Lagos takeover of Lekki-Epe road,  LCC gets assembly approval – Newstrends
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Lagos takeover of Lekki-Epe road,  LCC gets assembly approval

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Lagos State Governor Babajide Sanwo-Olu’s request for the state to assume full ownership of Lekki Concession Company Ltd, a privately owned company, has received the approval of the state House of Assembly.

The House made the resolution to approve the governor’s request after a presentation of the House Committee on Finance report during plenary session on Monday.

The LCC is the contractor of the Lekki-Epe Expressway and operator of the Lekki toll plaza. The plaza was at the centre of controversy that followed the alleged killing of Endsars protesters by soldiers.

The Lagos House of Assembly had received the request from the Executive on June 21 “and was committed to the Committee on Finance to further look into it and report its findings to the House.’’

The committee’s Chairman, Mr Rotimi Olowo (Somolu I), in his presentation, said the state would become the subsisting shareholder of the LCC with 75 per cent shareholding and the Office of Public Private Partnerships shareholding of 25 per cent.

The lawmaker added that this followed the buy-out of all the shareholding interests of the company by the state government.

Olowo said the original $53.9 million loan obligation from a private sector facility had been resolved after series of engagements between Africa Development Bank, the company and the state government.

He said, “The agreement was to convert the loan to a public sector facility with the benefit of a considerable reduction in interest charges of 1.02 per cent of $1.12 million biannual.

“This is against the 4.12 per cent of $2.746 million per bi-annual, therefore, giving a savings of $1.16 million bi-annual or $3.24 milliom per annum.

“The House, therefore, granted the executive the approval to convert the AFDB loan to the public sector loan backed up by sovereign Federal Government guarantee on behalf of the state government.

“This also authorises the state government to issue a counter-guarantee in favour of the Federal Government along with an Irrevocable Standing Payment Order (ISPO) to deduct from the state’s statutory allocation.”

Olowo noted that the servicing of the loan obligations would have a maturity period of August 2034.
Mr Gbolahan Yishawu (Eti-Osa II) supported the committee’s recommendation, saying, “It was a smart move as the interest rate would not injure what the state was spending on capital expenditure.’’

He added that it would also reduce the interest risk as well as the rate by moving the loan from private to public sector.

Abiodun Tobun (Epe I) said the saving of 3.1 per cent in interest rate difference would reduce the burden on the state government and encourage the savings to be used to develop other sectors.

Femi Saheed (Kosofe II) said restructuring the loan was an indication of the transparency in the state financing, saying it gave add-on flexibility for the additional years granted for the repayment of the loan.

Saheed noted that the request was a standard financial procedure practised all over the world.

The Speaker of the House, Mr Mudashiru Obasa, thereafter, directed the Acting Clerk of the House, Mr Olalekan Onafeko, to send a clean copy of the resolution of the House to the governor.

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$6bn fraud: Judge scolds Agunloye’s counsel over delay tactics

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Former Power and Steel Minister Olu Agunloye

$6bn fraud: Judge scolds Agunloye’s counsel over delay tactics

Justice Jude Onwuegbuzie of the Federal High Court, Apo, Abuja On Thursday, chastised Adeola Adedipe, SAN, counsel to former Minister of Power, Olu Agunloye, for using delay tactics to slow the pace of the former minister’s prosecution. 

Agunloye is being prosecuted by the Economic and Financial Crimes Commission, EFCC, on seven counts of official corruption and fraudulent award of the Mambilla Power Project contract worth $6 billion.

During Thursday’s hearings, the court observed that the defence counsel has been in the habit of making excuses based on Agunloye’s health and age, as well as filing various motions, ensuring that little progress has been achieved in the trial.

Addressing the defence counsel, Justice Onwuegbuzie stated that “My principle of justice is that of no delay. The other time you brought the issue of amicus curiae and wasted the time of the court. You should also know that in my court I don’t read processes.

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“If you need time to serve processes, it must reach me on time, and your colleague must also be duly aware in time. There must be mutual respect. Do not come and serve processes in court; I don’t take that in my court,” he said.

Prosecuting Counsel Abba Mohammed, SAN, informed the court at the start of proceedings that the business of the day was the adoption of the prosecution’s application for the amendment of the charge, which was filed on October 30, 2024, to which the defence responded with a counter-affidavit and a request for an adjournment to allow the prosecution to study the affidavit.

Justice Onwuegbuzie adjourned the case until November 28, 2024, to rule on the adoption of the application.

 

$6bn fraud: Judge scolds Agunloye’s counsel over delay tactics

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Emefiele printed new naira notes different from what Buhari approved – Ex-CBN official

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Former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele

Emefiele printed new naira notes different from what Buhari approved – Ex-CBN official

The trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, continued at the Federal Capital Territory (FCT) High Court in Maitama on Thursday, November 14, 2024.

A former CBN Deputy Governor, Kingsley Obiora, who served in the policy department, testified that the newly printed naira notes issued during Emefiele’s tenure deviated from the approval granted by then-President Muhammadu Buhari.

In his testimony before Justice Maryann Anenih via Zoom, Obiora disclosed, “the approval by then President Muhammadu Buhari was different from what was eventually produced,” according to a statement from the Economic and Financial Crimes Commission (EFCC).

Obiora, responding to evidence presented by prosecution counsel Rotimi Oyedepo SAN, explained that he noticed discrepancies when comparing the naira notes in circulation with the President’s original directive.

During his seven-year tenure at the CBN, Obiora served on the Committee of Governors (COG), which he described as a body comprising “the governor, four deputy governors, and the director of corporate services.” He clarified, “The governor is the Chairman of the Committee, and during my tenure as Deputy Governor, Emefiele was our Chairman.” Obiora said the Committee met every Wednesday to address significant policy matters.

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Obiora recalled the initial introduction of the redesign plan during an event marking the one-year anniversary of the e-naira in Lagos on October 25, 2022. “The governor called all four deputy governors into a huddle and informed us of the plan to redesign the currency,” he said, expressing immediate concerns, as he felt “the event itself may not be the appropriate place to announce such a major policy.” He advised that the policy undergo further scrutiny before any public announcement.

Despite his reservations, Obiora noted that Emefiele proceeded with the plan, formally presenting it to the COG on October 26, 2022. “The governor mentioned that we had already had the president’s approval for the policy,” he stated, adding, “The deputy governor in charge of currency operations presented a memo, and it was discussed, deliberated upon.” Following this, a press conference was held to announce the redesign.

Obiora explained that the CBN Board was formally briefed on the naira redesign months later, in mid-December 2022. He said, “The policy was discussed at the board level mid-December. The board did not sit as day-to-day management but instead gave policy directions.” Obiora clarified that “the board’s involvement in the policy was limited to endorsing the COG’s prior decision, not initiating it.”

During cross-examination, defense counsel Olalekan Ojo, SAN, questioned Obiora about the timing of the board’s formal involvement. Ojo suggested that the December meeting “conforms with the naira notes currently in circulation,” to which Obiora responded, “Yes, sir.” He noted there had been no indication or directive from former President Buhari challenging the redesign.

Reflecting on past experiences with currency design, Obiora mentioned that while he was with the bank during the introduction of a redesigned N100 note in 2014, he was not directly involved in its development.

After delivering his testimony, Justice Anenih discharged Obiora and adjourned the case to December 4, 2024, and January 21, 2025, for further proceedings.

 

Emefiele printed new naira notes different from what Buhari approved – Ex-CBN official

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Train attack: ECOWAS court dismisses SERAP suit against FG

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Train attack: ECOWAS court dismisses SERAP suit against FG

The Community Court of the Economic Community of West African States (ECOWAS Court) has rejected a suit filed by a group of Nigerian activists, the Socio-Economic Rights and Accountability Project (SERAP) over an attack by bandits on an Abuja-Kaduna train on March 28, 2022.

The court held that it lacks jurisdiction over the case because relevant ingredients that could qualify it to be entertained as a public interest litigation were missing.

SERAP filed the case after bandits attacked the Abuja-Kaduna passenger train in 2022.

In the attack, armed assailants bombed the train carrying over 970 passengers on the Abuja-Kaduna rail line near Rigasa in Kaduna.

The attack led to numerous fatalities, injuries, and abductions.

SERAP, by its case, sought to hold the government of Nigeria accountable for alleged human rights violations in relation to the terrorist attack.

The organisation claimed, among others, that the attack was the result of the state’s inability to provide tight security for the passengers.

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SERAP argued that Nigeria’s alleged lack of measures to avert the attack violated the rights of passengers to life, security, and dignity.

It prayed for a N50 million compensation for each of the passengers and their families.

In a judgment delivered on Wednesday, the regional court declared the suit inadmissible due to lack of victim status required for public interest litigation.

A statement by the court said the judgment was delivered by Justice Dupe Atoki.

It added: “The court recognised its jurisdiction to hear the case as it involved potential human rights violations within a member-state, in accordance with Article 9(4) of the ECOWAS Supplementary Protocol.

“However, the court found the claim inadmissible on grounds that it failed to meet the victim status requirement essential for litigation under Article 10(d) of the same Protocol.

“In its findings, the court said that SERAP claimed to be acting in public interest, citing previous incidents of terrorism in the region, including attacks on educational institutions and transportation services.

“However, the court determined that the case did not meet the criteria for a public interest action, or actio popularis, which requires that the alleged violations affect a large, indeterminate segment of the public or the general public itself.

“The Court highlighted that: The victims of the March 28 attack were identifiable individuals rather than an indeterminate public group, making the claim unsuitable as a public interest litigation.

“The reliefs sought, including specific monetary compensation, were directed at the identifiable victims of the attack rather than the public at large.

“Members of the three-member panel of the court were Honourable Justice Ricardo Cláudio Monteiro Gonçalves(presiding judge), Honorable Justice Sengu Mohamed Koroma (panel member), and Honorable Justice Dupe Atoki (judge rapporteur).”

Train attack: ECOWAS court dismisses SERAP suit against FG

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