News
Nigeria loses as court insists CBN must pay businessman $21m
Nigeria loses as court insists CBN must pay businessman $21m
The U.S. District Court for the Southern District of New York has granted Nigerian businessman Louis Emovbira Williams permission to withdraw $21 million from a Nigerian account held at JP Morgan, which contains funds from crude oil sales to foreign entities.
In August, Judge Liman Lewis rejected Nigeria’s attempt to dismiss Mr. Williams’ complaint.
The businessman had been embroiled in a food importation deal with the Nigerian government in 1986, during which he lost $6.5 million. Upon returning to Nigeria to recover his money, he was allegedly subjected to torture by the Department of State Services (DSS) and was tried for “economic sabotage.”
He was sentenced to 10 years in prison but was released after three years, in 1989.
In 1993, under the military regime of General Ibrahim Babangida, Mr. Williams was granted a presidential pardon and received a “Fidelity Guarantee and Abiding Memorandum of Understanding of Assurance” promising him repayment of $6.5 million, along with 17 percent compound interest since 1986, plus an additional N5 million with 25 percent compound interest.
Despite this, Mr. Williams never received the payments owed to him.
The Central Bank of Nigeria (CBN) remained unwilling to settle the sum, leaving the issue unresolved for decades. Following Nigeria’s return to civilian governance, Mr. Williams took legal action in the UK, where the court ruled in his favor, ordering Nigeria to refund him, along with compensation.
In 2018, Justice Mary Clare Moulder of the UK’s Queen’s Bench Division authorized the seizure of $21,231,960.74 and £19,763,130 from Nigeria’s JP Morgan account. Mr. Williams pursued further legal action in New York to recover the funds, where the defendants include the Nigerian government, the attorney general, the CBN, JP Morgan, and unnamed parties.
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The CBN sought to move the case to a lower court, arguing Nigeria’s sovereign immunity protected it from UK court rulings. However, Judge Liman ruled that Nigeria had already waived its sovereign immunity under the terms of the 1993 Fidelity Guarantee.
“Therefore for the avoidance of doubt, both the Nigerian State and CBN must be deemed to have waived any immunity from levying of execution on amount kept in the name of CBN or State of Nigeria or any institution of Nigeria (save diplomatic) to the extent to which any amount in paragraph above remains unpaid,” stated the 1993 Fidelity Guarantee issued to Mr. Williams.
Judge Liman dismissed Nigeria’s claim to immunity, asserting that the waiver in the Guarantee applied to any legal proceedings regarding the enforcement of judgments related to Mr. Williams’ funds.
“Accordingly, the Fidelity Guarantee reflects a waiver of sovereign immunity for any proceeding in any court to recognize and enforce a judgment pertaining to Plaintiff’s seized funds,” the U.S. judge said in his August 12 ruling.
Despite the ruling, the Nigerian government is appealing the decision in the Second Circuit Court in New York. The case follows other legal disputes involving Nigeria’s assets abroad, including a similar case in Washington D.C., where Chinese investors were awarded the right to seize Nigerian assets following a failed free trade zone agreement.
Mr. Williams has expressed his intention to use the recovered funds to support children’s health and education initiatives in Nigeria.
(PEOPLES GAZETTE)
Nigeria loses as court insists CBN must pay businessman $21m
News
Late COAS Lagbaja gets CFR honour, buried amid tributes
Late COAS Lagbaja gets CFR honour, buried amid tributes
The late Chief of Army Staff (COAS), Lt. General Taoreed Lagbaja, was on Friday laid to rest in Abuja, amid tears and tributes.
President Bola Tinubu conferred a posthumous award of the Commander of the Federal Republic (CFR) on the late Chief of Army Staff.
The burial took place at the National Cemetery in Abuja to end two days of funeral rites that began in Lagos earlier in the week.
His body was lowered into the grave at exactly 4:41pm after the ceremony that lasted over two hours.
Lagbaja’s casket, draped in Nigeria’s green and white colours, arrived at the cemetery around 3pm in a white funeral wagon after a funeral service at the National Christian Centre in Abuja.
Dignitaries were led to the event by President Bola Tinubu. Others are Vice President Kashim Shettima; the Acting Chief of Army Staff, Lt.Gen. Olufemi Oluyede; the Chief of Defence Staff, Gen. Christopher Musa; Minister of Defence, Abubakar Badaru, and other top government officials and military brass.
President Tinubu announced the conferment of the CFR on the late COAS during the interment at the National Cemetery in Abuja.
The President extolled the virtues of the late warrior, especially his contributions to national security.
According to him, the appointment of Lagbaja as the COAS was one of his finest made so far.
“As an eternal symbol of our appreciation, I have granted the late Chief of Army Staff, the posthumous national honour of the Commander of the Federal Republic of the Niger (CFR),” Tinubu declared.
He thereafter invited the wife of the late COAS, Mariya, to collect the award on behalf of the Lagbaja family amid applause from the congregation.
News
Supreme Court dismisses 16 govs suit challenging EFCC legality
Supreme Court dismisses 16 govs suit challenging EFCC legality
The Supreme Court has dismissed the suit by 16 states challenging the constitutionality of the acts establishing the Economic and Financial Crimes Commission and two others.
The News Agency of Nigeria (NAN) reports that the other agencies are the Independent Corrupt Practices and other related offences Commission (ICPC) and the Nigerian Financial Intelligence Unit (NFIU).
In the lead judgment by Justice Uwani Abba-Aji delivered on Friday, the Supreme Court resolved the six issues raised for determination in the suit against the plaintiffs.
The court held that the laws establishing the anti-corruption agencies were validly enacted by the National Assembly within its legislative competence.
It faulted the claim by the plaintiffs that the EFCC Act, being a product of the United Nations convention on corruption, ought to be ratified by majority of the state houses of assembly.
Delivering judgement on Friday, Justice Abba-Aji ruled that “the EFCC Act, which was not established from a treaty but a convention, does not need the ratification of the houses of assembly.”
News
Executive Secretary FCDA Hadi Ahmad suspended indefinitely
Executive Secretary FCDA Hadi Ahmad suspended indefinitely
Executive Secretary, Federal Capital Development Authority FCDA, Engr. Shehu Hadi Ahmad, has been suspended indefinitely.
His suspicion was on the order of the Minister of the Federal Capital Territory, Nyesom Wike.
Senior Special Assistant on Public Communications and New Media to the Minister, Lere Olayinka, disclosed this in a statement on Thursday evening.
No reason was given for the suspension.
Ahmad was directed to hand over to the Director, Engineering Services in the FCDA.
The statement read: “The Executive Secretary, Federal Capital Development Authority FCDA, Engr. Shehu Hadi Ahmad, has been suspended indefinitely.
“According to a statement on Thursday, by Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory FCT, Nyesom Wike, the suspension of Engr Hadi Ahmad is with immediate effect.
“The suspended Executive Secretary has consequently been directed to hand over to the Director of Engineering Services, Engr in the FCDA.”
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