Naira on Friday depreciated further against the dollar at the Investors and Exporters window, exchanging N472.50 to the dollar, just as President Bola Tinubu suspended the CBN Governor, Godwin Emefiele.

 

The local currency showed a 0.64 per cent decrease when compared with N469.50 it exchanged for the dollar on Thursday.

 

The open indicative rate closed at N471.32 to the dollar on Friday.



An exchange rate of N477 to the dollar was the highest rate recorded within the day’s trading before it settled at N472.50.

 

The Naira sold for as low as 460 to the dollar within the day’s trading.

 

A total of 77.42 million dollars was traded at the official Investors and Exporters window on Friday.

Shehu Sani Former lawmaker, Senator Shehu Sani has reacted to the suspension of the governor of The Central Bank of Nigeria (CBN), Mr Godwin Emefiele, stating he was a disaster.

 

The Nigerian senator, made his reaction at the late hours of Friday via his Twitter handle.

 

He expressed his dissatisfaction towards the CBN governor all through his term in office.


This is following the news of Mr Godwin Emefiele’s suspension as the Governor of The Central Bank of Nigeria.

‘A disaster he was’, He tweeted

PRESIDENT Bola Tinubu on Friday suspended the governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.

The president has also ordered a comprehensive probe of Emefiele’s activities as the CBN governor.

A statement signed by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey, said the suspension was with immediate effect.


The statement said the suspension “is sequel to the ongoing investigation of his (Emefiele’s) office and the planned reforms in the financial sector of the economy.”

The statement added that: “Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation and the reforms.”

Emefiele has been enmeshed in series of controversies over his management of the nation’s economy and his involvement in partisan politics.

Contrary to the CBN Act, Emefiele purchased a nomination form to contest for the presidential ticket of the ruling All Progressives Congress (APC). He withdrew from the race at the last minute.

The introduction of new naira notes shortly before the last general election was the last straw for Emefiele.


For several weeks, Nigerians suffered the pains of cash scarcity as the CBN withdrew old notes from circulation without making new ones available.

He was appointed as CBN governor by former President Goodluck Jonathan on June 4, 2014. At the expiration of his first term in 2019, he was reappointed by former President Muhammadu Buhari.

The President, Bola Tinubu, will on Monday make his first official broadcast as part of the June 12 celebration.

 

The Secretary to the Government of the Federation, George Akume, at a press briefing in Abuja on Friday said the celebration would be low-key, which according to him, was a result of the recent presidential inauguration which was elaborately celebrated.


Akunme noted that the activities lined up for celebration were the press briefing and the President’s address to the nation by 7am on Monday.


Akume stated, “It is important to note that Democracy Day has been reviewed to be celebrated annually on June 12 to honour the heroes who championed the struggle and made extraordinary sacrifices for the enthronement of democratic rule in Nigeria from 1999 till date.

“However, May 29 remains the date or anniversary of handing over or taking over power, and this happens every four years, according to the Nigerian Constitution. It is pertinent to state that has had an elaborate presidential inauguration some weeks back, activities to mark the 2023 June 12 Democracy Day will be low-key with just two major activities; the press conference and then a presidential broadcast on Monday by 7am.”

He said the theme for the celebration would be ‘Hope Reassured’.

Akume promised that adequate measures had been put in place to ensure citizens’ safety, before, during and after the celebration.


He added, “I invite all Nigerians to come out en masse to celebrate Hope Reassured as Nigeria will be better for us all.”

The Securities and Exchange Commission (SEC) of Nigeria has declared the activities of Binance in Nigeria illegal.

According to a statement published on its website, any Nigerian trading on Binance Nigeria Limited, a subsidiary of the well-known global cryptocurrency exchange Binance, is doing so at his or her own risk.


SEC noted that the company’s activities are in violation of Nigerian law urging Nigerians to exercise caution when dealing with unregistered and unregulated platforms such as Binance Nigeria.


The statement from SEC reads: “The attention of the Securities and Exchange Commission (the Commission) has been drawn to the website operated by Binance Nigeria Limited, soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms.

“Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity is doing so at his/her own risk.

“As the regulator with the statutory mandate of investor protection, the Commission urges Nigerians to be wary of investing in crypto-assets, and crypto-asset related financial products and services if the service provider/its platform is not registered or regulated by the Commission. Nigerian investors are hereby warned that investing in crypto-assets is extremely risky and may result in total loss of their investment.

“By this circular, Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever.

“The Commission shall provide updates on further regulatory actions with respect to the activities of Binance Nigeria Limited, and other similar platforms and shall work with other regulators in Nigeria to provide further guidance on this matter.”

This notice comes after Binance.US, the U.S. subsidiary of the global exchange, was sued by the U.S. SEC, accused of operating an illegal securities exchange.


SEC also issued the warning after Nigeria passed a 10% tax on digital assets in its new Finance Act for the year 2023.

Asks Supreme Court, NJC To Sanction Erring Judges

 

The Nigeria Labour Congress (NLC) has said it would no longer respect what it described as “frivolous injunctions” issued by judges allegedly carrying out the biddings of the executive.


Raising concerns over the frequency of such injunctions which have restrained the Congress from freely protesting unfavourable policies of the government and exercising their right, President of the NLC, Comrade Joe Ajaero in a statement on Friday called on both the Supreme Court and the National Judicial Council (NJC), to sanction erring judges.


He said: “We at the Nigeria Labour Congress are concerned by the frequent issuance of ex-parte injunctions restraining us from lawfully protesting against negative policies of government or employers in the exercise of our right as contained in the provisions of ILO Conventions, Trade Union Act, Trade Dispute Act, the 1999 Constitution, the African Charter on Human Rights and other legal instruments.

“The latest of these injunctions was the order made by Honourable Justice O.Y. Anuwe in Suit No: NICN/ABJ/158/2023 between the Federal Government of Nigeria & Anor Vs. Nigeria Labour Congress & Anor. on the 5th day of June 2023 restraining NLC from protesting against the massive increase in the pump price of PMS.

“We consider the frequency of these orders against the Congress an abuse and a violation of the pronouncement of the Supreme Court against frivolous use of ex parte.

“More importantly, we consider these injunctions a violation of the extant laws aforementioned as well as an infringement of our right to lawful assembly and free speech.

“We are similarly concerned by the conduct of pliant Judges who often bend backward to accommodate the whims and caprices of the executive branch of government by way of granting frivolous injunctions which we shall hereinafter refer to as black market injunctions.

“We must warn that black market injunctions constitute an inherent and present danger to the image of the judiciary as the judiciary risks being ignored. Given our experience, the greatest threat to the judiciary comes from within the judiciary by way of some compromised Judicial Officers.

“We are sounding a note of warning that any further black market or jankara injunction will not be respected by us. To show our capacity and resolve, we will show active resistance by picketing such a court.

“We are also letting the public know that we have taken precipitate steps to vacate the extant injunction in question by briefing our lawyers.


“We wish to warn that when the citizenry loses faith in the judiciary, the probability of resorting to self-help could be quite high with unpredictable consequences. In light of these, we are calling on the Supreme Court and indeed NJC to speedily deal with erring Judges who issue frivolous injunctions.”

Last modified on Saturday, 10 June 2023 05:44

The applicants and their lawyer, Stanley Agumaeme, in a suit seeking an extension of ex-President Muhammadu Buhari’s tenure pending the determination of the petitions before the Presidential Election Petition Court (PEPC) have abandoned the case.

 

Justice Inyang Ekwo made this known on Friday in a ruling on the suit marked: FHC/ABJ/CS/656/23 filed by Justice Initiative for the Disadvantage and Oppressed Persons and Lawman Nzenwa, 1st and 2nd plaintiffs in the matter.


Justice Ekwo, who observed that the applicants were not in court on the last adjourned date, said he had made an order directing the plaintiffs to be served with hearing notice for today’s proceeding.


The judge said he also made an order that the plaintiffs should be called on the phone and a text message sent to them to notify them of the proceeding.

He, however, expressed surprise that neither the plaintiffs nor their lawyer were in court.

According to Justice Ekwo, I believe the plaintiffs and their counsel have realised that what they seek is unconstitutional and can never be granted.

“It seems the plaintiffs and their lawyer have run away; they have abandoned their case,” he declared.

The judge, therefore, held that since the plaintiffs were not in court and he cannot make an order in their absence, he consequently dismissed the suit.

The News Agency of Nigeria (NAN) reports that the plaintiffs, through their lawyer, had, on May 12, filed the suit dated May 12.

In the originating summons, they had sued the President and Commander-In-Chief of the Armed Forces of Nigeria, the Attorney-General of Federation (AGF), the Chief of Defence Staff and the Inspector-General of Police as 1st to 4th defendants.

ji Atiku Abubakar, Senate President and Speaker, House of Representatives as 5th to 11th defendants respectively.

They, therefore, sought an order extending the tenure of Buhari (1st defendant) further from May 29 to such a time the presidential election petition would have been resolved in one way or the order.

They also sought an order mandating the Senate president (10th defendant) and Speaker (11th defendant) to invoke the principle of necessity and pass a resolution extending Buhari’s tenure after May 29 till when Abubakar’s petition against the presidential election is resolved.

They further sought an order directing the former president either by himself, appointees or agents, not to hand over offices of the president and vice president to Tinubu and Shettima until the election petitions are fully and finally disposed of by the courts, among others.

NAN reports that only Kassim Oyinwola, counsel for the 10th defendant (Senate president) was in court.

NAN also reports that Justice Ekwo had on June 6, awarded a N20 million fine against Chuks Nwachukwu, a lawyer representing five FCT residents in a suit seeking an order to stop the May 29 swearing-in of President Bola Tinubu.

The judge described the suit as vexatious, frivolous and an abuse of the court process.

Also, a sister court presided over by Justice James Omotosho had, on May 26, delivered a judgment in another suit filed by three applicants seeking to stop the swearing-in of Tinubu on May 29 as fifth Nigeria’s democratic president.


The judge had awarded a total sum of N17 million against the three applicants; Praise Ilemona Isaiah, Pastor Paul Isaac and Dr Anongu Moses, including their lawyer, Daniel Elombah, for filing a suit considered to be “frivolous, vexatious and an abuse of court processes.”

The Presidential Election Petition Court, PEPC, sitting in Abuja, on Friday, gave the candidate of Labour Party, LP, Mr. Peter Obi, the nod to tender two videos clips in evidence to support the case he filed to challenge the outcome of the 2023 presidential election.

 

Obi, who is insisting that he won the presidential contest that held on February 25, tendered the video recordings, which were contained in two flash drives, through a member of his legal team, Mr. Jubril Okutekpa, SAN.


The LP candidate had at the resumed proceedings in the case, notified the court that he subpoenaed Channels Television to produce the recordings.


Okutekpa, SAN, told the court that two separate subpoenas, dated May 30 and June 6, were served on the TV station, which he said sent one of its staff members, to tender the requested evidence.

The Justice Haruna Tsammani-led five-member panel admitted the subpoenas in evidence and marked them as Exhibits PBH-1 and PBH-2.

The court, thereafter, summoned Mr. Lucky Obewo-Isawode, who identified himself as a Senior Reporter/Editor at Channels TV, to mount the witness box.

However, counsel for President Bola Tinubu, Chief Akin Olujinmi, SAN, said he was opposed to the court allowing the witness to either testify or tender any evidence in the matter.

President Tinubu, through his lawyer, maintained that the witness was not competent to testify in the matter since his written statement was not front-loaded at the time the petition was filed.

Relying on Paragraph 4 (5) and (6) of the First Schedule to the Electoral Act 2022, Tinubu’s lawyer argued that the law was clear that petition must be filed within 21 days after the declaration of result of an election.

He contended that the petitioners ought to have attached all the necessary documents as well as the list of witnesses they would call in support of their case, at the time the petition was filed.

“A petition which fails to comply shall not be accepted, that is what the law says. My lords, it was after the proceeding started today that the statement of this witness was served on us.

“This is over three months after the declaration of the result of the election was made.

“This witness was not listed by the petitioners and his statement was not attached to the petition. To that extent, he is not a competent witness who can testify before this court,” President Tinubu’s lawyer insisted.

Citing plethora of decided case laws, Chief Olujinmi, SAN, argued that Obi and LP were aware that they would rely on video recordings, as at the time they filed the petition.

Adopting the submissions of President Tinubu’s counsel, the Independent National Electoral Commission, INEC, through its own lawyer, Mr. Kemi Pinhero, SAN, argued that Obi and LP should have listed the proposed evidence in their petition.

However, counsel for the petitioners, Okutepa, SAN, contended that the subpoena was an order of court which his clients had no command over.

“My lords, my submission is that a subpoenaed witness is competent to testify in this matter,” Okutepa , SAN, added, even as he relied on Paragraph 41 (5) and (6) of the First Schedule to the Electoral Act.

Despite the objections, the panel, admitted the two flash drives in evidence and marked them as Exhibits PBH-3 and PBH-4.

Meanwhile, when counsel for the petitioners applied for contents of the flash drives to be played in the open court, President Tinubu’s lawyer, again, opposed.

He argued that his client was not served with any copy of the flash drive.

“This case is not hide and seek. We are entitled to be served with a copy so that we can know the content and be able to prepare. Until we are served, we will oppose allowing it to be played.

“The material, having not been served on us earlier, it will deprive the 2nd and 3rd Respondents (President Tinubu and Vice President Kashim Shettima) of their right to fair hearing.

“We have not been able to prepare against it,” Tinubu’s lawyer added.

However, INEC’s lawyer, Pinhero, SAN, said he saw no reason why the clips should not be played since the Exhibits were already before the court.

On its part, counsel to the All Progressives Congress, APC, Mr. Solomon Umoh, SAN, said it would amount to an ambush for the petitioners to be allowed to play the content of the flash drives without first serving same on the Respondents.

Ruling on the matter, head of the panel, Justice Tsammani, held that the Respondents would not be prejudiced if the video clips are played in the open court.

He, however, noted that it was already late in the day.

Consequently, the panel adjourned the matter till Saturday for the video clips to be played in the open court.

Meanwhile, the first flash drive, contained a press interview that the Chairman of INEC, Prof. Mahmoud Yakubu granted prior to the general elections, where he assured that results of the election would be electronically transmitted in real time.

The second flash drive was equally a press conference by a National Commissioner of INEC, Mr. Festus Okoye, who equally restated the commitment of the Commission to transmit the election results.

Media

Last modified on Saturday, 10 June 2023 05:41

Four days to the election of principal officers in the National Assembly, members of the international community have frowned at a plot to use security agencies to intimidate senators-elect into supporting the zoning formula of the All Progressives Congress (APC).

The APC had announced the zoning of Senate Presidency to South South and Deputy Senate President to North West, with Senators Godswill Akpabio and Barau Jubrin anointed for the positions respectively.

Senators-elect from the opposition political parties and their ultra-progressive colleagues in the APC have rejected this. Senators-elect Abdulaziz Yari (APC, Zamfara); Orji Uzor Kalu (APC, Abia) and Osita Izunaso (APC, Imo) have continued to pursue their ambition to lead the Senate despite the zoning arrangement of the APC, with the combination of Yari and Kalu getting groundswell support.

Following the resistance by senators-elect, who canvass the independence of the legislature, both in the choice of leaders and discharge of duties, as well as the increase in support for aspirants outside the APC choices, sources revealed that some elements in the APC have hatched a plot to use security agencies to beat senators-elect into line.

It was gathered that part of the plot was to arrest Yari and some senators-elect ahead of the inauguration of the National Assembly on June 13, 2024. Yari had gone to court to secure an ex-parte order stopping his arrest. However, senators-elect have been warned that they could be in trouble if they vote against Akpabio and Barau.

Competent sources revealed that worried by the plan to intimate senators-elect, members of the international community have advised that lawmakers should be allowed to make their choice of leaders.

It was gathered that such countries as United States, United Kingdom and Israel have sent words that the independence of the Parliament should be respected.

An official of the United States embassy, who pleaded anonymity, said that although the country respects the sovereignty of Nigeria, it has advised that other arms of government should not interfere in the activities of the legislature.

He said that it was because of the US belief in the independence of the legislature that the country frowned at the insurrection at the Capitol in Washington DC when supporters of former President Donald Trump wanted to stop senators from ratifying the Electoral College votes, which gave President Joe Biden victory in the presidential election.

He said that just like the US institutions insisted that the use of insurrection to intimidate senators was wrong, the country would not support using fear or coercion to force Nigerian senators to support a particular candidate to lead the Senate.

A British diplomat said it would be unfortunate for anybody to attempt forcing lawmakers to do something against their will.

He said the choice of who leads the Parliament should be solely determined by lawmakers and not a political party or any other arm of government.

The National Assembly had suffered infraction in the past when operatives of the Directorate of State Services (DSS) stormed the Assembly complex to stop the sitting of the Senate.

This led to the removal of then DSS Director General, Lawal Daura by the acting president at that time and now former Vice President, Yemi Osinbajo.

[Sun]

Senator Rabiu Kwankwaso, Presidential Candidate of the New Nigerian Peoples Party (NNPP), has denied the allegations that ex-Governor Abdullahi Ganduje levelled against him.

While briefing State House correspondents earlier on Friday, Ganduje said Kwankwaso was orchestrating the ongoing demolitions in Kano.

 

He said his predecessor felt he could target him through the demolitions, but innocent citizens, including some NNPP members, were at the receiving end.

But speaking after meeting with President Bola Tinubu at Aso Rock, Kwankwaso accused Ganduje of telling lies.

 

 

He alleged that the governor converted government’s properties to personal use and sold some to his family members and cronies.

 

He said the governor carried out the demolition exercise in fulfillment of his campaign promise to “restore” the urban development masterplan of the city and not a vendetta against the past administration of Abdullahi Umar Ganduje.

Kwankwaso said plots of land belonging to University, Hajj Camp, Race Course and Eid Ground that were sold must have a place in Kano.

He said most of the people making noise were beneficiaries who were forewarned with no certificates.

He said Ganduje who stopped him from entering Kano for three and a half years sold some of the properties to himself and his family members.

Asked if he was satisfied with the president’s intervention, he said: “The President was shocked. Are you not shocked that somebody will sell University? Are you not shocked that he demolished the only university? Daula Hotel, for those of you who are in Kano, you know the old Daula, demolished to zero and that is a faculty under the university of science and technology. He demolished that one. Are you not shocked?

“The President was shocked. He didn’t know. He even mentioned that he talked to somebody to go and find out for him. But when I told him, I said you are a Muslim, very soon you are going for Sallah. How can you go under that circumstance and pray in that place? And even the Triumph place he is talking about, you are journalists. You should be angry because that’s your constituency, he demolished completely and put shops everywhere.”

“You see the governor is doing what we campaigned with. I wanted to be president, I campaigned also. And I went to Kano and told them that these places, schools, in fact most of our schools in Kano were being encroached. And it is our policy to make sure that they encroached are returned to them. We will not allow anybody either local government chairman, or Governor to go sell.”

Meanwhile, Kwankwaso also said he discussed issues of politics and governance with the president who displayed experience and strategies.

He disclosed that the issue of a ministerial post for him in the Tinubu administration came up during his discussion with the president, adding that he was open to work with the president to move the nation forward.

On the ministerial appointment, he said: “The issue came up but we are still discussing. We will see how it comes to fruition. We will be very happy to see how we can move the country forward.”

[DailyTrust]