Author: Lawbreed Limited

The National Judicial Council, at its 102nd Meeting presided over by the Chief Justice of Nigeria and Chairman, National Judicial Council, Hon. Justice Olukayode Ariwoola, GCON, on 14 and 15 June 2023, came up with a policy barring Judicial Officers from switching henceforth from High Court of Justice to the Customary Court of Appeal and vice versa. In a statement on Friday, Soji Oye, NJC’s director of information, said the decision was reached during meetings held on Wednesday and Thursday. The only exception allowed is when a new Customary Court of Appeal is established in a State. Judges who indicate…

The Central Bank of Nigeria (CBN), on Wednesday announced changes to the Nigerian Foreign Exchange (FX) Market. This has triggered the abolishment of all segments and collapsed into the Investors and Exporters (I&E) Window, thereby confirming what the Daily Trust reported, which it stood by since the report went public and challenged CBN to prove otherwise. The current move has seen the naira slump to a record low of 29% to N664 per dollar at the close of business in Lagos, according to FMDQ, a local exchange operator, in what is the biggest decline since devaluation in 2016. The apex…

The Central Bank of Nigeria (CBN) has given commercial banks and dealers in the forex market the green light to sell forex freely which is at a market-determined rate. This is in line with the promise of President Bola Tinubu to unify the multiple exchange rate in the market. The development means banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate. However, official confirmation will have to come later in the day when data from the FMDQ is available. Details Later…

President Bola Tinubu, on Monday, signed the Data Protection Bill into law. This was contained in a statement signed by the Head, Legal Enforcement and Regulations, Nigeria Data Protection Bureau, Babatunde Bamigboye. The NDPB National Commissioner, Dr Vincent Olatunji, expressed optimism on the prospects of Nigeria’s Digital Economy following the emerging regulatory dispensation. He applauded the president for renewing the hope of over 200 million Nigerians in the advancement of privacy rights and other fundamental freedoms both in cyberspace and in analogue transactions, The statement read in part, “Nigeria has taken a giant leap forward in the global data race…

President Bola Ahmed Tinubu, GCFR, has approved the indefinite suspension from office of Mr. AbdulRasheed Bawa, CON, as the Chairman, of the Economic and Financial Crimes Commission (EFCC) to allow for proper investigation into his conduct while in office. The statement read, “President Bola Ahmed Tinubu,GCFR, has approved the indefinite suspension from office of Mr. AbdulRasheed Bawa, CON, as the Chairman, Economic and Financial Crimes Commission (EFCC) to allow for proper investigation into his conduct while in office. “This follows weighty allegations of abuse of office levelled against him. “Mr Bawa has been directed to immediately handover the affairs of…

A Lagos State High Court sitting in Ikorodu has resolved a land dispute between a couple and the two founders of God’s Glory Evangelical Mission (Palace of Breakthrough) over ownership of land used by the church in Ikorodu, Lagos. Justice Adeniyi Pokanu held that the land belonged to the couple, Mr. James Adebayo Adenuga and Mrs. Omobolanle Esther Adenuga, who are claimants in suit IKD/10257LMW/2021. The judge dismissed the counterclaim of the 1st and 2nd defendants – Pastor Omotayo Stephen Omole and Mrs. Modupe Elizabeth Omole – that the couple freely transferred ownership of the land to the church. According…

For the second time in two years, the Federal Government has increased tertiary education tax from 2.5 percent to 3 percent. It was increased from 2 percent in the Finance Act 2021 to 2.5 percent and has gone up to 3 percent in the backdated 2023 Finance Act. Former President Muhammadu Buhari signed the Finance Act 2023 on May 28, 2023 and backdated the commencement date of the Act to 1 May, 2023. Tertiary education tax is imposed on every company at the rate approved by the President of the assessable profit for each year of assessment. The funds are…

President Bola Ahmed Tinubu has suspended the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, from office with immediate effect. Willie Bassey, a Director in the Office of the Secretary to the Government of the Federation, announced this in a statement on Friday night. “This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy. “Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation…

President Bola Tinubu has assented to the electricity bill, which authorizes states, companies and individuals to generate, transmit and distribute electricity. The new electricity law repeals the Electric Power Sector Reform Act (EPSRA) which was signed by President Olusegun Obasanjo in 2005. The EPSRA (2005) provided the legal, regulatory and governance frameworks underpinning the Nigerian Electricity Supply Industry (NESI). The new Act signed by Mr Tinubu consolidates all legislations dealing with the electricity supply industry to provide an omnibus and ideal institutional framework to guide the post-privatization phase of the Nigerian Electricity Supply Industry and encourage private sector investments in…

The Federal High Court sitting in Abuja, on Tuesday, wielded the big stick against a legal practitioner, Mr. Chuks Nwachukwu, who is ordered to pay a fine of N20 million for filing a frivolous suit to stop the inauguration of President Bola Tinubu on May 29. The lawyer, represented five residents of the Federal Capital Territory, FCT, that applied for an order of the court to halt Tinubu’s swearing-in ceremony that held at the Eagle Square, Abuja. He had among other things, asked the court to restrain the Chief Justice of Nigeria, CJN, Justice Olukayode Ariwoola or any other judicial…