Author: Lawbreed Limited

Bismarck Rewane, managing director (MD) of Financial Derivatives, has proffered solutions to end the scarcity of cash in the country. Despite the naira swap policy, many Nigerians have found it difficult to obtain the new notes. The Central Bank of Nigeria (CBN) attributed the scarcity to hoarding by citizens. Speaking in a Channels Television interview on Friday, Rewane said the federal government needs to do damage control to ensure improved supply of the naira. Rewane proposed that the solution should take two forms: printing more notes for an increased supply and rebuilding citizens’ confidence. “We can talk from now to…

The Supreme Court on Saturday came hard on some Nigerians who had been “venting convoluted anger”, following its recent pronouncements, which affirmed a former Governor of the Akwa Ibom State, Godswill Akpabio, and Senate President, Ahmad Lawan, senatorial candidates of the All Progressives Congress in the February 25 elections. The Apex Court warned purveyors of such attacks on the judiciary and Chief Justice of Nigeria, Justice Olukayode Ariwoola, especially the United States-based Professor, Farooq Kperogi and Progressive Minds Forum, to desist and channel such energies to political parties which “fail to organise themselves well.” The Director of Press And Information…

Ondo State Government has filed a suit before the Supreme Court of Nigeria, Abuja against the Federal Government in respect of the directive issued through the Central Bank of Nigeria limiting daily cash withdrawals from banks. In an originating summon filed and signed by the Attorney General of Ondo State, Sir Charles Titiloye Ksm FCArb, on Thursday, Ondo state Government is praying the Supreme Court to stop the implementation of the directive issued by the Federal Government through the Central Bank of Nigeria on limitation of daily cash withdrawals from banks which has totally paralysed and brought to a standstill…

The Federal Inland Revenue Service and the Lagos State Government on Monday signed a Memorandum of Understanding to create a joint tax audit system. Lagos State Governor, Babajide Sanwo-Olu noted that the plan is to address duplication of measures and enable the exchange of data that are relevant to the enforcement of extant tax laws. Sanwo-Olu said the signing of the MoU is necessary for the unity of both parties. “The MoU is in the best interest of the public, as it affirms the reason why we need to come together and strengthen the cordial working relationship between the two…

Supply constraint arising from the limited capacity to print enough new Naira notes is responsible for the severe cash crunch hurting Nigerians, CBN Governor Godwin Emefiele admitted amid the disappointing naira swap policy of the Buhari administration. Mr Emefiele made the disclosure on Friday when he briefed the emergency meeting of the National Council of State, sources who attended the meeting told PREMIUM TIMES. President Muhammadu Buhari convened the meeting as threats of social instability rise following the shortage of Naira. Violent protests have been recorded in parts of the country, including in Ogun, Oyo and Akwa Ibom in the…

Background Issue 1 Stanbic IBTC Bank Plc (“Stanbic” or the “Bank”) set up a reward scheme (the “Programme”) for exceptional employees. The Programme entailed subsidising the interest on mortgage loans taken by qualifying employees. The Programme was designed to enhance staff performance and boost profitability; as such, the costs were recognised as staff costs in the Bank’s books. The FIRS audited the Bank’s 2016 and 2017 records and disallowed expenses relating to the Programme, resulting in a liability of about N360m for the period. Issue 2 In 2017, the Bank incurred legal expenses in respect of a Court of Appeal…

Former deputy president of the Senate, Ike Ekweremadu, has denied offering money to a prospective kidney donor to save his sick daughter, Sonia. The lawmaker, his wife, Beatrice, and their 25-year-old daughter are on trial in London for allegedly trafficking a young man from Nigeria to serve as kidney donor. The Ekweremadus were alleged to have offered £7,000 to the 21-year-old trader whom they flew to London and falsely presented as Sonia’s cousin so as to obtain his kidney. According to Daily Mail, in his opening addresses at the Old Bailey on Wednesday, lawyers for the defendant, Martin Hicks, insisted…

A Federal High Court sitting in Port Harcourt has granted an order restraining the Rivers State Government, led by Governor Nyesom Wike; the Department of State Services, DSS; and the Nigeria Police Force, NPF; from arresting and intimidating members of the Atiku Campaign Council in the State. Justice A.T Ibrahim issued the order against the DSS and the police following a motion ex parte filed by leaders of the Rivers State Atiku/Okowa Campaign Council. The Council Spokesperson, Dr Leloonu Nwibubasa, on Wednesday, noted that Atiku Abubakar’s supporters are now protected by the court order after some of them were arraigned…

The Kano state Government has prayed for a mandatory order seeking for reversal of the Federal Government policy to recall the N200, N500 and N1,000 notes from circulation saying the policy is affecting the economic well-being of the over 20 million citizens Kano State. The state prayed for, among others, “a mandatory order to compel the FGN to reverse the Naira redesign policy for failure to comply with 1999 (as amended) constitution of the FRN. The originating summons seen by Loyal Nigerian Lawyer reporter was filed by Mr Sunusi Musa, SAN of Aliyu & Musa Legal Practitioners and Consultants, Kano.…

The police have filed an appeal against the judgement reinstating some police officers after they were retired. The aggrieved police officers had recently demanded the removal of the Inspector-General of Police (IGP), Usman Baba, and his committal to prison for disobeying the April 19, 2022 judgement of the National Industrial Court which ordered their reinstatement. But the Force Public Relations Officer, CSP Muyiwa Adejobi, on Thursday described the call for the sack and imprisonment of the IGP as baseless and mischievous. He said the appeal number NICN/AB/21M/2023 was filed on February 8. Adejobi said, “For the records, the said retired…