First Bank of Nigeria Holdings Plc (FBNH) has insisted on electing Femi Otedola, its former highest single shareholder as a director despite opposition from other shareholders.
FBNH has also amended the agenda of its disputed Annual General Meeting (AGM) to include the raising of the capital of N150bn through the right issues.
This was disclosed in a filing seen by THE WHISTLER on Wednesday.
A rights issue is an invitation to existing shareholders to purchase additional new shares in the company.
The bank had announced its AGM to hold on August 15, 2023, where it plans to elect Samson Oyewale Ariyibi as an Executive Director and Olufemi Otedola as Non-Executive Director.
But Olusegun Samuel Onagoruwa petitioned FBN Holdings upon which the order was obtained in suit No: FHC/L/CP/1271/2022.
The order which was addressed to Nnamdi Okonkwo, FBN Holdings Chairman said, “Take notice that unless you obey the directives in the Judicial Order contained in the Order made on the 15th July, 2022 by the Federal High Court, Lagos, by refraining from proceeding with the 11th Annual General Meeting of FBN Holdings Limited proposed for 15th August 2023 from seeking approval to issue or raise share capital in any manner whatsoever, from appointing or confirming the appointment of new directors, or in any other manner taking any step towards implementing, actualising enforcing resolution of the 10th Annual General Meeting of FBN Holdings Plc held on 20th June 2022 or in any other manner overreaching, disobeying or undermining the said Order of court, you will be guilty of contempt of court and you will be liable to be committed to prison and to there imprisoned.”
In a swift reaction, the shareholders group under the aegis of the Trustee Shareholders Association of Nigeria, TSAN protested at the First Bank’s Head Office in Lagos.
Some of the protesters carried placards with inscriptions, “Otudeko, First Bank is Greater than you.’
TSAN Chairman, Mukhtar Mukhtar registers the shareholders’ displeasure of the attempt by some shareholders to prevent the AGM of the Holdings.
He also frowned at moves at preventing them from getting approval from shareholders to take critical resolutions meant for the interest of the bank.
In the regulatory filing, FBNH is still insisting on the election of two of Otedola and Ariyibi which have been opposed by Onagoruwa’s group.
The Bank said that “That there shall be a capital raise of up to N150,000,000,000.00. The capital raise transaction shall be by way of a Rights issue, on such terms and conditions and on such dates as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities.
“(c) The Rights Issue referred to in Resolution (b) above may be underwritten on such terms as may be determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities.
“(d) That any shares not taken up by existing shareholders within the period stipulated under the Rights Issue may be offered for sale to interested shareholders of the Company on such terms and conditions as may be determined by the Directors, subject to obtaining the approvals of relevant regulatory authorities.”
Otudeko through his vehicle Honeywell Group Limited (HGL) acquired 4.7 billion shares of FBN Holdings in July 2023.
Honeywell made the acquisition through Barbican Capita Ltd which elevated Barbican’s shares to 13.3 per cent as against Otedola’s 7.57 per cent shares in the company.
FBN Holdings announced, “This is to inform the public and our stakeholders that the Company received a notification dated July 7, 2023 from Honeywell Group Limited that its affiliate, Barbican Capital Limited has acquired an aggregate of 4,770,269,843 units of shares from the Company’s issued share capital of 35,895,292,791, as at the above-referenced date.
“Based on the foregoing, the equity stake of Barbican Capital Limited in the Company is 13.3 per cent.”
In December 2021, billionaire businessman, Otedola became the single largest shareholder of FBN after acquiring 7.57 percent of the issued shares capital.
The House of Representatives has threatened to invoke its constitutional power on IPPIS, the Budget Office and the Assets Management Company of Nigeria (AMCON) over failure to appear before it in an ongoing job racketeering probe.
The threat was made by Rep. Yusuf Gagdi, chairman of the ad hoc committee investigating job racketeering and mismanagement of IPPIS in MDAs in Abuja on Wednesday.
Mr Gagdi said the committee was in a dilemma why IPPIS and the budget office were absent at the meeting.
The committee subsequently summoned the Accountant General of the Federation to bring along the IPPIS officer before the committee on August 10, adding that any further attempt to run away would be resisted.
He also queried why Haruna Kolo, the prime suspect in the FCC job racketeering saga, did not appear before the committee after he was asked to present himself on Wednesday.
“I also don’t know why Kolo is not coming back to appear before this committee; he seems to have absconded. I will sign a letter to AMCON to produce Kolo on Thursday.
“It is better he listen to us unless he is acting a script and selling lies to us; he should come so we can interact with him. We owe everybody the duty of care.
“We need him by 10:00 a.m. tomorrow, the clerk of the committee should call AMCON on the phone and tell them to produce Kolo, or do they know what Kolo is hiding,” he asked.
He further said Mr Kolo should appear tomorrow or else the committee would exercise its constitutional power, adding that he is a staff of AMCON unless he wants to lose his job and miss his freedom.
Meanwhile, Abdulrahman Ibrahim, a witness in the ongoing investigation on job racketeering, has faulted claimed by some commissioners in FCC that they had not been given any slot since they were appointed.
Mr Ibrahim, a beneficiary of the job racketeering and the Personal Assistant to the commissioner representing Taraba said, ” All the commissioners were given slots.”
According to him, they were given two slots each per state. There was an interview, and other processes followed in 2023.
Also, Yisha’u Gambo, the driver to the commissioner representing Taraba, who spoke in Hausa, said he collected N2 million for Mr Kolo, which a job seeker paid.
“Kolo met me and said I should talk to people that need employment so that he could talk to them. Then he called me to bring one person, and I said there are many that have been talking to him and that they were willing to buy a slot,” Mr Gambo said.
The investigation continues Thursday as witnesses and the affected MDAs have been ordered to appear.
(NAN)
Niger was slapped with more sanctions on Tuesday (8 August), hours after its new military leaders rejected the latest diplomatic mission aimed at restoring constitutional order following a 26 July coup.
Nigeria’s President Bola Tinubu ordered the new sanctions through Nigeria’s central bank, aimed at squeezing entities and individuals involved in the takeover, a presidential spokesperson said.
It came after Niger’s junta denied permission to enter Niger to a joint delegation from West African states, the African Union (AU) and the United Nations, resisting pressure from the United States and the United Nations to come to the negotiating table.
The denial raises the stakes in a search for a solution after the coup that western powers fear will destabilise the Sahel region of West Africa, one of the world’s poorest that is already dealing with a string of coups and a deadly Islamist insurgency. It also threatens US and Western interests in its former ally.
Heads of state from the Economic Community of West African States (ECOWAS) are preparing for a summit on Thursday to discuss their standoff with the junta, which defied a 6 August deadline to reinstate ousted President Mohamed Bazoum.
ECOWAS defence chiefs agreed on Friday on a possible military action plan, which heads of state are expected to consider at their summit in the Nigerian capital, Abuja.
Still, Tinubu’s spokesperson said the leaders prefer a diplomatic solution.
“No options have been taken off the table,” the spokesperson told reporters in Abuja, adding that “far-reaching decisions” would be taken at the summit concerning the bloc’s next steps.
Explaining the decision to not allow the delegation in on Tuesday, Niger’s junta said it could not guarantee their safety in the face of popular anger. It also denounced “a climate of threatened aggression against Niger”.
An AU spokesperson confirmed that a mission had been denied access, while ECOWAS declined to comment.
The junta had already snubbed meetings with a senior US envoy and another ECOWAS delegation.
Under Bazoum, Niger was relatively successful in containing an Islamist insurgency devastating the Sahel region and was an important ally for the West after two of its neighbours rejected former colonial power France and turned towards Russia instead.
Niger is the world’s seventh-biggest producer of uranium, the most widely used fuel for nuclear energy, adding to its strategic importance.
The United Nations said Secretary General Antonio Guterres strongly supported mediation efforts by ECOWAS, while US Secretary of State Antony Blinken told French radio station RFI diplomacy was the best way to resolve the situation.
He declined to comment on the future of some 1,100 US troops in Niger, where French, German and Italian troops are also stationed.
Blinken later told the BBC he was worried that Russia’s Wagner mercenaries could take advantage of the instability in Niger to strengthen their presence in the Sahel.
“I think what happened and what continues to happen in Niger was not instigated by Russia or by Wagner, but to the extent that they try to take advantage of it – and we see a repeat of what’s happened in other countries, where they’ve brought nothing but bad things in their wake – that wouldn’t be good.”
Russian flags
US Acting Deputy Secretary of State Victoria Nuland flew to Niamey on Monday but was denied permission to meet coup leader Abdourahamane Tiani or Bazoum, who is in detention. She told reporters her talks with more junior officers were “frank and difficult”.
Last week, ECOWAS sent a mission to Niamey led by Abdulsalami Abubakar, a former military ruler of Nigeria, but Tiani also refused to see him.
In contrast, Tiani on Monday met a joint delegation from Mali and Burkina Faso, both neighbouring countries where the military has seized power from civilians.
“We will not accept military intervention in Niger. Our survival depends on it,” said Abdoulaye Maiga, a spokesman for Mali’s junta, appearing on Niger state television.
Some pro-coup demonstrators in Niamey have held up Russian flags, which are in fashion according to residents and fabric vendors.
“I’m a fan of the Russian flag, which is why I’ve come today to buy fabrics for the tailor to make me a flag,” said Okacha Abdoul-Aziz.
Western allies fear that Niger could go the way of Mali, which threw out French troops and UN peacekeepers and invited in mercenaries from Wagner group after a 2021 coup.
“Every single place that this Wagner group has gone, death, destruction and exploitation have followed,” Blinken told the BBC.
Alongside the Malian army, fighters presumed to be from Wagner have carried out a brutal military offensive, executing hundreds of civilians last year, witnesses and rights groups say, charges the army and Wagner deny.
In a new report seen by Reuters on Monday, UN sanctions monitors said they had also used a campaign of sexual violence and other grave human rights abuses to terrorise the population.
[euractiv]
The World Bank has said it will no longer consider new loans to Uganda over the adoption of a law that proscribes same-sex conduct.
The Ugandan government had earlier in the year passed a law against anti-lesbian, gay, bisexual, and transgender practices in the country.
The law includes life imprisonment and a death sentence as penalties for anyone convicted.
The World Bank in a statement on Tuesday condemned the law, saying it is not in line with the global development lender’s core values.
The statement read, “Uganda’s Anti-Homosexuality Act fundamentally contradicts the World Bank Group’s values.
“We believe our vision to eradicate poverty on a livable planet can only succeed if it includes everyone irrespective of race, gender, or sexuality.
“This law undermines those efforts. Inclusion and non-discrimination sit at the heart of our work around the world.
“Immediately after the law was enacted, the World Bank deployed a team to Uganda to review our portfolio in the context of the new legislation.
“That review determined additional measures are necessary to ensure projects are implemented in alignment with our environmental and social standards.
“Our goal is to protect sexual and gender minorities from discrimination and exclusion in the projects we finance. These measures are currently under discussion with the authorities.
“No new public financing to Uganda will be presented to our board of executive directors until the efficacy of the additional measures has been tested.
“Third-party monitoring and grievance redress mechanisms will significantly increase, allowing us to take corrective action as necessary.”
The World Bank Group, however, noted it still maintains a longstanding and productive relationship with Uganda despite the development.
“We remain committed to helping all Ugandans, without exception, escape poverty, access vital services, and improve their lives,” it added.
[Punch]
Osun State House of Assembly has constituted its Standing Committees.
The Speaker of the Assembly, Adewale Egbedun announced the composition of the Committees during the Plenary
Announcing the 23 House Committees, Egbedun said they were set up to enable the Assembly commence its oversight functions in earnest.
According to the Speaker, the Committees and their Chairmen include, Rules and Business, Adewumi Kofoworola, Industrial Relation, Olayiwola Taofeek Finance and Appropriation, Fatunmise Saheed, Media and Public, Enlightenment, Oladimeji Adekunle, Public Account, Lawal Bamidele Land, Physical Planning and Urban Development, Adeoti Olalekan.
Others include: “Environment and Sanitation: Ogundare Folorunso Judiciary, Human Rights, Public Petitions and Legal Matters, Barrister Kanmi Ajibola, Agriculture and Food Security, Olatunbosun Oladimeji, Commerce, Industry, Cooperatives and Empowerment, Areoye Ebenezer, Health, Dr Ajibade Kasope, Home Affairs, Culture and Tourism, Rabiu Adesina, House Service Matters, Akerele Olawale, Education, Oderinwale Elisha and Local Government and Chieftaincy Affairs, Asagade Olujinmi.”
He revealed that the Committee on Public Works and Transport will be chaired by Abiola Waheed, Regional Integration and Special Duties by Ogunrinade Rotimi, Youth, Sports and Special Needs by Awoyeye Jeremiah, Women and Children Affairs, Barrister Popoola Simeon.
The Chairman of the House Committee on Water Resources and Energy is Ajibola Olaide, Rural and Community Development- Akinloye Sikiru, Security and Inter-parliamentary- Barrister Adeyemi Tajudeen while the Committee on Legislative Compliance is chaired by Ibrahim Olanrewaju.
Also, during Plenary on Tuesday, two bills, the Osun State Disability Protection Bill, 2023, and the Osun State Illegal Mining Prohibition Bill, 2023, scaled through the first reading.
The Policy Thrust of Osun State Local Content Bill, 2023, was also brought before the attention of the House by the Majority Leader, Kofoworola Babajide.
Babajide noted that the bill would help to gather data to increase the internally generated revenue for the State.
Babajide added, The bill would improve the welfare of the citizens.
President Bola Ahmed Tinubu has appointed a University of Ibadan, UI, 400-level student, Orire Agbaje as member of the Presidential Committee on Fiscal Policy and Tax Reforms.
The committee was inaugurated on Tuesday in Abuja.
The presidency in a tweet says, one of the members of the Presidential Committee on Fiscal Policy and Tax Reforms inaugurated by President @officialABAT today is a 400-level Economics student of the University of Ibadan, Miss Orire Agbaje, who is also the President of @ui_taxclub, President of @SEIHUnibadan, and a Nigeria Higher Education Foundation (NHEF) Scholar.
The committee headed by Taiwo Oyedele is expected to deliver a schedule of quick reforms that can be implemented within the first thirty days.
The President said, Critical reform measures should be recommended in six months, and full implementation will take place within one calendar year.
Senate spokesperson, Yemi Adaramodu has said they might re-invite the three ministerial nominees who have not been confirmed yet for re-screening.
Adaramodu disclosed this while speaking on Channels Television’s breakfast programme, Sunrise Daily.
The Red Chamber refused to confirm former Governor of Kaduna State, Nasir El-Rufai, Delta State nominee, Stella Okotete and Taraba State nominee, Abubakar Danladi, over security reasons.
When asked whether the Senate would still confirm them, Adaramodu responded: “The question raised about them is an ongoing issue.
So, once the Senate is satisfied, definitely, if we need to invite them to the chamber for the re-confirmation and re-screening, then we’ll do that.
If security is not satisfied, the Senate cannot be satisfied. It depends on what security agencies and the person that nominates them say.
The Senate approved and confirmed 45 ministerial nominees of President Bola Tinubu after a voice vote.
However, the lawmakers withheld the ministerial confirmation of El-Rufai and two others pending security clearance.
VIDEO; I withdraw my statement - Senate President, Godswill Akpabio, says after he publicly announced that ‘a little token’ had been sent to Senators as they go on vacation
AdminSenate President, Godswill Akpabio, immediately withdrew his statement after he was caught on tape announcing that a little token had been sent to each Senator's account as they embark on vacation.
The lawmakers went into recess on Monday, August 8, and are to resume on September 26. While speaking during its plenary on August 8, Akpabio who appeared not to know he was being televised live, announced that the clerk of the House had sent a ‘’little token'' to the accounts of each Senator as they go on holiday.
‘’In other to enable all of us to enjoy our holiday, a token has been sent to our various accounts by the clerk of the National Assembly'' he said
It appears that he was immediately alerted that he was on live TV, and he thereafter withdrew his statement, saying;
‘’I withdraw that statement. In other to allow you enjoy your holiday, the Senate President has sent prayers to your mailboxes to assist you on a safe journey and return''
Watch the video below…
Media
President Bola Tinubu has not ruled out military intervention, the presidency has said, ahead of a West African coalition’s crisis summit in Abuja on Thursday.
Tinubu, who also chairs the bloc ECOWAS, still believes diplomacy is the “best way forward” to resolve the crisis, according to his spokesman.
So far efforts by ECOWAS and the United States to convince Niger’s new rulers to hand back power to the democratically elected leader have made little headway.
The soldiers who took charge defied a Sunday deadline to reinstate President Mohamed Bazoum or face the possible use of force and have been unswayed by negotiations, instead staging a rally at a stadium in the capital Niamey.
“No options have been taken off of the table,” Tinubu’s spokesman Ajuri Ngelale said on Tuesday.
The United States said it still hopes the coup could be undone but is “realistic”, a day after a top US envoy appeared to make no progress in an unannounced visit.
“At the same time, we are making clear, including in direct conversations with junta leaders themselves, what the consequences are for failing to return to constitutional order,” State Department spokesman Matthew Miller told reporters on Tuesday.
On Wednesday, US Secretary of State Antony Blinken said on social media that he had spoken to Bazoum “to express our continued efforts to find a peaceful resolution to the current constitutional crisis”.
Delegation rebuffed
ECOWAS — the Economic Community of West African States — imposed trade and financial sanctions on Niger after the rebel soldiers toppled Bazoum.
Instead of heeding the bloc’s seven-day ultimatum to reinstate Bazoum or face potential military intervention, the soldiers who seized power closed Niger’s airspace.
The bloc also sought to send a delegation to Niamey on Tuesday ahead of Thursday’s crisis summit.
But the ruling military blocked the mission, saying public “anger” triggered by the bloc’s sanctions meant the delegation’s safety could be at risk.
In a statement, ECOWAS confirmed that the visit by a joint delegation with African Union and United Nations officials had been refused.
In a further show of defiance and possible intent to hold on to power, the military leaders announced on Monday the appointment of Ali Mahaman Lamine Zeine as the new prime minister.
‘Difficult’ talks
ECOWAS is struggling with a cascade of coups since 2020 that have now hit four of its 15 members.
In Mali, Burkina Faso and now Niger, all the takeovers have been fuelled by jihadist insurgencies that have claimed many thousands of lives, forced at least two million from their homes and dealt crippling blows to some of the world’s poorest economies.
On Monday, veteran US envoy Victoria Nuland met with Niger’s military rulers for more than two hours but came away empty-handed.
She described her talks as “extremely frank and at times quite difficult”.
She said she offered the coup leaders “a number of options” to end the crisis and restore relations with the United States, which like other Western nations has suspended aid.
“I would not say that we were in any way taken up on that offer,” she told reporters before her departure.
Niger’s new head, General Abdourahamane Tiani, did not attend the meeting, and Nuland was unable to see Bazoum, who has been detained since July 26.
Warnings
The military leaders in Mali and Burkina Faso have expressed solidarity with Niger, saying any military intervention would be seen as a “declaration of war” against them.
The two countries sent letters Tuesday to the United Nations and the African Union, calling on them to prevent “military intervention against Niger” where the security and humanitarian consequences of such action “would be unpredictable”.
Algeria, which shares a long land border with Niger, has also cautioned against a military incursion, which President Abdelmadjid Tebboune said would be “a direct threat” to his country.
Bazoum, 63, was feted in 2021 after winning elections that ushered in Niger’s first-ever peaceful transition of power.
He took the helm of a country burdened by four previous coups since independence, and survived two attempted putsches before he himself was ousted.
His support was a key factor in France’s decision last year to refocus its Sahel anti-jihadist mission on Niger after withdrawing from Mali and Burkina Faso.
France has 1,500 troops in Niger and the United States has 1,000 personnel, most of whom are deployed at two major air bases.
Customs, 62 MDAs To Stop Direct Revenue Collection, FIRS Will Take Charge – Presidential Committee
AdminThe Presidential Committee on Tax Policy and Fiscal Reforms says the Nigeria Customs Service and 62 other Ministries, Departments and Agencies (MDAs) of the Federal Government will stop direct collection of revenue.
The Chairman of the Committee, Taiwo Oyedele, who spoke on Channels Television’s Sunrise Daily breakfast programme on Wednesday, said the Federal Inland Revenue Service (FIRS) will now collect revenue for the MDAs.
Oyedele, a former Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers (PwC), said Nigeria’s revenue collection from taxes is one of the lowest in the world but the cost of collection is high.
“Ironically, our cost of collection is one of the highest. And the reason for that is that we’ve got all manners of agencies. The Federal Government alone, we have 63 MDAs that were given revenue targets last year, no; actually in the 2023 budget,” he said.
“And two things that would come up from that: on one hand, these agencies are being distracted from doing their primary function which is to facilitate the economy. Number two, they were not set up to collect revenue, so, they won’t be able to collect revenue efficiently.
“So, move those revenue collection function to the FIRS. It has two advantages: the cost of collection and efficiency will improve, these guys will focus on their work, and the economy will benefit as a result.”
Asked for clarity on his comments, Oyedele said, “If you are Customs, focus on trade facilitation, border protection and if you are NCC (Nigerian Communications Commission), just regulate telecommunications. You are not set up to collect revenue.
“It can be your revenue and someone else can collect it for you. There will be more transparency because you see what is being collected and is accounted for properly. It is also a way of holding ourselves to account as to how we spend the money we collect from the people.”
Pushbacks?
The committee chair said there will be pushbacks from stakeholders and others benefitting from the process but the committee’s sole objective is to not to take what belongs to anyone but what should come to the government.
Oyedele also described the Treasury Single Account (TSA) initiative as a step in the right direction but it has not been fully developed. He said the TSA will help his committee’s work but there are more to do to maximise the initiative.
Furthermore, Oyedele also said the presidential committee would look into excess bank charges. He said businesses pay as high as 65 to 70 levies and taxes but the committee’s plan is to reduce the number of taxes to about 10.
N20trn Tax Gap
Oyedele, chair of the committee inaugurated by President Bola Tinubu on Tuesday, said Nigeria’s tax gap is estimated around N20trn as many members of the elite evade paying the exact taxes they should remit to the government.
“As of today we have significant tax gap estimated in the region of 20 trillion or even more naira. If you focus more on the few major taxes – Value Added Tax, Corporate Income Tax, Personal Income Tax, a lot of people are not (tax) compliant, particularly the middle class and the elite, some of them are in the tax net with one or two fingers, you pay a thousand naira as tax when you should have paid N10m,” he said.
The tax expert said all of the revenue not captured before would be brought into the tax net.
“In fact, our plan is to repeal many of the taxes that currently make doing business difficult without introducing new ones and yet collect more,” he said.
More...
The Arewa Youth Consultative Forum (AYCF) has asked security agencies to immediately clear a ministerial nominee, and former Governor of Kaduna State, Nasir El-Rufai.
The youths warn that their patience must not be tested further with the refusal to confirm the nomination of El-Rufai for appointment as Minister of the Federal Republic of Nigeria.
A statement by the forum’s president, Yerima Shettima, stated that the youths and indeed northern Nigeria feel humiliated by the news that out of the 48 names submitted to the Senate by President Bola Tinubu, El-Rufai is among the only three whose confirmations were differed.
“We regret to note that the targeting of Nasir El-Rufai for such irreverent treatment is part of a wider agenda being pursued by certain dubious political interests to deny the north and the younger generation of Nigerians fair representation in the coming cabinet.
“It is suspicious that El-Rufai, who is among the best, if not the best of all the names submitted by the President should be among the only three that could not be confirmed without justifiable reasons.
“We consider it deceptive for the Senate to give security checks as reason for not confirming El-Rufai because it is common knowledge that the ministerial nomination list passed through security scrutiny before getting to the Senate.
“At the risk of overstating the case, we can boldly say that El-Rufai, Hannatu Musawa, Bello Matawalle and Festus Keyamo are by far the best representation of the young generation of Nigerians included in the list.
“It will therefore amount to unwarranted provocation to Kaduna State, to the North and to the Nigerian youth for El-Rufai not to be confirmed for flimsy considerations,” Shettima said.
An international group, Egalitarian Mission for Africa (EMA), has dragged President Bola Tinubu of Nigeria before the Economic Community of West African States (ECOWAS) Court of Justice, seeking an order of the court to stop the planned military action against the Republic of Niger.
The group in the suit instituted on its behalf by a Nigerian lawyer, Dr Oluwakayode Ajulo, is praying the regional court to invoke relevant ECOWAS treaties and international laws to stop the military invasion of Niger Republic being spearheaded by the Nigerian Government.
The grouse of the civil group, among others, is that the planned military action or invasion will run foul of the obligations in the ECOWAS treaties and therefore amount to illegality.
The suit marked ECW/CCJ/APP/3/23 emphasized categorically that ECOWAS treaties prohibit aggression among Member States.
Apart from the Egalitarian Mission for Africa (EMA), other plaintiffs in the matter are a former Director General of the Nigerian Institute of Internal Affairs (NIIA), Professor Bola Akinterinwa and a Nigerian Northern Region lawyer, Hamza Nuhu Dantani.
The defendants are ECOWAS, Heads of ECOWAS Mission, the President of ECOWAS Mission, the Federal Republic of Nigeria and the Republic of Niger.
A military group had on July 26 toppled the civilian and democratic government of President Mohammed Bazoun, who has since been clamped into unlawful military detention.
Although the three plaintiffs in the regional suit described the coup d’etat as most unfortunate, they, however, warned that Nigeria should not travel the dangerous road of military hostilities that may further escalate the crisis in Niger Republic.
According to them, over 300,000 refugees, mainly Nigerian citizens, have already fled Niger Republic, adding that military action against Niger Republic would lead to a breach of fundamental rights to life, right to dignity of human persons and liberty to life.
The plaintiffs, therefore, prayed to the ECOWAS Court of Justice for a restraining order against any form of military action that may undermine the sovereignty and the territorial integrity of Niger Republic.
Besides the Court action, the plaintiffs wrote a strongly worded letter to President Tinubu, notifying him of the pendency of the suit and the need to respect and obey the rule of law.
The letter dated August 8, 2023, is entitled “NOTIFICATION OF PENDENCY OF CASE BEFORE THE ECOWAS COMMUNITY COURT OF JUSTICE; CALL FOR STRICT ADHERENCE TO THE PROTOCOL OF THE HONOURABLE COURT THE ECOWAS COMMUNITY COURT OF JUSTICE”.
The Commander, Training and Doctrine Command (TRADOC) Nigerian Army, Major General Kevin Aligbe, has warned officers for the 2023 Senior Staff Course Qualifying Examination to shun any form of examination malpractices.
He said the Nigerian Army would not condone any form of examination malpractices as it would undermine the sanctity and integrity of the examination standard.
Lieutenant Colonel Sani Uba, Acting Deputy Director, Army Public Relations, in a statement, said General Aligbe gave the advice to candidates at Lieutenant General AO Ihejirika Auditorium in Jaji Military Cantonment near Kaduna.
According to the statement, the examination, aside from being a major prerequisite to attend the Senior Staff Course at the Armed Forces Command and Staff College, Jaji and any other subscribed staff colleges overseas, is a criterion for promotion to the rank of Major in the Nigerian Army.
It further said that the examination is aimed at evaluating the proficiency of the officers of the rank of Captain while developing their junior leadership capabilities in the Nigerian Army, adding that it also helps the Army to produce problem-solving officers bearing in mind the nation’s current security challenges in line with the Chief of Army Staff’s command philosophy.
He said, The examination is a key determinant in the career progression of the candidates. The examination template is channelled towards effective training and retraining of personnel in all Nigerian Army training institutions with a view to producing well-trained, highly professional and motivated manpower for the Nigerian Army.
This, he said, is in line with the Chief of Army Staff philosophy for the Nigerian Army, which is To transform the Nigerian Army into a well-trained, equipped and highly-motivated force towards achieving our constitutional responsibilities within a joint environment.
The federal government has been told to stop the operations of the cryptocurrency exchange company, Binance in Nigeria in order to strengthen the naira.
The call was made by the president of the Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe in an interview with newsmen in Lagos on Tuesday.
He suggested that the operations of Binance is one of the factors putting pressure on the naira and needs to be stopped.
“If you know about Binance, you will know that Binance trading is becoming the anchorage of both the investors and exporters window and the parallel market, which is unfortunate, ” Gwadabe said.
“So, we have to do something that can stop Binance. It’s a competition; we need to ban Binance and the only way to do so is if we have liquidity.
“As I speak, Binance is the most liquid market. They do about 1.2 million transactions per second. So it’s a very liquid market but that is not a scary status, we can break it through our local content and peculiarities.
“So we are seeing a scenario where optimism is giving way to pessimism, investors are not coming, Nigerians don’t have confidence in the market and we have to look for external finances that are coming in as a quick fix, ” Gwadabe added.
There’s A Lot Of Pressure On The Naira
Speaking further, the ABCON president said the naira is facing a lot of pressure and it’s something the current government inherited but action needs to be taken which is the objective of the unification of the exchange rate.
“There is a lot of pressure on the naira from foreign exchange hoarding by the banks and oil companies.
“Is it Nigerians that want to pay school fees, roundtripping, speculations, among others? All these galvanised, to put pressure on the naira.
“Spike and volatility did not start now, it’s something the present government inherited and has gone a long way in checking illegal behaviours around the foreign exchange market and that is the objective of the unification,” he said.
Naija News recalls the Securities and Exchange Commission (SEC) of Nigeria in June 2023, said Binance Nigeria was not registered, making its operations in the country illegal.