A federal high court in Abuja has dismissed a suit seeking to restrain the federal government from securitising the N22.7 trillion Ways and Means loan received from the Central Bank of Nigeria (CBN).

Securitisation is the practice of pooling together various debt instruments and selling them as bonds to investors.

In a judgment delivered on Thursday, James Omotosho, the presiding judge, held that the plaintiffs lacked locus standi (legal right) to institute the case, noting that they failed to prove the case.

The suit, marked FHC/ABJ/CS/1286/2023, was filed by Justin Edim and Akinfewa Akinwunmi against President Bola Tinubu, the federal government of Nigeria, CBN, and the ministry of finance as first to fourth defendants.

Others in the suit are the debt management office (DMO), national assembly, and attorney-general of the federation (AGF) as fifth to seventh defendants, respectively.

The plaintiffs, through their counsel, Victor Opatola, claimed they initiated the legal action on behalf of themselves and other Nigerian citizens.

They asked the court to stop the conversion of the debt to a promissory note or any other promise to pay at a future date or securitisation through the issuance of treasury bills, bonds, or other forms of security.

In December 2022, the federal government requested the 9th national assembly for permission to securitise the debts it incurred from the CBN over the years.

The plaintiffs claimed that the series of loans secured by the government from the CBN had amounted to N23.7 trillion.

They added that the federal government was planning to restructure the loans to something that could be traded.

They further stated that the federal government had over the years secured various loans from the CBN under the Ways and Means provision of section 38 of the CBN Act in contravention of relevant laws.

They argued that the laws stipulate that the total amount the government could borrow shall not exceed five percent of the previous year’s revenue.

Recently, according to the plaintiffs, the Ways and Means debt of N22.7 trillion was decided to be converted into bonds (promissory note) contrary to section 38(3)(b) of the CBN Act.

The plaintiffs wanted the court to declare that the effect of securitising the ways and means debt would adversely affect millions of Nigerians, as well as rob them of the true worth of their savings and further drive Nigerians below the poverty line.

Delivering the judgment, Omotosho struck out the name of the national assembly from the suit, noting that the plaintiffs had breached the condition precedence of filing a pre-action notice on the legislature three months before filing the case.

The judge said though the plaintiffs claimed they filed the matter on behalf of the masses, the instant case was not a fundamental enforcement rights suit.

He said the claim that the suit was brought on behalf of the public was incomprehensible.

The judge added that the plaintiffs failed to show how the actions of the defendants affected them personally.

The Duke and Duchess of Sussex Prince Harry and Meghan will arrive in Nigeria on Friday, May 10, for a three-day private visit.

Prince Harry and his wife Meghan are visiting Nigeria at the invitation of the Chief of Defence Staff (CDS), Gen. Christopher Musa.

The Director of Sports, Defence Headquarters (DHQ), Air Vice Marshal Abidemi Marquis, said the founder of Invictus Games will spend three days in Nigeria and would interact with wounded soldiers and their families.

Marquis said: “Because we realized that 80% of our soldiers have been involved in this recovery program, they are getting better. Their outlook on life is positive. You know, when you are engaged in, you experience a permanent disability, you know, issues, it affects your mental health and also your outlook on life.

“But the recovery program has given them an opportunity to improve their personal self-esteem, to improve their mental health, their emotional intelligence has been improved and also their families seeing them, you know, as they used to be a breadwinner who is capable of, you know, continue living. So this engagement with Invictus is giving us the opportunity for a recovery for our soldiers.”

Marquis said Nigeria being a member of the Invictus community, the visit will lay credence to the fact that the Nigerian Armed Forces are accepted.

He added that Nigeria is also looking forward to hosting an Invictus game hence, the reason for the visit.

AVM Marquis also stressed the need to build a state-of-the-art structure for the management of the wounded and injured soldiers, “particularly the post-traumatic syndrome and the post-traumatic stress syndrome that are manifesting due to our engagement in the counter-insurgency operation.”

He disclosed that the couple would visit Kaduna and Lagos states where they would also interact with the Governors

He said: “So, to be specific, now, they will be arriving here tomorrow and they will be received and the reception will be a quiet reception because they will be traveling 14 hours to get to this place. They will be taken to the hotel.”

Marquis said the couple, after resting at the hotel, would return to visit the Chief of Defence Staff by noon tomorrow.

The director added that Prince Harry and his wife would before that visit, “They have their own NGO they are supporting somewhere in Wuse Light Academy. They are going to visit that place.

He said: “They will be proceeding to Kaduna to visit the Nigerian Army Reference Hospital. You know, that is where our wounded and injured soldiers are kept for their medical recovery. He will be going there.

“On Saturday, we’ll be having something like an exhibition of novelty matches. The CDS team and the Duke team will be having a volleyball match at armed forces officers’ mess in the morning. And this is just to engage with the wounded and injured soldiers. It’s a sitting volleyball match coming in the morning.

“So after that, we have a programme for them, 01:00 p.m. A reception, where they will be interacting with families of wounded and injured soldiers and families of soldiers and officers killed in action and service members generally. The program will start at 01:00 p.m. On Saturday thereafter, they will go back to the hotel to rest.

“So on Sunday, we have a program in Lagos. They will pay a courtesy call to the governor of Lagos State, and they also have an NGO. They are supporting Lagos over time, and we are going there. They built a basketball court for the school in Lagos. So they will be going there also. And there will be a basketball exhibition Match, 20 minutes, 30 minutes will be played.

“From there, they proceed to the governor’s place. After that, there is a reception also for them in Lagos. And when we finish that, we come back to Abuja, and they’ll be leaving Nigeria on Monday morning.”

The Senate has passed for third reading the NDLEA Act (Amendment) Bill, 2024, thereby approving death sentence as the maximum penalty for drug traffickers in the country.

The Bill was into law on Thursday when the Senate dissolved into Committee of the Whole for a clause-by-clause consideration of a report of its Joint Committees on Judiciary, Human Rights & Legal Matters, and Drugs & Narcotics on the Bill.

The report was earlier laid at plenary by the chairman of the Senate Committee on Judiciary, Human Rights & Legal Matters, Senator Tahir Munguno.

In a review of the provisions for penalties in the amendment Bill towards strengthening the operations of the anti-narcotics agency, a proposed amendment to award a death sentence to drug traffickers rather than just a life sentence was raised by the Senate Chief Whip, which was eventually adopted.

However, there was slight uproar in the Red chamber as some lawmakers appeared displeased with the new provision.

Senator Adams Oshiomhole expressed his displeasure over what he considered a hasty consideration and passage of the amended clause to the Bill.

The Deputy Senate President, who presided at the session, rejected Senator Oshiomhole’s call to reverse the ruling, insisting that it came late.

The Governor of Rivers State, Sir Siminalayi Fubara, has explained that his visit to the residential quarters of the State House of Assembly was to undertake on-the-spot assessment of condition of the structures for a possible rehabilitation work to restore its status and make it habitable.

The Governor had made a brief stop at the Assembly Quarters yesterday enroute Emohua – Abalama -Tema Junction on inspection of the 15.24 kilometers long dual carriageway road project.

According a statement by his Chief Press Secretary, Nelson Chukwudi, Fubara, who spoke after the inspection stated that the assembly quarters is part of state government properties, adding that the facility needs to be taken good care of.

He noted that the state now has a new speaker for the State House of Assembly, noting that his visit was to see what were necessary to be done.

Fubara, who took a walk round the facility, said that he decided to visit the place to get better appreciation of what needs to be done to make the quarters conducive for lawmakers.

The Governor said: “Is the Assembly quarters not part of my property? Is there anything wrong in going to check how things are going on there? You are aware of the developments. We have a new speaker, and I went there to see for my myself how things are. There might be a few things I might want to do there for the good of our people.”

The Governor speaking on the road project, said he was assessing the extent of job that had been done to know what else was needed in preparing the road for commissioning during his one year anniversary.

He pointed out that the road project was inherited from the immediate past administration but a greater chunk of the cost was borne by his administration.

“As a matter of fact, we added this section of the road as one of the projects we will be commissioning. So, I needed to see it myself, and what is remaining is just the lighting. By the grace of God, we will commission it.”

Emergence of two speakers in Rivers Assembly mockery of democracy, says group
“We feel justified to add it as our project and to commission it for the good of our people here. Governance is all about the people. When the people are out of the centre of governance, then it is no longer governance.

“So, this road, as we all now know, was in a very bad state. A lot of criminal activities were being carried out here: kidnapping and all sorts of things. So, putting this road in order is appropriate,” he said.

The Governor further added: “You can see the little hour we spent coming here. Before, it takes you 30 to 45 minutes to drive from Emohua to this place. But look at it, less than 15 minutes we are here. So, it is about the people, the good of the people, making life easy for the people. That is the way I see governance. Anything outside that has nothing to do with me.”

Renowned political economist, Professor Pat Utomi, has named the groups that will form the mega political party to wrest power from the ruling All Progressives Congress, APC, in 2027. 

Utomi told newsmen, on Thursday, that the redemption of the country could not be achieved by the ruling APC, or any of the opposition parties. 

While listing the groups, Utomi said the present political parties failed Nigerians. He said they had not added value to nation-building. 

According to him, the planned mega party is to disrupt the current political order and deliver that impactful leadership that the country truly deserves. 

“It is precisely the reason I arrived in Nigeria yesterday (Wednesday) to continue that work (formation of mega party).

“I believe that the political party system in Nigeria has failed completely. Political parties are not democratic and they are not serving the purpose.

“Political parties and politicians of these parties cannot save Nigeria now. It is clear.

“The nature and the structure of our politics is such that even good people, when they enter these existing political parties, will play to their interests.”

Utomi, Founder of the Centre for Values in Leadership, returned to Nigeria on Wednesday after a long stay in the U.S.

Also, he was the presidential candidate of the African Democratic Congress, ADC, in 2007.

‘New order needed’

According to Utomi, parochial culture has consumed civic culture in the country and this has affected the mindset of politicians.

Therefore, he said, a new political order must be birthed to get Nigeria out of the woods. Also, citizens and leaders must begin to do the right things to reposition the country.

“Nigeria must be saved by its citizens and this is precisely what I am advancing. 

“We are talking about value-driven citizenship with integrity, work ethics, respect for the dignity of people, and regard for labour.

“We are created for others; we are not created for ourselves. A tree does not take benefit from the shades it creates. 

“We want Nigerians to develop that mindset. Right now, the mindset that Nigerians have is me, myself, and I.

“Self-love is so consuming and that is why Nigerian politicians don’t act in the interest of the people or the state. They act so narrowly in their self-interests,” he said.

Utomi said in continuation of work to float the mega party, he would hold meetings in Lagos this week, and in Abuja next week before a news conference.

The political economist added he hoped to achieve much with the mega-party talks before going back to the U.S.

The groups

Utomi said groups that would come together to form the mega platform were two cohorts of politicians- the ‘mea culpa’ and ‘new value’ cohorts. 

“The mea culpa cohort are politicians who have seen that what they did while in power had not helped Nigeria and are remorseful. And they are now willing to become part of the redemption initiative.

“There are also new Nigeria new value cohorts. This cohort will be working together, and they will include people from all these other political parties,” he said.

He said that some elder statesmen would also be brought into the fold.

Recall that Utomi had, in January 2024, said he had had conversations with leaders of some opposition parties on plans to form a new mega political party that would take power from the ruling APC in 2027.

He disclosed that he had held discussions with some of the presidential candidates in the 2023 general elections. 

According to Utomi, the discussion was the possibility of bringing them and other opposition politicians together to form a new party. (NAN)

The Chairman, Senate Committee on Petroleum (Downstream), Ifeanyi Ubah, has said that two refineries- Port Harcourt and Warri would be fully operational by the end of 2024.

Ubah said plans have already been put in place to achieve the target, stressing that the Kaduna Refinery would also be operational before the end of next year.

He said that the completion of the plants and the addition of supply from the 650,000 barrels per day, bpd Dangote Refinery would enable the nation to meet its domestic fuel demand.

The senator also called on the federal government and other stakeholders to work toward the establishment of modular refineries to further expand the nation’s domestic capacity to refine crude oil.

“My mandate is to ensure that the refineries in Nigeria are up and functional. By my involvement, before the end of this year, two refineries will be up and running.

“Also, before the end of next year, the Kaduna refinery will come on stream.

“I can assure Nigerians that I will tirelessly pursue and ensure that these refineries are up and running before the end of the year. We have set up a technical team to visit the refineries every two weeks in order to meet the set target,” he said.

In Abuja, a Federal High Court has granted bail to former Minister of Aviation Hadi Sirika, along with his daughter and two others, requiring a ₦100 million bail bond and two sureties.

Sirika and others are being tried over an alleged ₦2.7bn fraud.

The sureties, according to the court, must have landed properties in Abuja and also responsible citizens.

The sureties must depose to an affidavit of means. The court also restricted the defendants from traveling abroad without its permission.

Justice Oriji ordered that the defendants should be remanded in prison custody if they failed to meet their bail conditions.

Recall that the Economic and Financial Crimes Commission has slammed six counts on the former minister, his daughter, and two others.

The Kaduna State Governor, Senator Uba Sani, on Wednesday, lamented the drop in enrolment of pupils into schools across the state.

Sani, who expressed concern over the development, linked it to the spate of insecurity, occasioned by kidnapping, banditry and other related crimes, in the state.

He disclosed that the government had begun a move to relocate 359 schools from terrorist-infested areas and merge them with other schools in safe places.

The governor spoke while declaring open a one-day capacity-building programme organised by the Nigeria Police Force School Protection Squad in Kaduna on Wednesday.

Sani described as apt the theme of the programme: ‘Strengthening Security Resilience and Integration of Host Communities in the Protection of Education.’

“Incidents like the kidnapping of 135 students from the LEA Primary and Junior Secondary School, Kuriga, Chikun Local Government tragically illustrates the devastating impact of insecurity on education access and safety.

“To ensure that the education of our children in conflict-prone and terrorists-infested areas is not interrupted, we have commenced the merging of 359 schools with those in safe locations,” the governor said.

Sani lamented what he described as the alarming drop in school enrolment rate in the state due to insecurity.

Sani said, “Kaduna State is one of the states that has been waging a sustained battle against banditry, terrorism, kidnapping and other forms of criminality.

“These non-state actors have disrupted socio-economic activities in the affected communities and are threatening our educational revitalization programme.

“Kaduna State’s educational system is facing a crisis of declining enrolment, with over 200,000 fewer primary school pupils recorded in the 2022/2023 academic session compared to the previous year.

“This dramatic drop (from 2,111,969 in 2021/2022 to 1,734,704 in 2022/2023) is largely attributed to insecurity.

“In several local government areas, particularly Chikun, Birnin Gwari, Kajuru, Giwa, and Igabi, insecurity has forced school consolidation, further pushing up the number of out-of-school children.”

The governor commended the Inspector General of Police, Olukayode Egbetokun, for establishing the Schools Protection Squad, a proactive initiative aimed at enhancing security and safety in educational institutions across Nigeria.

The Federal Government has said mandatory registration of Point-of-Sales operators nationwide will reduce kidnapping and help security agencies arrest recipients of ransom payments from kidnap victims.

It also vowed that security agencies would go after PoS operators who fail to comply with the directive to register with the Corporate Affairs Commission after July 7, 2024.

The Registrar-General, CAC,  Hussaini Magaji, disclosed this at the formal launch of the CAC registration of agents and merchants of fintechs on Wednesday in Abuja.

The event also marked the unveiling of a 24-hour service centre to help prospective applicants get a prompt response to enquiries and approvals. 

The government had through the commission on Monday issued a two-month registration deadline for PoS operators to register as corporate bodies with the commission in line with the legal requirements and directives of the Central Bank of Nigeria.

The action backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking aims to safeguard businesses and strengthen the economy.

It also came against the backdrop of frequent fraud incidents involving PoS terminals and plans to stop trading in cryptocurrency or any virtual currency by the Central Bank of Nigeria.

PoS terminals accounted for 26.37 per cent of fraud incidents in 2023, according to a fraud report by the Nigeria Inter-Bank Settlement System Plc.

Last week, the CBN stopped major fintech firms like Kuda, Opay, PalmPay and Moniepoint from onboarding new customers. The fintech firms later warned their customers against trading in cryptocurrency or any virtual currency on their apps, threatening to block any accounts found engaging in such activities.

Speaking at the event, Hussaini reiterated the government’s resolve to fully implement the mandate by providing a fully digitised service centre for easy registration.

He emphasised that the registration process aligns with both legal requirements and the directives of the CBN mandating individual, merchant or business entities to be captured in its database.

He further warned that the 60-day deadline would not be extended while stressing that defaulters would receive adequate punishments after the deadline.

He said, “We have launched a 24-hour service centre to accommodate enquiries from Point of Sales operators and agents who may want to register as directed by the new policy. The secretariat is filled with staff members who have the responsibility of availability, and some are being saddled with the responsibility of approving requests. We have equipped the secretariat with the necessary facilities.

“This is to show you how the government is taking this issue seriously and the centre will be open for a 24-hour service. It will be open for compliance and any feedback from the public especially PoS operators who have been mandated to register their businesses with the commission.” 

He added, “We have trained our staff to accommodate these activities and these staff can work from home and that’s why we said 24-hour service. We have equipped them with facilities and they can work from home for approvals and availability segment. The deadline remains 60 days and it will end July 7th.”

The CAC boss further stated that the timeline was not intended to target specific groups or individuals but genuinely aimed at safeguarding businesses.

The CAC boss explained, “Of course, the mandatory registration will reduce crime and fraudulent practices, the commission is hosting data and if any crime is committed anywhere, the security agencies would have to reach us to know the people behind the company and the fraudsters. But if they are not registered, we can’t do anything and that’s the essence of the registration.

“We have had a situation where a ransom is being paid with a PoS terminal and a lot of fraud but after the registration, if anything happens we can provide the details of the persons behind the company to the government. We will capture the picture and other relevant information and this is a good development for the country.”

He stressed that “after the deadline, we would go after defaulters, If you have been identified as a criminal, security agents will go after you, we will go after them because some are being chased by the security agencies already.”

He elaborated on the benefits of registration, emphasising that it goes beyond taxation to encompass access to loans, legality, and compliance with regulatory requirements.

“The law has stated that for any person to carry out business activity in the country, your business must be legitimate and for your business to be legitimate you must register, either you are doing your business as an individual or as an agent, you must register with us.

“The POS terminal holders are doing business, and we are now enforcing part of the provision of the Company and Allied Matters Act.  We have been on this issue since December and extending it to July means they have six months. We have provided a timeline in the interest of their business.

Meanwhile, PoS agents have reacted to the order asking them to register with the CAC.

While some agents agreed with the CBN, many said it would place more burden on the operators, especially those in rural communities.

The National President of the Association of Mobile Money and Bank Agents in Nigeria, Sarafa Fasasi, in a reaction on his handles, said the directive was confusing.

 “The memo got me confused because the current CBN agent banking regulations allow individuals to be onboarded as agents under the sub-agent category.  Currently, Nigeria has over 1.9 million agents of which over 70 per cent are sub-agents without registered businesses, operating under an agent network – super agent arrangements. They are the most penetrating channel of financial inclusion. Now, we want to eliminate them with CAC registration?” he queried.

Fasasi noted that the nation should be able to achieve payment security without reversing the 74 per cent financial inclusion rate.

He posited, “On the suspension of top service providers, majorly non-banks like Opay, Palmpay, Moniepoint, Kuda bank and others from account creation due to alleged foreign exchange and crypto transactions; it would be recalled that before Binance controversies, FX/crypto transactions, at one point or the other, terminated in several accounts or wallets, across all service providers, bank and non-banks. So, all service providers may be guilty and should be suspended to be fair.

“I cannot imagine suspending all commercial banks from opening new bank accounts because of pre-regulation transactions.”

In a similar vein, a Point-of-Sale agent, Ogunfowokan Temitope, located in the Ilasa area of Surulere, Lagos State, said the move was unfair against the agents.

She said, “It is not fair because most of the PoS agents only have a small amount of money. Some even borrowed money to start a business. These set of people, how are they going to cope, and do you know how much it costs to register a business now?”

However, the immediate past president of the association, Victor Olojo, backed the move by the CBN, stating that it was the measure needed for standardisation and enhanced security.

He said, “Because it is a financial matter, the CBN needs to ensure the financial system is well galvanised. Today we see people hawking and handling PoS terminals, who should not even have any business handling.

“Also, this move would weed them off, and enable those with capacity to focus on the business, hence Nigeria being better served.”

He noted that it is a plus for the CAC, adding that millions of unregistered PoS agents are adequately regularised.

“We would begin to have a unique business identity or identifier generated for a specific PoS agent. This means that all PoS accounts opened would now have the proper Know-Your-Customer tier 3 standard where you have all the needed verifications plugged into your account.

“That way, if there are any issues, the PoS agent can be easily traced and arrested, therefore curbing fraudulent practices by agents,” he added.

Corroborating Olojo’s position, a PoS agent located in the Berger area of Lagos State, Sunday Samuel, said the move was laudable as it aimed to standardise the businesses of agents.

He said, “The move is going to help the agents to make their businesses more standardised, however, it is not everybody that would understand it from this perspective.

“There are agents in the rural areas that are not aware of what the Corporate Affairs Commission is all about nor the importance. So, they might find it difficult, and it takes a lot of stress going through the registration procedure. However, looking at it in a normal way, having one’s business registered is a good move”.

Meanwhile, another agent located in the Mowe-Ibafo area of Ogun State, Taiwo Shobowale, argued that the new directive would affect the operators because most of them are not oriented on what it means to be registered with the CAC, adding that these agents take it as a daily source of income.

“Most agents do not see this business as an entity, however, rendering financial services can be very sensitive, as the government wants to be involved. The market is already saturated and fraudulent transactions are rarely traced due to the inadequate KYC rule and a lack of proper documentation.

“In addition, the notice is sudden, and the time frame given is short because it is a project that should last for the rest of the year. The rush would lead to a slowdown in the commission’s system, hence resulting in delays,” Shobowale added.

According to the Nigeria Inter-Bank Settlement System, there are over 1.9 million PoS terminals deployed by merchants and individuals nationwide.

The Federal High Court sitting in Abuja has restrained Peoples Democratic Party, PDP, from appointing or nominating any person to replace Umar Damagum as its acting national chairman, pending the determination of a suit brought before it by two chieftains of the party.

The court in a ruling delivered by Justice Peter Lifu, made the order on the strength of “an affidavit of extreme urgency” that was filed by the plaintiffs.

The suit, marked: FHC/ABJ/CS/579/2024, was brought before the court by Senator Umar Maina and Alhaji Zanna Gaddama.

Cited as 1st to 5th defendants in the matter, are the PDP, its National Working Committee, NWC, National Executive Committee, NEC, Board of Trustees, BOT, as well as the Independent National Electoral Commission, INEC.

Aside from the Originating Summons, the plaintiffs, in a motion ex-parte filed before the court, sought an interim order to retain Damagum in his position as the acting national chairman of the party until their substantive suit is heard and determined.

After he had listened to the plaintiffs’ team of lawyers led by Mr. M. O. Onyilokwu, Justice Lifu, granted the prayers.

Specifically, the court held that: “The Defendants/Respondents are hereby restrained in the interim, from appointing, selecting, nominating any person to replace Amb. Umar llliya Damagum as National Chairman or Acting National Chairman of the the 1st Defendant/Respondent, pending the hearing and determination of the Motion on Notice already filed which is herein fixed against the 14th of May, 2024.”