Business
Emefiele misled, CBN not independent, must obey S’Court order – Falana
Human rights lawyer, Femi Falana (SAN), says the Central Bank of Nigeria is not independent and must obey the Supreme Court orders.
He said some lawyers have been misleading the CBN governor Godwin Emefiele that the apex bank is totally independent.
Following the recent ruling of the Supreme Court that the February 10 deadline given by the apex bank for the exchange of old naira notes for new ones should be suspended, some lawyers noted that the CBN was not joined in the suit.
According to them, as an independent body, it is not bound by the ruling of the apex court.
And even though the Attorney General of the Federation and Minister of Justice, Abubakar Malami said the Nigerian government would abide by the decision of the apex court, the CBN governor, Godwin Emefiele on Tuesday said there was no going back on the February 10, 2023 deadline for the swapping of the old N1,000, N500, and N200 notes for new ones.
This implies that the old notes have ceased to be legal tender.
However, in a statement on Tuesday, Falana criticised this, along with his colleagues who described the CBN as independent and not bound by the Supreme Court ruling.
According to the Senior Advocate of Nigeria, both the Supreme Court and the Court of Appeal have ruled that the CBN is an agency of the government and therefore, not independent.
He said, “In misleading the CBN management, some lawyers have insisted that the apex bank is an independent institution and that it is not a party to the case of Attorney-General of Kaduna State & 2 Ors v Attorney-General of the Federation pending at the Supreme Court.
“Interestingly, the Supreme Court ruled that the CBN is an agency of the Federal Government in the case of Obiuwvera v Central Bank of Nigeria where Rhodes-Vivour JSC held: ‘This suit has to do with the administration or management and control of the Federal Government. The respondent is a Federal agency and the appellant is/was its employee. The termination of the appellant’s appointment is on administrative action by an agency of the Federal Government, the respondent.’”
Falana further noted that “in the case of Fayose v EFCC & Anor (2018) LPELR 46474(CA), the Court of Appeal dismissed the claim that the CBN is an independent institution when Dongban-Mensem JCA (now PCA) held: ‘The independent status of the 2nd Respondent touted by the Appellant is a lame link.
’Section 1(3) of the Central Bank of Nigeria (Establishment) Act has not been shown to be independent of the legal guidance of the Hon. Attorney-General of the Federation who is the Chief Legal Officer of the Federal Republic of Nigeria. Nor was it demonstrated to the Court of trial that the independent status of the CBN takes it out of the supervisory management of the Hon. Ministry of Finance who is a Public Officer.’”
He noted that the Constitution of Nigeria stipulates that the decisions of the Supreme Court shall be enforced by all authorities and persons in the country.
He said, “In view of the pronouncements of both appellate courts to the effect that the CBN is an agency of the Federal Government the provocative disregard for the valid and subsisting order of the Supreme Court by the Management of the apex court should not go unchallenged in view of section 287 of the Constitution which stipulates that, ‘The decisions of the Supreme Court shall be enforced in any part of the Federation by all authorities and persons, and by courts with subordinate jurisdiction to that of the Supreme Court.’
“Otherwise, the CBN would have set down a dangerous precedent for the subversion of the rule of law in Nigeria.”
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
READ ALSO:
- Nigeria denies alleged plot to destabilise Niger Republic
- Navy arrests 19 Nigerians attempting to reach Europe by hiding on ship
- Troops arrest four Ambazonian rebels in Taraba
Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
READ ALSO:
- Like Ibadan, stampede claim 10 lives for Abuja Catholic church, 17 in Anambra
- Marketers react after NNPCL slashes petrol price to N899 per litre
- Electricity: We installed 184,507 meters, issued 50 licences in Q3, says FG
The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
READ ALSO:
- Badenoch’s negative portrayal of Nigeria Police unfair-PCRC
- Bitcoin price crashes to $95,000 as market continues to react to Federal rate cuts
- Bauchi high court dismisses blasphemy, cybercrime charges against Rhoda Jatau
All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
-
Railway21 hours ago
Lagos Rail Mass Transit part of FG free train ride – NRC
-
metro2 days ago
Court stops customs from seizing imported rice in open market
-
metro3 days ago
FG transfers electricity market regulatory oversight in Lagos to LASERC
-
metro2 days ago
Ibadan stampede: Tinubu orders probe as death toll hits 40
-
metro1 day ago
Ibadan stampede: Ooni reacts after arrest of ex-wife
-
metro2 days ago
Afe Babalola: Court grants Dele Farotimi bail, barred from media interviews
-
metro21 hours ago
NIMC warns against extortion, reaffirms free NIN enrollment
-
News2 days ago
Adebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024