News & Insights

News & Insights

News & Insights

‘We’ll provide aid for victims of rights violations’

The Avocats Sans Frontières France (ASF France), also known as Lawyers Without Borders, France, has reiterated its determination to provide legal aid for victims of human rights violations in Nigeria. The Head of ASFF in Nigeria, Angela Uwandu, made this known in Abuja, during a training session for lawyers on […]

Future of Oil Industry Bright, OPEC Insists

 The Organisation of Petroleum Exporting Countries (OPEC) has said it does not believe in repeated predictions that the end was near for oil as a major energy source of the world, stating that contrarily oil has a bright future. OPEC’s […]

Uduk: Capital Market Key to Economic Growth, Development

Sep 12, 2019 – Legal News by 

The acting Director General of the Securities and Exchange Commission (SEC), Ms. Mary Uduk, has said the capital market can serve as a key catalyst for Nigeria’s economic growth and development because it offers a credible platform for obtaining long- term financing. Uduk, stated this during the opening ceremony of […]

Xenophobia: Nigeria vs S/Africa application a test case -African Court

As the Federal Government mulls filing an application before the African Court of Human and Peoples’ Rights against the South African government over the xenophobic attacks against Nigerians, the court says it will be a test case in inter-state applications. In an emailed message on Monday, the registrar of the […]

Rewane: Exchange Rate Unification Will Enhance FDI

The Managing Director/Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, in this interview says steps taken so far to reduce the divergence in exchange rates in the country will has helped to reduce market abuse and sharp practices. Peter Uzoho presents the excerpts: In your opinion, what are the […]

CBN Urges Fintechs, Payment Service Providers to Adhere to Standards

The Central Bank of Nigeria (CBN) has urged financial technology companies (fintechs), payment service providers and banks in the payment system to ensure that they adhere to policy framework and standards that guide their operations. The Director, Payment Systems Management Department, CBN, Mr. Samuel Okojere, stated this Thursday in Lagos, […]

FG plans bill to address multiple taxes, disparity

The Technical Committee of the National Tax Policy Implementation Committee will soon present a bill to the Minister of Finance and National Planning, Mrs Zainab Ahmed, that will harmonise all taxes to enhance ease of doing business in the country. The Deputy Chairman of the committee, Dr Bode Oyetunde, said […]

NSE reclassifies Oando shares as Low-Priced Stock

The Nigerian Stock Exchange on Thursday announced the reclassification of Oando Plc from Medium-Priced Stock to Low-Priced Stock. A statement by the Exchange said the reclassification became effective Thursday. This is in compliance to Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015 (Dealing Members’ Rules), the NSE said.   […]

I’ll pay my N537m debt in 12 hours, Duke begs court

A former Cross River State Governor Donald Duke on Monday told a Federal High Court in Lagos that he would pay his N537, 334,360.77 debts to Asset Management Corporation of Nigeria (AMCON) in less than 12 hours. Duke, through his counsel, Mr Edoigiawerie Omoruyi, told Justice Nicholas Oweibo that he […]

UPDATED: Alleged Perjury: Supreme Court Strikes Out Appeal Against Buhari

The Supreme Court on Monday struck out the suit seeking the disqualification of President Muhammadu Buhari in the 2019 presidential poll over alleged act of perjury. The suit was struck out shortly after it was withdrawn by the appellant’s counsel, Ukpai Ukairo, following hints from the apex court that it […]

Court slams N.5M damages on ExxonMobil Staff for libel

An Uyo High Court presided over by Justice Margaret-Mary Udoma has ordered one Ms Mfon Abia to pay five hundred thousand Naira only to Mrs Regina Udobong , the immediate past Manager, Public and Government Affairs, Joint Venture Operations of Mobil Producing Nigeria Unlimited, (MPNU), as damages for libel. Justice […]

Tax Appeal Tribunal Resolves Disputes Worth N10bn

The Tax Appeal Tribunal sitting in Kaduna has in the last eight months since the commencement of sitting resolved tax disputes amounting to over N10 billion. According to a statement, the tribunal which has jurisdiction over the North-west Zone, comprising the seven states of Kaduna, Kano, Kebbi, Katsina, Zamfara, Sokoto […]

FRC Unveils Individual Registration Portal

Obinna Chima The Financial Reporting Council of Nigeria (FRC) yesterday unveiled its individual registration portal. The Executive Secretary/Chief Executive Officer, FRC, Mr. Daniel Asapokhai, in his welcome address at a ceremony held in Lagos, explained that the new portal was in continuation of the Council’s effort to achieve its mandates […]

Banks Jostle to Unlock N1.5tn for Real Sector Lending

Obinna Chima Commercial banks are positioning themselves to attract more customers in the small business segment of the market as the deadline given by the Central Bank of Nigeria (CBN) for the financial institutions to maintain a minimum Loan to Deposit Ratio (LDR) of 60 per cent effective from September […]

EXCLUSIVE: NNPC claims Nigeria owes it N797bn — NEITI

…Deducted N141bn as subsidy; fail to remit N78bn in 2017 By Michael Eboh   The Nigeria Extractive Industries Transparency Initiative, NEITI, Wednesday, stated that the Nigerian National Petroleum Corporation, NNPC, is claiming that it is owed N797 billion by Nigeria, comprising the Federal, State and Local Governments.   Mele Kyari, […]

Finally, Nigeria signs agreement to increase seafarers’ wages

The National Joint Industrial Council has signed the much awaited conditions of service and Collective Bargaining Agreement for Nigerian seafarers. This is coming after eight years of delay. Speaking during the signing ceremony in Lagos, the Director- General, Nigerian Maritime Administration and Safety Agency, Dr Dakuku Peterside, said the condition […]

Report Foresees $34.8bn Remittances to Nigeria by 2023

The PriceWaterhouse Cooper (PwC), a multinational professional auditing firm, has predicted that diaspora remittances to Nigeria will reach $25.5 billion by the end of the year and $34.8 billion by 2023. The firm expressed belief that such inflow would continue to strengthen the Nigerian economy in the coming years. According […]

Nigeria’s Growing Pension Assets

The rising acceptance of micro pension scheme being driven by the National Pension Commission has led to steady rise in pension assets, writes Hamid Ayodeji For many people, the future remains largely uncertain. But for those who have planned for it through the right investment and savings, it is always […]

NIGERIA CORRECTIONAL SERVICE: BEYOND CHANGE OF NAME

On Wednesday, August 19, 2019, President Muhammadu Buhari signed a bill into law. This bill is chiefly geared towards changing the name of the Nigeria Prisons Service into the Nigeria Correctional Service. This development is very significant given that it bothers on a salient aspect of social existence and intercourse: […]

AFBTE Seeks Engagement on Proposed FX Ban on Food Imports

The Association of Food, Beverage & Tobacco Employers (AFBTE) has appealed to the federal government to engage members of the organised private sector (OPS) and stakeholders in the food industry on plan to end the allocation of foreign exchange for importation of food. The President, AFBTE, Chief Patrick Anegbe, made […]

Banking Sector Consumer Credit Increases to N754bn

The total value of consumer credit disbursed by commercial banks increased from N632.71 billion recorded in December 2018 to N753.85 billion as at June. A member of the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC), Prof. Adeola Adenikinju, said it rose from N747.88 billion as of May 2019, […]

UNEP, UN Human Rights Office Step-up Commitment to Protect Right to Healthy Environment

The UN Environment Programme (UNEP) and the UN Human Rights Office have prioritised efforts to promote and protect environmental and human rights with the recent signing of a new cooperation agreement. They resolved to do this because threats to individuals and communities defending their environmental and land rights have intensified […]

FG to Challenge British Court Order Granting Seizure of Nigerian Assets

The Federal Government has commenced move to reverse the order of a British court which granted, on Friday, the seizure of Nigerian assets amounting to $9bn. Justice Butcher of the British Commercial Court had on Friday while delivering judgment in the suit filed by an Irish firm, Process and Industrial […]

Trade Wars, Disruptions Drag Oil Price Down to $69

Crude oil prices dropped Wednesday to $69 per barrel, representing about two percent reduction over its previous prices. Supply constraints linked to the Organisation of the Petroleum Exporting Countries’ output cuts and political tensions in the Middle East offered some support, however. Brent crude futures, the international benchmark for oil […]

Federal Government Engages Investors to Develop 2,110MW Hydropower Projects

May 30, 2019 – Legal News by

The Federal Government has commenced talks with investors for the development of three hydropower plants with a combined capacity of 2,110 megawatts. It was gathered on Tuesday that the projects include the 360MW Gurara II Hydropower Plant, 750MW Lokoja Hydropower Plant and 1,000MW Makurdi Hydropower Plant. The Minister of Water […]

Gas deal: FG denies seizure of Nigeria’s assets by British firm

The Federal Government has denied social media reports that Nigeria’s assets in the United Kingdom would be seized if the $6.5 billion arbitrary award against it is not paid to a British firm over a gas deal.   The reports claimed that Nigeria’s UK assets would be seized if it […]

Adeleke drags IGP to court over arrest, detention

Candidate of the Peoples Democratic Party (PDP)in Osun State in the last governorship election held in September last year, Senator Ademola Adeleke has dragged the Inspector General of Police (IGP) to court over his arrest and detention in Abuja on May 6, 2019. Adeleke had approached the Osun State High […]

Court asked to bar Gbajabiamila from contesting Reps Speakership over alleged conviction by US Court

The Federal High Court sitting in Abuja, was, on Wednesday, urged to bar a top contender of the Speakership of the 9th House of Representatives, Femi Gbajabiamila from going ahead with his ambition. It was also explained that the ground for the legal position against Gbajabiamila was because he was […]

Dasuki Gate: Court admits Metuh’s account of N400m expenditure in evidence

The Federal High Court, Abuja, has admitted in evidence, the final account tendered by Olisa Metuh, former National Publicity Secretary of the Peoples Democratic Party (PDP). Metuh tendered the document on Tuesday at the resumed hearing, detailing how the sum of the N400 million for which he is standing trial, […]

Businessman Drags Ag CJN, Justice Tanko Mohammed To Court Over Alleged Age Falsification

A 46-year-old businessman, Mr Tochi Michael, has dragged Justice Tanko Mohammed, the Acting Chief Justice of Nigeria (CJN) before an FCT High Court over alleged age falsification. In the originating summon with suit No. FCT/HC/BW/CV/79/2019, filed before the court in April, the petitioner alleged that the CJN deliberately falsified his […]

Court Strikes Out Suit Seeking To Stop Ihedioha’s Inauguration …Awards N5m Against DA Gov Candidate

A Federal High Court sitting in Owerri on Tuesday struck out a suit seeking to stop the inauguration of the Imo State Governor-elect, Emeka Ihedioha, on May 29. In his judgment, the presiding judge, Justice P.A. Rimgim, said the plaintiff, Clifford Eze, who was the governorship candidate of the Democratic […]

Court fixes May 22 for suit filed by Patience Jonathan

Justice Chukwujeku Aneke will on Wednesday (tomorrow) hear a suit filed by former First Lady, Dame Patience Jonathan, challenging a “No Debit Order” placed on her bank accounts.   Patience had filed the suit in 2016 to challenge the order placed on four Skye Bank (now Polaris Bank Ltd) accounts […]

Kano Emirs: Court Orders Parties to Maintain Status Quo

Justice Nasiru Saminu of the Kano State High Court sitting in Ungogo Wednesday halted the appointment and installation of four new emirs by the Kano State government, asking parties in the dispute to maintain status quo pending the determination of a suit challenging the appointments. The state high court had […]

 

Lawyer Drags SEC, NSE To Court Over MTN Listing

A legal practitioner based in Lagos, Dr. Charles Mekwunye has dragged the Security and Exchange Commission, SEC, before a Federal High Court sitting in Abuja seeking to stop the planned listing of MTN shares on the floor of Nigeria Stock Exchange. In the suit marked as FHC/ABJ/CS/2019, Dr Mekwunye is […]

Alleged money laundering: EFCC re-arraigns Justice Ajumogobia, Obla

The Economic and Financial Crimes Commission on Wednesday re-arraigned a Judge of the Federal High Court, Rita Ofili-Ajumogobia, and a Senior Advocate of Nigeria, Godwin Obla, over alleged money laundering charges. EFCC charged Ofili-Ajumogobia and Obla on 18 counts bordering on conspiracy, unlawful enrichment, retention of crime proceeds and money […]

Tribunal Commences Hearing on Atiku, Others’ Petitions Today

  The Presidential Election Petition Tribunal will today formally commence hearing in the petitions filed by candidate of the Peoples Democratic Party (PDP) in the 2019 presidential election, Alhaji Atiku Abubakar, his party, the PDP, and three other political parties and their presidential candidates against the victory of President Muhammadu […]

Court Grants Adamama State Board Of Internal Revenue

It is no longer business as usually for tax defaulters in Yola, Adamawa State, as the tax authority, Adamawa State Board on Internal Revenue (ASBIR) has been able to give effect to the provisions of its establishment law which empowers it to distrain on the property, chattels and effects of […]

Legal News Post

THE JUDICIARY IS IN DISTRESS The two-day meeting of the National Judicial Council will begin on Tuesday 15th January. It is a scheduled meeting which will be presided by the Chief Justice of the Federation, Justice Walter S. Nkanu Onnoghen, who happens to be Chairman of the Council. The meeting […]

NLRC reports: AGF seeks more reforms of anti-graft laws

The Attorney General of the Federation, Abubakar Malami (SAN), has promised to present the reports on the reforms of the nine federal laws submitted by the Nigerian Law Reform Commission (NLRC) to the Federal Executive Council (FEC) for onward transmission to the National Assembly for passage. While receiving the reports […]

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