A federal high court in Abuja has dismissed a suit seeking to restrain the federal government from securitising the N22.7 trillion Ways and Means loan received from the Central Bank of Nigeria (CBN).

Securitisation is the practice of pooling together various debt instruments and selling them as bonds to investors.

In a judgment delivered on Thursday, James Omotosho, the presiding judge, held that the plaintiffs lacked locus standi (legal right) to institute the case, noting that they failed to prove the case.

The suit, marked FHC/ABJ/CS/1286/2023, was filed by Justin Edim and Akinfewa Akinwunmi against President Bola Tinubu, the federal government of Nigeria, CBN, and the ministry of finance as first to fourth defendants.

Others in the suit are the debt management office (DMO), national assembly, and attorney-general of the federation (AGF) as fifth to seventh defendants, respectively.

The plaintiffs, through their counsel, Victor Opatola, claimed they initiated the legal action on behalf of themselves and other Nigerian citizens.

They asked the court to stop the conversion of the debt to a promissory note or any other promise to pay at a future date or securitisation through the issuance of treasury bills, bonds, or other forms of security.

In December 2022, the federal government requested the 9th national assembly for permission to securitise the debts it incurred from the CBN over the years.

The plaintiffs claimed that the series of loans secured by the government from the CBN had amounted to N23.7 trillion.

They added that the federal government was planning to restructure the loans to something that could be traded.

They further stated that the federal government had over the years secured various loans from the CBN under the Ways and Means provision of section 38 of the CBN Act in contravention of relevant laws.

They argued that the laws stipulate that the total amount the government could borrow shall not exceed five percent of the previous year’s revenue.

Recently, according to the plaintiffs, the Ways and Means debt of N22.7 trillion was decided to be converted into bonds (promissory note) contrary to section 38(3)(b) of the CBN Act.

The plaintiffs wanted the court to declare that the effect of securitising the ways and means debt would adversely affect millions of Nigerians, as well as rob them of the true worth of their savings and further drive Nigerians below the poverty line.

Delivering the judgment, Omotosho struck out the name of the national assembly from the suit, noting that the plaintiffs had breached the condition precedence of filing a pre-action notice on the legislature three months before filing the case.

The judge said though the plaintiffs claimed they filed the matter on behalf of the masses, the instant case was not a fundamental enforcement rights suit.

He said the claim that the suit was brought on behalf of the public was incomprehensible.

The judge added that the plaintiffs failed to show how the actions of the defendants affected them personally.

[TheCable]

President Bola Tinubu has approved the appointment of Engr. Chukwuemeka Woke as the Managing Director/Chief Executive Officer of the Ogun-Osun River Basin Development Authority.

Engr. Woke is a seasoned engineer and politician. He had served as Chairman of Emohua local government area of Rivers State and was Chief of Staff, Government House, Port Harcourt, for many years.

The President expects the new Chief Executive Officer of the Ogun-Osun River Basin Development Authority to discharge his duties with integrity and in conformity with the highest standards of transparency, while working at harnessing and developing the water resource potential of the area, as well as ensuring that the Authority is a channel for holistic and integrated industrial, agricultural, and community development.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

President Bola Tinubu has approved the appointment of the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, as the Co-Chairman of the Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB).

This was contained in a statement issued by Ajuri Ngelale, Special Adviser to the President on Media and Publicity, on Thursday.

According to the statement, the appointment would ensure effective oversight of the gas aspect of the nation’s assets.

“In line with his avowed commitment to establish a more efficient, targeted, and consistent approval process for unique oil and gas projects in the country, President Bola Tinubu has approved the appointment of Mr. Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), as the Co-Chairman of the Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB).

“This is also to further ensure effective oversight of the gas aspect of the nation’s assets.

“The President remains committed to unlocking Nigeria’s immense gas potential to stimulate industrial development, job creation, and sustainable economic growth,” the statement said.

[DailyTrust]

A Bill which seeks to increase the salaries and allowances of judicial officers on Thursday, May 9, scaled second reading at the Senate.

The resolution of the Senate followed its consideration and debate on a bill titled: “A bill for an act to prescribe the salaries, allowances and fringe benefits of judicial office holders in Nigeria and for related matters (2024).”

The bill was sponsored by the deputy majority leader of the Senate Senator Ashiru Yisa (APC-Kwara South).

The House of Representatives on March 20 passed the bill which provides a monthly package of N5.39 million for the Chief Justice of Nigeria (CJN).

The executive bill also provides a total package of N4.21 million for Justices of the Supreme Court, while the president of the Court of Appeal is to earn a total monthly package of N4. 48 million.

In addition, Justices of the Court of Appeal are to earn a total monthly package of N3.73 million, while the Chief Judge of the Federal High Court, President of the National Industrial Court, Chief Judge of the FCT High Court, Grand Khadi, FCT Sharia Court of Appeal, President of Customary Court of Appeal, Chief Judge of State High Court and Grand Khadi of State Sharia Court of Appeal and President of State Customary Court of Appeal are to earn a monthly package of N3.53 million.

Other allowances not embedded in the total monthly package include leave allowances, estacode per night of $2000 when applicable, duty tour allowances when applicable, severance gratuity of N80.78 million after successful completion of tenure as well as an option of motor vehicle loan to be repaid before the expiration of tenure.

It would be recalled that President Bola Tinubu had in a letter read by Senate president, Godswill Akpabio, during plenary on March 20 proposed a salary increase for judicial officers in the country.

The President in the letter argued that the bill would promote the independence and capacity of the Nigerian judiciary system.

Senator Yisa in his lead debate said remuneration was needed to reflect the contemporary socio-economic realities of the times.

He argued that the proposed legal framework would bring about significant improvement in the welfare, capacity, and independence of the judiciary, which have remained contentious issues of public discourse over the years.

In his contribution, the deputy president of the Senate, Senator Barau Jibrin, thanked President Tinubu for proposing a Bill to increase the salaries and allowance for Judicial Officers in the country.

Barau said: “I joined the President of the Senate to commend President Bola Ahmed Tinubu for bringing forward this Bill. This is very important and he has done well, not only for the judiciary but for the entire nation.

 “Mr. President, by the nature of the judicial officers, they don’t agitate. They cry in silence, and they don’t speak out. Other workers agitate, and they stage protests. But the judiciary doesn’t talk; they cry in silence.

“Now, the president of the country has spoken for them. What he did is something laudable and we are applauding him here. Because a country that didn’t take its judiciary in a very important passion is doomed.

“And when you want to take the judiciary seriously, you have to take the remuneration of the judiciary staff seriously.  That is very important, and that is what he has done. They have stagnated for several years.

“What the president has done should be supported and we will give him more support to continue to work on this kind of trajectory for the development of the nation. So, Mr. President, I joined you and other colleagues to commend President Bola Ahmed Tinubu.”

Senator Mohammed Monguno (APC – Borno North) Monguno, said improving the welfare of judges will insulate them from corruption and ensure they deliver just and fair judgments.

On his part, Senator Orji Uzor Kalu (APC-Abia North), said: “No right-thinking Nigerian will not think that it is right to keep the judiciary comfortable. I want to thank the executive for deeming it fit to increase the salaries of judges at all levels.”

Senators later approved that the bill be read for a second time when it was put to voice vote by Akpabio.

Akpabio thereafter referred the Bill to the Committee on Judiciary, Human Rights, and Legal Matters for further legislative input and to report back in four weeks.

[TheNation]

The Academic Staff Union of Universities (ASUU) has insisted on negotiating the salary of its members with the Tinubu-led administration, thereby, rejecting the N35,000 wage award.

ASUU National President, Prof. Emmanuel Osodeke, stated this in Ibadan on Thursday at the inauguration of the secretariat of the University of Ibadan (UI) branch of ASUU.

Osodeke stated that the union had agreed that whatever was legally sent to members’ accounts should be spent but not to be taken as the negotiated salary.

“We told them we should negotiate our wage, but they said we are giving you an award of N35,000; we have told them that it is not our own.

“We are still insisting that there has to be negotiated salary,” he said.

He identified the renegotiation of the existing agreement, payment of withheld salaries, earned academic allowance and release of the Needs Assessment Funds as some of the pending issues with the Federal Government.

While commending the UI ASUU branch for the edifice it built using the expertise of its members, Osodeke decried the use of external or foreign consultants to handle projects in the country.

He said the government should rather hire experts within the country, especially from within Nigerian universities as consultants.

Earlier, the Vice-Chancellor, UI, Prof. Kayode Adebowale, represented by Deputy Vice-Chancellor, Research, Innovation and Strategic Partnership, Prof. Yemisi Bamgbose, had commended the union.

Adebowale said the secretariat would serve as a hub of intellectual discussion, collaboration and solidarity among the union members “as it continues to strive for a better future for our universities and our nation.”

The UI ASUU Chairman, Prof. Ayo Akinwole, said the secretariat was built without donations from external people or bodies.

He commended members of the union who gave in cash and kind to see to its completion.

The News Agency of Nigeria (NAN) reports that the inauguration had a session, titled, “Challenging NeoLiberal Narrative in Nigeria’s Education Sector: ASUU’s 2022 Strike and Matters Arising”.

Speaking on the theme, Akinwole, said the impact of neoliberalism on education was complex and multifaceted.

He noted that the lecture was appropriate “at this period in our nation’s march toward self-reliance and independence in the right sense of the word.

“Expectedly, the lecture beams light on the way forward in continued relevance for scholars and all concerned leaders of the progressive movement in Nigeria.”

A Professor of Botany, Odoje Biodiversity Centre, Ogbomoso, Prof. Omotoye Olorode, spoke on the foundationality of the neoliberal narrative as expressed in the Nigerian ruling class response to ASUU’s strike.

He said, “ASUU’s struggles arise out of the necessity to build a country in which every citizen shall be free, educated, well fed and healthy.

“We cannot abandon these struggles and yet be worthy of being called ‘intellectuals’.

“This is where we stand. This is where we ought to stand.”

NAN reports that the union’s building at Olajuwon Olayide Extension, Ajibode, University of Ibadan, has a secretariat building, scholars’ chalets as well as other modern facilities.

(NAN)

Atlanta 1996 Olympic Games gold medallist and President of the Professional Footballers Association of Nigeria, Tijani Babangida, was on Thursday involved in a car accident that claimed the life of his younger brother Ibrahim Babangida, The PUNCH has learnt.

Former teammate, Emmanuel Babayaro, the General Secretary, PFAN, announced the incident in a statement.

Though the details of the accident remained sketchy as of the time of filing this report, our correspondent learnt that the accident happened along the Kaduna-Zaria Road.

“Comrades! Let us be in prayers for our president, Tijani Babangida, who just had a ghastly motor accident along the Kaduna-Zaria Eoad.

“Ibrahim Babangida, his younger brother, died on the spot from the accident while Mr President (Babangida) and his family were taken to the hospital.

“May the soul of Ibrahim Babangida Rest In Peace with God, amen,” he announced.

When our correspondent reached out to Babayaro, he confirmed the incident.

“Yes, it is true. The accident happened while they were on their way to Zaria from Kaduna,” he said.

“His brother Babangida died on the spot from the accident. The accident happened today (Thursday) this afternoon and his wife was also involved in the accident.

“He is currently admitted at Shika Hospital in Zaria, where he is receiving treatment and to the glory of God he is conscious,” he added.

The late Ibrahim, 47, a retired footballer himself, was a member of the 1993 FIFA U-17 World Cup-winning Golden Eagles squad in Japan.

He featured for local sides Bank of The North, Stationery Stores and Katsina United on the domestic scene before joining Dutch side Volendam in 1997.

A federal high court in Abuja has adjourned a suit filed by Olu Agunloye, a former minister of power and steel, against the Economic and Financial Crimes Commission (EFCC) until June 24 for a hearing.

Emeka Nwite, the presiding judge, fixed the date after Jedidiah Akpata, lawyer to Agunloye, sought an adjournment to enable parties in the suit to regularise their processes.

Akpata, who held the brief of Adeola Adedipe, lead counsel to the applicant, told the court that they were yet to respond to the defendants’ counter-affidavits.

Mercy Akeredolu, counsel representing the attorney-general of the federation (AGF), said the death of a lawyer who was supposed to handle the case, caused the delay in filing their processes.

M.K. Hussein, who appeared for the EFCC, did not oppose the application for adjournment.

The suit, marked FHC/ABJ/CS/167/2024 has the AGF as the second defendant.

Agunloye submitted that the EFCC declared him wanted without any form of judicial intervention, recourse to constitutional safeguards or order of court.

The former minister is asking the court to order the EFCC to remove his name from the wanted list published on the commission’s official website or any other related platform.

He also wants the court to issue an order of perpetual injunction restraining the defendants from further declaring him wanted concerning the Mambilla hydropower contract except ” by a judicial intervention and recourse to all constitutional safeguards available to him in law and equity”.

Agunloye is seeking N1 billion as “general damages”.

The EFCC is prosecuting Agunloye over a $6 billion Mambilla hydropower contract.

He was arraigned on a seven-count charge bordering on fraudulent contract award and official corruption.

The anti-graft agency said it has traced some suspicious payments made by Sunrise Power and Transmission Ltd to Agunloye’s bank accounts.

Former President Olusegun Obasanjo also challenged Agunloye to tell Nigerians where he derived the authority to award a $6 billion contract to Sunrise for the Mambilla hydropower project in 2003.

[TheCable]

Pursuant to the Cybercrime (Prohibition, Prevention etc) Act 2015 amended in 2024, a levy amounting to 0.5 per cent of the value of all electronic transactions shall be collected and remitted to the National Cybersecurity Fund overseen by the Office of the National Security Adviser.

Even though the said levy of 00.0 5 per cent is payable by the businesses listed in the second schedule to the principal Act, the Central Bank of Nigeria has wrongly directed all financial institutions to apply the levy at the point of electronic transfer origination and that the amount is to be explicitly noted in customer accounts under the description “Cybersecurity Levy” and remitted by the financial institution. The circular issued by the Central Bank has given the very erroneous impression that the levy is payable by individual customers.

The erroneous interpretation might have arisen from the substitution of "businesses" for "business" in the amendment. For the avoidance of doubt, by virtue of section 42(a) of the Cybercrime Act 2025 as amended, the businesses which are required to pay the levy are:

a. GSM Service providers and all telecommunications companies;
b. Internet Service Providers;
c. Banks and other Financial Institutions;
d. Insurance Companies;
e. Nigerian Stock Exchange.

In view of the foregoing, the Central Bank of Nigeria should be directed to withdraw its Circular of 6th of May, 2024 forthwith as it has wrongly interpreted the provisions of the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024. The CBN should also apologise to Nigerians for the misleading interpretation of the clear and unambiguous provisions of the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024.