asset.
“Paying as much as $100 million for a presidential jet for a country that is the poverty capital of the world and has more out-of-school children with over 40% food inflation is the height of concern for the people’s feelings.
“This incident has also opened up an aspect of indiscipline that is copiously embedded in our country, which is the abuse and disrespect for the rule of law.
“Here are questions begging for answers: To what extent did the Ogun government follow its agreement with the Chinese firm?
“After the UK court ruling that prohibited some Nigerian buildings in Liverpool, what did both Ogun state and the federal government do before the French court action?
“I would like to, therefore, challenge the federal government to come clean and transparent on this matter and tell Nigerians how we got to this latest international mess.”
[TheCable]
Nigeria eyes $500 million World Bank loan to reduce staffing gaps in education, health sectors
Admin
Nigeria is on the verge of securing a $500 million loan from the World Bank, a significant financial boost aimed at addressing critical challenges in the country’s education and healthcare sectors.
This is according to the “Program Information Document (PID)” for the appraisal stage of the Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) Governance Program.
The proposed loan, part of the Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) Governance Program, is intended to tackle long-standing staffing gaps and enhance the performance management of basic education teachers and primary healthcare workers.
World Bank likely to approve loan next month
The World Bank is expected to give its final approval for the loan on September 26, 2024.
According to the PID seen by Nairametrics, the loan will focus on three major result areas, with the improvement of recruitment, deployment, and performance management of sector workers being a key component.
This effort is particularly important given Nigeria’s alarming human capital index, which indicates that a child born in the country today will only achieve 36% of their productive potential if current levels of health and education services persist.
One of the primary objectives of the loan is to incentivize improvements in workforce planning within the education and healthcare sectors.
The loan will provide the necessary financial resources to enhance the recruitment processes, ensuring that qualified professionals are adequately deployed to where they are most needed.
The initiative will also address the significant disparities in staffing across Nigeria’s regions, a challenge that has long plagued both sectors.
Nigeria to leverage BVN, NIN to tackle payroll fraud
In addition to workforce planning, the loan will support the adoption of new systems to improve payroll management and reduce fraud. This includes the implementation of the Central Bank of Nigeria’s Bank Verification Numbering (BVN) system and National Identity Numbers (NIN) platforms.
These systems will play a crucial role in ensuring that funds are used efficiently and that only verified employees are on the payroll, thereby eliminating ghost workers.
The planned introduction of biometric check-ins and community monitoring, where available, will further strengthen the accountability and performance of education and health workers.
A part of the PID noted that one of the expected results of the loan program is improved recruitment, deployment, and performance management of basic education teachers and primary health workers, adding that: “This results area will incentivize: (i) the enhancement of the sector and workforce planning function, (ii) reduction of significant staffing gaps and improved deployment and management practices for basic education and primary health care workers, and (iii) adoption of new or existing systems such as the Central Bank of Nigeria Bank Verification Numbering (BVN) system and National Identity Numbers platforms to check payroll fraud, biometric check-ins where available, community monitoring, performance bonuses, automatic payroll deductions.”
Loan program to run for four years
- The HOPE Governance Program, under which this loan falls, is scheduled to run from 2024 to 2028, providing support for systemic reforms at both the state and federal levels, focusing on cross-sectoral issues such as financial resource allocation, public financial management, fiscal transparency, and accountability.
- As part of the World Bank’s support, the loan will also incentivize the reduction of staffing gaps by 40%, with a target that at least 30% of new recruits will be women.
- This gender-sensitive approach is intended to address not only the quantity but also the quality and diversity of the workforce in these critical sectors.
- The loan is part of a larger $2 billion government program that seeks to accelerate the provision of quality basic education and healthcare services across Nigeria.
[Nairametrics]
The Ekiti State Police Command said it had arraigned a 20-year-old cattle rearer, Mohamadu Bello, before an Ado Ekiti Chief Magistrate’s Court for allegedly destroying farm produce valued at N3.8m belonging to four individuals.
The police prosecutor, Inspector Elijah Adejare, told the court on Thursday that the defendant committed the offence on August 10 at Ido Ile Ekiti.
Adejare alleged that “the defendant, who is a cattle rearer, maliciously damaged the farm produce valued at N300,000 belonging to one Awiye Olusola. The defendant also maliciously damaged the farm produce valued at N2.8m belonging to one Oni Samson.
“The defendant maliciously damaged farm produce valued at N300,000 belonging to one Igbalajobi Adeyomi. The defendant also maliciously damaged farm produce valued at N400,000 belonging to one Akinola Sunday.
“The offences committed contravened Sections 363 of the Criminal Law of Ekiti State, 2021.”
Adejare prayed the court for an adjournment to enable him to study the case file and present his witnesses.
The counsel for the defendant, Mr. Adeyemi Egbebi, urged the court to grant the defendant bail, with a promise that he would not jump bail.
The Chief Magistrate, Mr Bankole Oluwasanmi, granted the defendant bail in the sum of N80,000 with one surety in like sum and adjourned the case till September 6 for hearing.
Police prosecutor, Sergeant Alice Ojo, told the court that the defendants, 22-year-old Abdurasheed and 42-year-old Aluko, allegedly committed the offence on August 6 in Ado Ekiti, the Ekiti State capital.
Ojo alleged that “the defendant, Abdurasheed, stole one Bajaj motorcycle valued at N1.2m belonging to one Ogundipe Babasanmi. The defendant, Aluko, has in his possession one Bajaj motorcycle valued at N1.2m.”
“The offences committed contravened Sections 302 and 343 of the Criminal Law of Ekiti State, 2021,” she said.
The prosecutor asked the court for a short adjournment to enable her to study the case file and present her witnesses.
Counsel for the defendants, Mr Adeyemi Egbebi, urged the court to grant the defendants bail, with a promise that they would not jump bail.
The Chief Magistrate, Mr Abayomi Adeosun, granted bail to the defendants in the sum of N250,000 with one surety each in like sum and adjourned the case till September 27 for hearing.
Treaty violation: Like France, US court affirms Chinese firm’s $70m arbitration award against Nigeria
AFOLABI
An appeal court in the United States (US) has authorised Zhongshan Fucheng Industrial Investment Co. Ltd. to enforce the $70 million arbitration award against Nigeria.
In a 2-1 verdict delivered on August 9, the majority ruling affirmed the judgment of the US district court for the district of Columbia that held that the arbitration award is enforceable.
In January 2023, Beryl Howell, the presiding judge of the lower court, dismissed Nigeria’s argument that the court did not have jurisdiction over the case since the country is a sovereign entity.
Howell held that the court has jurisdiction since the United Kingdom (UK), where the $70 million arbitration award was issued against Nigeria, is a signatory to the New York Convention.
ZHONGSHAN FUCHENG VS NIGERIA
In 2010, Zhongshan, through Zhuhai Zhongfu Industrial Group Co. Ltd. (Zhuhai), its Chinese parent company, acquired rights to develop a free trade zone in Ogun state.
A year later, Zhongshan set up Zhongfu International Investment (NIG) FZE (Zhongfu), a Nigerian entity, to manage the project under the permission of the Ogun state government.
However, things took a different turn in July 2016 when the investor accused the state government of abruptly moving to terminate its appointment while attempting to install a new manager for the free trade zone.
Subsequently, Zhongfu initiated an investment treaty arbitration against Nigeria under the bilateral investment treaty between the People’s Republic of China and Nigeria (the China-Nigeria BIT).
The arbitrators had ruled that Nigeria was in breach of its obligations under the China-Nigeria BIT and awarded Zhongshan compensation of around $70 million.
In January 2022, the Chinese company initiated a case to seek enforcement of the arbitration award.
Nigeria pleaded state immunity but was turned away by Sara Cockerill, a high court judge in the UK, who said the country abused the time frame for appealing arbitral awards.
THE US APPEAL COURT JUDGMENT
In the majority judgment, the US appellant court held that the final arbitration award is enforceable under the New York convention since the dispute is between “persons” that share a legal commercial relationship.
The court ruled that the Foreign Sovereign Immunities Act (FSIA) arbitration exception stripped Nigeria of the sovereign immunity in the arbitration award case.
“For the foregoing reasons, we hold that the final award is enforceable under the New York convention because it arose out of differences between ‘persons’ that share a legal, commercial relationship,” the majority judgment reads.
“The district court therefore has jurisdiction over this case under the FSIA’s arbitration exception. The judgment of the district court is affirmed.”
The majority judgment was issued by Patricia Millett and Julianna Childs.
In the dissenting judgment, Gregory Katsas, the third judge, argued that when the New York convention was drafted, the word “persons” did not include a sovereign nation.
Katsas held that the action of Ogun state cannot be attributed to Nigeria, adding that the arbitration award “arises solely out of Nigeria’s sovereign acts governed by public international law”.
“Text, legal context, and drafting history all indicate that the word ‘persons,’ as used in the New York Convention, does not include signatory nations acting as sovereigns. I respectfully dissent,” Katsas said.
NIGERIA LOSING CASE AGAINST CHINESE FIRMS IN MULTIPLE JURISDICTIONS
Barely three days after the judgment of the US appeal court, a Paris court in France ordered the seizure of three jets belonging to the Nigerian government over the dispute involving the arbitration award to the Chinese firms.
In 2023, a court of appeal in the UK ruled that Nigeria is liable for a $70 million arbitration award in favour of the Chinese firm.
The development means that Nigeria has lost arbitration award cases against the Chinese firm in France, the US, and the UK.
The Nigerian government has accused the Chinese firm of attempting to use deceptive means to acquire the country’s offshore assets.
Vice President Kashim Shettima has asserted that he dresses better than his principal, President Bola Ahmed Tinubu.
This is as the number two citizen claimed that Tinubu has been using only one wristwatch since he knew him.
Shettima made these claims during the launch of Professor Modupe Adelabu’s book, held in Abuja on Thursday, where he highlighted the president’s unpretentious lifestyle.
Shettima urged Nigerians to extend their support to Tinubu in addressing the nation’s socio-political, economic, and security challenges.
The Vice President stressed that Tinubu is worthy of the public’s confidence and reassured citizens that the stringent measures being enacted by the government would soon produce favourable outcomes.
Shettima said: “In President Bola Ahmed Tinubu, we have a leader that we can invest our trust in. I’m not playing politics, I’m speaking from the heart. I have seen the soul of Bola Tinubu, and he has a good soul.
“He means well for the nation. He wants to live in a place of glory. He is not in power to engage in primitive capital accumulation. He is in power to leave landmarks in the sands of time. He is the most demonised politician in Nigeria. The first time I went to his house at Bourdillon, I was looking forward to seeing a mansion comparable to Buckingham Palace, with gardens, and swimming pools, but there was nothing special about that house. My house in Maiduguri is better than the house in Bourdillon.
“And at the formative stage of the APC, we held a meeting in his house. They served us a variety of meals but he opted to take garri with groundnut for lunch. Since I have known him, he has been using only one wristwatch, and in fact, I dress better than him. He doesn’t even care. He has overcome all those odds to dress well. So we need to rally around this poor man. He has taken some bold steps. The economy that we met was in a huge mess.
“But it wasn’t for us; we were part of the Buhari administration; we cannot deny that. We belong to the political family. It’s not about apportioning blame, but it’s about finding solutions to our nation’s needs. We knew there were challenges. Forget about the politics being played by the Atiku Abubakar and the obedient crowd; they all said they are going to withdraw the fuel subsidy.”
Shettima further stated that Nigeria’s economy is now on a path to sustained growth as a result of some far-reaching decisions taken by the President.
He said: “The President had the courage, the political courage, and the willpower to take far-reaching decisions, and it always comes at a price. When a woman is about to give birth, it’s a very painful process but after the child has come forth, it’s a cause for celebration. I believe that posterity will be very kind to this poor man.
“He has taken far-reaching decisions, and the economy, we have crossed the river. The economy is now on a path to sustain growth. We are now exporting about 1.7 million barrels of oil per day. The Naira is stabilising against the dollar, and with the food security crisis that is confronting us, we cannot divorce ourselves from the realities in the global space.
“It’s not a localised phenomenon, but ours was further compounded by the security challenges in the traditional food basket of the country, the North Central, and the North West but the security issues will be addressed, and be rest assured that in the coming months, Nigerians will see a sea of change in their fortunes. I want to ask all of us to rally around this poor man.”
The book launch was attended by several dignitaries, including the Governor of Ekiti State, Biodun Oyebanji, Chief Bisi Akande, Chief Pius Akinyelure, and Femi Gbajabiamila, the Chief of Staff to the President.
Additionally, former governors Otunba Adebayo and Kayode Fayemi were present, along with Adedolapo Fasawe, the Mandate Secretary of the Federal Capital Territory for Health Services and Environment. The event also saw the participation of both former and current lawmakers, traditional rulers, and leaders from various industries.
She said if anything happens to her and her children, two individuals (names withheld, but known to the Police), should be held responsible.
How my Husband died during our fight over another woman he impregnated - Beatrice, ex-convict0:16 / 1:07
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Mrs.Obanla stated that, while she has petitioned the Nigeria Police Force, the notice was to all Nigerians, the international community, her family, friends and colleagues that her life and that of her children are under serious threat.
According to her, “though one of the duo is currently in police custody, but I have continued to receive phone calls in recent times and the caller told me that they have been paid to take my life.
“My son also called to inform me that he was called by someone who asked him to go and beg this particular person. My take is that some people are trying to fight for her.
“The lady (names withheld) picked quarrel with me because of my support for the All Progressives Congress (APC) and because she has been against the Federal Government, so it was easier for me to become her enemy for throwing my weight behind the current administration.”
A 71-year-old man who spent 48 years in jail over a crime he was wrongly imprisoned for will receive a $7.15 million settlement from the city responsible for his wrongful conviction.
Glynn Simmons, holds the record for serving the longest time in prison before being exonerated in U.S. history, according to The National Registry of Exonerations.
Simmons was released last year after enduring 48 years, one month, and 18 days of wrongful imprisonment.
The city council of Edmond, Oklahoma, voted on Monday to approve a settlement that would compensate Simmons and settle claims against the city and a detective linked to his conviction, as revealed by public records.
Simmons’ legal team described the settlement as a “partial resolution” of his lawsuit, which alleges that city officials and police officers fabricated evidence to frame him for murder.
Lead attorney Elizabeth Wang said, “Mr. Simmons spent a tragic amount of time incarcerated for a crime he did not commit.
“Although he will never get that time back, this settlement with Edmond will allow him to move forward while also continuing to press his claims against Oklahoma City and a leading detective.”
In 1975, Simmons and another man, Don Roberts, were sentenced to death for the murder of a 30-year-old liquor store clerk during a robbery in Edmond the previous year. Their sentences were later reduced to life in prison.
The conviction of both men was based solely on the testimony of a teenage customer who survived being shot in the head during the robbery.
Although she identified them in a police lineup, a later investigation cast serious doubt on the accuracy of her identification.
Both Simmons and Roberts testified during their trial that they were not even in Oklahoma at the time of the crime.
U.S. District Court Judge Amy Palumbo overturned Simmons’s conviction in July of last year, and he was officially declared innocent in December.
Roberts, who was also wrongfully convicted, was released from prison in 2008, according to The National Registry of Exonerations, a project by three U.S. universities.
In an unexpected and embarrassing turn of events, a pornographic video clip interrupted a crucial investors’ call organized by Nigeria’s Debt Management Office (DMO) on Thursday.
The call was part of a hybrid roadshow aimed at securing dollar investments for the federal government’s dollar-denominated domestic bond.
The incident occurred during an online session attended by investors, analysts, bank officials, and government stakeholders, who had gathered to discuss the prospects of the federal government’s $500 million domestic bond, set to be issued on August 19.
The DMO has yet to issue a statement regarding the incident, which has been linked to hackers.
According to a source who attended the event and spoke to TheCable, the video clip played for about 10 seconds before the session was abruptly disconnected.
The clip reportedly featured explicit content, which caught attendees off guard due to its graphic nature and volume.
The roadshow was expected to highlight Nigeria’s economic reform and development efforts, with the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasizing the government’s readiness to launch the bond.
The initiative is aimed at raising a minimum of $500 million from both local and international investors, marking a significant step in Nigeria’s ongoing economic reforms.
Edun further explained that the bond issuance is designed to leverage the Nigerian financial system, including the Securities and Exchange Commission (SEC), banking systems, and investment bankers.
The government is particularly focused on attracting foreign currency held by Nigerians abroad, as well as other international investors who support the macroeconomic reform initiatives led by President Bola Ahmed Tinubu.
“In the financial market, you never know. When you wake up and you see an event that helps the issue, you will take advantage of it,” Edun remarked during the session, despite the disruption.
He expressed the government’s eagerness to not only secure the funds but also to involve Nigerians in taking leadership roles in this critical area.
The family of the late Nigerian gospel singer, Aduke Ajayi, popularly known as Aduke Gold, has broken silence on the cause of death.
Naija News reports that this comes after a viral video of Aduke Gold made rounds online, with many people speculating that she had undergone fibroid surgery, which resulted in her death.
Recall that the singer’s unexpected death triggered diverse responses on social media as fans and her colleagues in the industry continue to grieve.
However, reacting to the controversies generated by the singer’s shocking death, her brother, pastor Ajayi Aderogbo, in a video making rounds on social media, said Aduke Gold died at the University College Hospital, UCH, Ibadan, on Monday, August 12, 2024.
He confirmed that the music star died of cervical cancer and warned those spreading unverified information to stop.
He said, “Whoever is saying what is not should stop it, our daughter was ill, she had cervical cancer, she was taken to UCH in Ibadan and unfortunately, she died. The information spreading around is false.
“Whoever is saying she died of fibroid surgery should stop it. Our daughter was ill, to the glory of God, she rested on Monday, 12th of August. It is always ideal that you get information from the right source.”
Four individuals suspected to be kidnappers have been arrested by police operatives in Yobe State.
Naija News learnt that the sum of ₦8 million, which allegedly constitutes a portion of the ransom obtained from the families of their victims, was recovered by the operatives of the Fika Division of the Yobe State Police Command.
Leadership quoted a source within the Command to have verified the arrests.
The source indicated that the suspects were detained following the receipt of a partial payment of the ransom from the relatives of their victims.
“We received intelligence from a local government chairman and concerned citizens regarding a group of kidnappers planning to collect ₦15 million from the relatives of their victims.
“We mobilised our patrol team and some members of the local vigilante group to the location, and the operation resulted in the successful arrest of the suspects,” the source, who was not authorised to speak to the press, told newsmen on Thursday.
In recounting the events, the chairman of the Fika local government area, Hon Abdul Gadaka, stated that the incident, which took place in Gubana, Dalla-Balli Village, was brought to his attention by the victims’ family after the suspects demanded a ransom of ₦15 million following the initial collection of ₦8 million.
He reported that four of the six suspects, identified as Manu Alhaji Bura, Musa, Juli Gogo, and Alhaji Bura, have been apprehended and are currently in police custody for further investigation.
Gadaka noted that the two remaining suspects, known as Mai Ruwa and Mai Kudi, managed to evade capture with the ₦8 million ransom previously taken from the victims’ families, as revealed by the apprehended suspects during their interrogation by law enforcement officials.
He emphasized that this incident will prompt the community to take proactive measures to address similar occurrences in the future, thereby enhancing the safety and security of the area.
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The Ogun State government has criticized the judicial process that led to the provisional attachment of three Nigerian presidential jets by the Judicial Court of Paris.
The court had ordered the seizure of the jets on March 7 and August 2, 2024, as part of a legal dispute involving a Chinese company, Zhongshan Fucheng Industrial Investment Co. Ltd.
The jets, which include a Dassault Falcon 7X, a Boeing 737, and a newly purchased Airbus A330, were undergoing maintenance at airports in France and Switzerland when the seizure orders were issued.
The Dassault Falcon 7X was stationed at Le Bourget Airport in Paris, while the Boeing 737 and Airbus A330 were located at Basel-Mulhouse Airport in Switzerland.
The dispute stems from an aborted contract between Zhongshan and the Ogun State government, initiated in 2007.
The Chinese company had sought court orders in relation to this dispute, leading to the attachment of Nigerian assets abroad.
In a statement released on Thursday, the Ogun State government, through the Special Adviser to the Governor on Media and Strategy, Kayode Akinmade, condemned the legal actions taken by Zhongshan.
The government described the latest developments as part of a broader attempt by the Chinese company to appropriate Nigerian assets in foreign jurisdictions.
Ogun State accused Zhongshan of concealing the litigation from both the Nigerian government and Ogun State authorities, as well as their legal counsel.
This, the government argued, allowed the company to quickly secure seizure orders without full disclosure to the court regarding the nature of the assets.
The Ogun State government and the Federal Government have reportedly taken immediate steps to lift the provisional attachments on the jets.
The statement also accused Zhongshan of reneging on earlier discussions aimed at reaching an amicable resolution.
The Ogun State government likened the case to the infamous P&ID case, describing it as another instance of unscrupulous individuals disguising themselves as foreign investors with the intent to defraud Nigerian entities.
The statement reads, “On August 14, 2024, the attention of the Ogun State Government was drawn to the provisional attachment of three Nigerian government-owned aircraft in France by the Chinese company, Zhongshan Fucheng Industrial Investment Co. Ltd. (Zhongshan).
“Ogun State also learned of two orders of the Judicial Court of Paris dated 7 March 2024 and 12 August 2024 respectively, both obtained by Zhongshan without notice being duly given to the Federal Government or Nigeria, Ogun State or their legal counsel.
“This is the latest in a series of ill-advised attempts by Zhongshan to attach Nigerian-owned assets in foreign jurisdictions, none of which have to date led to the recovery of any sums from Nigeria.
“Each of the three aircraft is used solely for sovereign purposes and as such are immune from attachment under international and French laws. In obtaining the provisional attachments, Zhongshan deliberately withheld information from the Federal Government of Nigeria, Ogun State and their legal counsel.
“Just like the P&ID case, this is another unfortunate case of unscrupulous individuals masquerading as foreign investors with the sole aim of defrauding Ogun State and Nigeria.
“It should be recalled that the underlying contract between Ogun State and Zhongshan was executed in 2007, 12 years before the present administration, for the management of a free-trade zone.
“The parties entered into a dispute in 2015 with arbitration commencing in 2016.
“By 2019, when the current State Administration took office, the hearing at the arbitration had been all but concluded.
“The Arbitral Panel awarded over 60 million USD against the Federal Government of Nigeria (FGN) which was a co-defendant, when all Zhongshan had done was to build a perimeter fence around the free-trade zone. Needless to say this was a bad/unfair decision.
“The present State Administration could not in all good conscience allow such an unconscionable and baseless decision, which would dissipate the commonwealth of the good people of Ogun State.
“Accordingly, and based on erudite legal advice, this Administration resolved to resist the enforcement of the award. The resistance was successful in eight different jurisdictions.
“Currently, there are pending appeals against recognition orders issued in both the US and UK.”
Binance’s global regulatory woes continue with the latest episode happening in Brazil where the largest crypto exchange in the industry is expected to pay a fine of $1.7 million for derivatives trading violations.
Binance will be paying $1.7 million to the Brazilian Securities and Exchange Commission (CVM) as a settlement following an investigation into its unauthorized derivatives trading in the country.
The development was announced by CVM via an official statement on its website spelling out the details of the case and the amount Binance is expected to pay.
“ The Board of the Securities and Exchange Commission (CVM), in a meeting on 8/13/2024, analyzed proposals for the Term of Commitment of the following administrative sanctioning processes (PAS):
- PAS 19957.008369/2022–11: B Fintech Technology Services Ltda.
- PAS 19957.008992/2023–47 : Gafisa SA, Guilherme Augusto Soares Benevides and Ian Masini Monteiro de Andrade.
- B Fintech Serviços de Tecnologia Ltda presented a new proposal for a Term of Commitment to terminate PAS CVM 19957.008369/2022–11.
In a meeting held on 8/29/2023, the CVM Board decided to reject the agreement with B Fintech Serviços de Tecnologia Ltda, as it understood that the execution of the Commitment Term would not be timely and convenient.
On 2/15/2024, a new proposal for a Term of Commitment was presented, and, after negotiations with the Term of Commitment Committee (CTC), the proponent committed to pay the CVM R$9,600,000.00. The PFE-CVM concluded that there is no legal impediment to the execution of the agreement.
Therefore, the CTC considered it appropriate and convenient to accept the agreement.
The Board followed the CTC’s opinion and accepted the signing of a Commitment Term with B Fintech Serviços de Tecnologia Ltda.” CVM Stated
For context, B Fintech Technology Services Ltd. is a shell company operated by Binance in Brazil.
In May 2023, a Brazilian court recognized that the company was part of Binance Group.
CVM initiated the investigation into Binance’s operations in July 2020, accusing the company of offering derivatives trading services without the required licenses.
Binance tried to settle the matter by offering a paltry settlement fee of $370,000 to CVM which was turned down.
Both parties finally agreed on a $1.7 million settlement fee according to the official statement by Brazil’s CVM above.
What to Know
- Binance is facing a lot of regulatory challenges in Various countries at the moment given the size and reach of the crypto exchange. The regulatory challenges all seem to border on Binance operating in a country without getting officially approved by relevant authorities.
- Binance recently had a spat with India which it appears to have settled. It just settled its case with Brazil but the crypto exchange is still at loggerheads with Nigeria over claims of Tax evasion and money laundering.
[Nairametrics]
In this interview with Vanguard’s Law and Human Rights, the Attorney-General and Commissioner for Justice of Ondo State, Dr. Kayode Ajulo, SAN, spoke on various issues including the recent #Endbadgovernance protest and its handlers and the rights of Nigerians to protest.
He also reviewed the tenure of the outgoing Chief Justice of Nigeria, CJN, Justice Olukayode Ariwoola, even as he set an agenda for the incoming CJN, Justice Kudirat Kekere-Ekun, who is widely reputed as a no-nonsense judicial officer.
Excerpt:
Before the commencement of the last #EndBadGovernance protest, the government made spirited efforts to abort it. How does this align with people’s fundamental rights to freedom of expression, association and movement?
Away with all the sentiments expressed before during and after the protest, the basic issues at play which remains uncontroverted in any quarters is the government’s efforts to strike a balance between maintenance of public order and ensure the citizens’ rights as guaranteed by our laws in Nigeria and I didn’t see it from the perspective of the government trying to abort the protest.
Nigeria’s democratic growth, I must stress, depends on balancing public order and citizens’ rights and it is government’s responsibility to maintain order while respecting people’s fundamental rights. People’s democratic right, I won’t say is sacrosanct, but constitutional and in this context of our discussion, freedom of expression is essential for democratic participation and accountability. Freedom of association is crucial for collective action and advocacy. Freedom of movement is necessary for personal and economic development and in doing this and permitting the protest, we must learn from history. As an undergraduate schooling in Nigeria, I participated in countless protests that left some dead, some maimed and arrested, the last one, EndSARS, is still fresh as it got to a point that the protest turned into something else which borders on issues of public order. And no responsible government will go to sleep particularly when the organisers of the protest were gracious enough to give adequate notices.
You will recall that some lawyers on behalf of government also went to court to obtain injunction to restrict movement of protesters to a certain location. Tongues wagged. In your view, what is the implication of such court order on the nation’s fledgling democracy?
This is a complex issue that touches on the balance between the right to peaceful assembly and the government’s responsibility to maintain public order.On one hand, the right to protest is a fundamental democratic freedom that should be protected. Peaceful protests play a crucial role in giving voice to citizens and holding the government accountable. Restricting the movement of protesters should be seen as exercising the responsibility placed on government to maintain order and safeguard lives and property. The government also has a duty to ensure public safety and prevent potential violence or disruptions to daily life. Mass protests in this side of our world lead to unrest, property damage, or clashes with security forces. In this context, a court order restricting protest locations may be intended to facilitate the exercise of the right to protest while managing potential public order issues.
Ultimately, I believe this is a delicate balance that requires careful consideration of the specific circumstances. The implications for democracy depend greatly on how the restrictions are implemented and whether they are reasonable and proportionate to the situation. Overly broad or heavy-handed limitations could indeed be problematic for democratic freedoms.
And mind you, we all have some unique way of doing things, like in Ondo State, Governor Aiyedatiwa’s approach was to engage constructively with the people to find mutually agreeable ways while maintaining public safety. Transparent communication, good-faith negotiation, and a commitment to protecting fundamental rights, are crucial factors here.
What is your advice for protesters in future on how to coordinate protest without it being hijacked by hoodlums?
It’s everyone’s fundamental right to peacefully protest without affecting others’ fundamental rights. In future, it is essential and very imperative to prioritise careful planning, effective communication, and a strong commitment to peaceful, disciplined protest, these particularly require that law enforcement agencies, media and the authorities are involved.
It is not out of place to first engage government to seek any other alternative to the protest. For example, Governor Lucky Aiyedatiwa of Ondo State engaged with everyone, listened to them and proffered solutions to their complaints and in addition, as Attorney-General of Ondo State, a 24-hour Intervention Unit, Citizens Rights and Advisory Bureau, CRAB, was created wherein people of the state come with their complaints and enquiries through our dedicated phone lines and other electronic devices to get across to the governor and his aides. By taking these steps, protesters can work to prevent their message from being overshadowed or hijacked by outside agitators.
It does appear many Nigerians were disappointed with Tinubu’s speech after the #EndBadGovernance protest, for not addressing the issues raised by the protesters. How will you react to this?
Presidential speeches and the public’s reactions to them can be complex topics, involving factors like messaging, leadership, and the broader socio-political context.
How President Tinubu’s speech is viewed is subjective depending on who is reviewing it. The essence of the speech is the Presidential reaction to the protest and my take home first is that the President acknowledged the protest and said his administration was ready to listen to, and address the concerns of the protesters. Do not forget that the President humbly made it bold to claim that he has heard their calls “loud and clear” and he promised to fix all the concerns raised. In my opinion, the message gives hope, quite reflective, while trying to sooth the nerves of the aggrieved Nigerians. And, above all, did the speech serve its purpose? I will say yes as the President connected with the people, gave clear directives, and no one is on the street as we speak.
Justice Ariwoola will bow out of the bench in a week’s time. Justice Kekere- Ekun will take over. How will you score the outgoing CJN?
Justice Olukayode Ariwoola, has an eventful tenure as Chief Justice of Nigeria. He assumed the role in 2022 after the sudden resignation of the previous CJN, Justice Tanko Muhammad. During his time as CJN, Justice Ariwoola presided over several high-profile cases and sought to address some of the challenges facing the Nigerian judiciary.
On the positive side, Justice Ariwoola is credited with efforts to improve the efficiency and transparency of court processes. He championed the increased use of technology and Human Resources in court proceedings. During his tenure, the apex court had its full constitutional number of 21 Justices and he pushed for faster resolution of cases. The judiciary also saw improved conditions for court officials under his leadership. During Justice Ariwoola’s tenure, the Supreme Court broadly demonstrated her independence and pro-people and progressive tendencies, as I shall never be quick to forget the President Vs National Assembly matter that I defended successfully before the full panel of the court, CBN’s Currencies Change matter, Local Government Autonomy and host of other cases that accentuated the very best of the Court.
However, Justice Ariwoola also faced criticisms on certain fronts. There were concerns raised about allegations of bias and undue influence in some instances which remain unproven. The judiciary continued to grapple with funding shortfalls and infrastructure challenges during his tenure. We should not also forget the image of the Judiciary today which begs for improvement.
Overall, Baba made many positive strides, but also fell short in fully addressing the very deep-seated problems facing Nigeria’s justice system. The incoming CJN, Justice Kekere-Ekun, will have her work cut out for her in continuing the reform efforts.
What do you know about the incoming CJN and what is your advice for her, going forward?
My noble Lord, Justice Kudirat Kekere-Ekun, is a highly respected jurist with over 30 years of experience in the Nigerian judiciary. She has served as a Magistrate, then rose to become a Judge, and finally a Justice of the Supreme Court since 2013. She is known for her legal acumen, fairness, forthrightness, and fortitude. I have had several opportunities to appear before her, and I see her as a no-nonsense jurist.
Justice Kekere-Ekun has a reputation for being tough but impartial, with a steadfast commitment to upholding the rule of law.
This will be instrumental in restoring public confidence in the judiciary.
In all sincerity, I consider myself too humble a minion to advise the esteemed Justice Kudirat Motonmori Kekere-Ekun, as she takes on the role of CJN.
However, I will humbly beseech her Grace to consider the following: To prioritize a holistic agenda of judicial reforms, addressing the systemic challenges of inadequate funding, infrastructure deficits, and case backlogs.
To steadfastly work towards enhancing public trust and confidence in the judiciary through unwavering transparency, unimpeachable accountability, and the most steadfast fairness in all judicial proceedings.
To foster a spirit of collaborative synergy between the judiciary, the legislature, and the executive, thereby resolving any tensions and safeguarding the independence of the courts.
To invest diligently in the capacity-building of judges and court staff, while leveraging technological innovations to improve efficiency and widen access to justice.
To champion initiatives that shall promote the noble ideals of gender equality and diversity within the hallowed halls of the judiciary, for this shall undoubtedly strengthen the institution.
It is my fervent prayer that, with her Grace, wealth of experience and her demonstrated commitment to the rule of law, she shall steer the Nigerian judiciary towards a future of unparalleled excellence, despite the significant challenges that lie ahead. Her steady and discerning leadership shall undoubtedly make a most profound difference.
[Vanguard]
Professor of Law, Sam Amadi, has said the now withdrawn Counter Subversion Bill was intended to be used in controlling Nigerians’ freedom of speech.
The Director of Abuja School of Social and Political Thoughts, Sam Amadi, said it was bad that the Speaker of the House of Representatives, Tajudeen Abbas, decided to invest time in drafting a bill that cannot contribute to the economic development of the country.
Amadi noted that under the current federal government, Nigeria is de-developing and stagnating economically and politically.
He stated this on Thursday while speaking on AIT’s Kakaki show. He argued that the language of the bill was embarrassing just like the intention.
He added that the reference made to China in the statement released by the Speaker’s aide on Wednesday was the same reference made by Aisha Buhari, former President Muhammadu Buhari’s wife.
He noted that China’s law on speech freedom could not be likened to the draft of the Counter Subversion Bill, now withdrawn. He said the bill was worse than Decree 2 of former military president, Sani Abacha.
Amadi said, “I was a little bit surprised, but not too surprised. I think that the contents of the bill, not just the intention, if you read the language, were too overbroad, even though the whole idea of the bill is problematic in terms of clear attempts to suppress freedom, basic freedoms, not even high-level freedom, basic ones.
“I was surprised at the point of the language, that was so broad, not legalistic as expected. I mean it, things like if you embarrass a public officer, not just at the level of president, they said local government, community leaders, if you embarrass them.
“And I was looking at the language of decree two under the military. This language was much harsher, broader, un-inclusive than even Abacha‘s language. It was horrible. How would anyone on planet Earth in Nigeria today that is under two lock trap, the lock trap of development?
“Nigeria is de -developing. We are not even talking about developing. Stagnant economic, stagnant social political structure. So you needed to unlock development. Why would such a country, its leaders, focus on very broad control of speech?
“Even in China, you know, let’s not forget that the former president’s wife talked about China’s regulation of speech as a model for us when they’re talking about hate speech. Sorry, when they talk about the social media view last under Buhari. They don’t have a kind of language, embarrass public officials.
“So it’s tragic that today a Speaker that has an array of very competent professionals around him would put his pen, his name, to such very disgraceful language of a deal.”
The former Imo State governorship aspirant under Labour Party emphasized that the ruling All Progressives Congress (APC) has been trying to impose authoritarianism on Nigerians. He said the bill was a response to the last #EndBadGovernanceinNigeria protest.
“Let’s not forget intentment, which is basically a reaction against protest. But the language was too broad. So I was surprised by the language and that level of dissent into very authoritarian language, even beyond authoritarians.
“I mean, some authoritarians are smarter and more restrained in the bill they bring, but this is unbelievable. But I wasn’t surprised, really, also because there’s been a trajectory. Unfortunately, the APC, a party whose name suggests progressivism, since 2015 has had this romance with authoritarianism,” Amadi added.
[NaijaNews]