Author: Lawbreed Limited

The Central Bank of Nigeria (CBN) Friday said it would sanction, by blacklisting bank directors with loans that remain non-performing for more than one year. This was contained in the new corporate governance guidelines for commercial banks, financial holding Companies (FHCs), merchant banks, non-interest and payment service banks, released on Friday by the CBN. “Any director whose credit facility or that of his/her related interests remains non-performing in the banking subsidiary of an FHC, for more than one year, shall cease to be on the Board of the Financial Holding Company (FHC) shall be blacklisted from sitting on the Board…

A businessman, Amarah Kennedy, who was accused of circulating nude photos of his former lovers was on Wednesday arraigned at a Chief Magistrates’ Court, in Ogba, Lagos. Kennedy was arraigned on six counts charge of provocation, unlawful conversion of funds and publication of nudes on social media without the consent of the persons. The charge read in part, “That you, Amarah Kennedy, sometime in September 2022, in a hotel, at Olodi Apapa, Lagos, in the Lagos Magisterial District, insulted, annoyed, disgraced and/or provoke one (names withheld) without her consent did share her nude in the social media and thereby committed…

Justice Hamza Muazu of the High Court of the Federal Capital Territory, FCT, Abuja, has issued a one week ultimatum to the Department of State Services, DSS, to either charge the detained suspended Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele to court or set him free. The Judge issued the order on Thursday while delivering ruling in a fundamental human rights suit instituted against the DSS and others by Emefiele. Justice Muazu held that the DSS has power to carry out its constitutional duties of making arrest, detention and ensuring prevention of internal crime, but however said…

Ekiti State Chief Judge, Justice Oyewole Adeyeye, escaped death on Wednesday, when a section of the state high court complex collapsed on him while in the office.Justice Adeyeye is said to be currently receiving medical attention at an undisclosed hospital in the state. The incident happened around close of work on Wednesday. The judge was still in his chamber at the time of the collapse. The incident may not be unconnected with structural deficit worsened by the torrential rainfall. No life was lost during the collapse but the Chief Judge reportedly sustained serious injury as a section of the office…

A warder attached to the Kirikiri Custodial Centre, Lagos State, Kayode Fatombi, has been arrested by the police for allegedly aiding the escape of some prison inmates. Three men were arrested by the police for alleged robbery and kidnapping. They were subsequently arraigned before the Lagos State High Court, Ikeja. A source said two of the inmates escaped after the warder led them out on the pretext of taking them somewhere. After the police got information on the matter, they tracked the inmates and re-arrested them. This was when they reportedly confessed to having paid the warder N500,000 each. The…

A Canadian farmer owes $82,000 for breach of contract after using a “thumbs-up” emoji in a text. According to court documents from the King’s Bench for Saskatchewan in March 2021, grain purchasers with South West Terminal, Ltd., sent a text message to grain suppliers wanting to buy flax for $17 per bushel for delivery in October, November, or December of that year. After phone calls with farmers Bob and Chris Achter, SWT drafted a contract for Chris Achter to sell SWT 86 metric tons of flax for $17 a bushel and deliver the flax in November. The SWT rep signed…

The Lagos Zone of the Tax Appeal Tribunal has discharged the Federal Inland Revenue Service N488m Notice of Assessment dated February 2nd 2022 raised on INT Towers Ltd being 1% PBT levy imposed on telecommunications companies and GSM Service providers pursuant to section 12(2)(a) and the Third Schedule to the NITDA Act. The Panel led by Hon. Adedapo Sobowale declared that INT Towers Ltd is a network facilities provider and not a telecommunications company and is therefore not liable to pay the 1% PBT NITDA levy. From facts, the appellant- INT Towers Ltd had appealed against the N488m Notice of…

Central Bank of Nigeria has said it will intervene to resolve issues around the new charges adopted by Point of Sale operators in Nigeria.Already, Point of Sale agents are meeting with stakeholders across the country to agree on changes in transaction charges for PoS services. This is following increases in PoS charges across Lagos, Ogun, and Edo states. This was disclosed by the National Public Relations Officer, Association of Mobile Money and Bank Agents in Nigeria, Oluwasegun Elegbede. According to him, other states are working to follow in Lagos’s footsteps and increase transaction charges. On Friday June 30, the PRO,…

THE Nigeria Data Protection Commission (NDPC) has faulted the Central Bank of Nigeria’s (CBN) recent directive that banks should obtain and verify customers’ social media handles. The Commission described the directive as illegal, noting that it violated privacy laws. The apex bank had on June 26, directed banks to obtain the social media handles of customers as part of enhanced Customer Due Diligence (CDD) regulations. It explained that the move was geared towards bolstering bank customers’ compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) provisions, while aligning with international best practices. However, in a statement on Thursday, June 29,…

A Federal High Court sitting in Awka , Anambra State, on Wednesday, 21st June, ruled that the Minister of Finance, Budget, and National Planning is never permitted to deduct the statutory allocation from the Federation Account that is owed to a State in a suit brought by the Attorney General of Anambra State against the Minister of Finance, Budget and Planning alongside the Attorney General of the Federation who was joined as a party to the suit. The Allocation of Revenue (Federation Account Etc) Act clearly states that the portion of funds from the federation account due to States and…