Author: Lawbreed Limited

Justice Chukwujekwu Aneke of the Federal High Court, in Lagos has ordered the remand of an actress, Oluwadarasimi Omoseyin, in Kirikiri prison pending the determination of her bail application, for tampering with the Naira notes. Omoseyin was arraigned on a two-count charge by the Economic and Financial Crimes Commission (EFCC), for spraying and stepping on the newly redesigned Naira notes at a party. One of the count reads: “That you Oluwadarasimi Omoseyin on the 28th day of January, 2023 at Monarch Event Centre, Lekki within the jurisdiction of this Honourable Court while dancing during a social occasion tampered with the…

Governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele, yesterday, told the Diplomatic Corps that an extension of the February 10 deadline for the circulation of the redesigned N200, N500 and N1, 000 notes was unnecessary. He spoke at the meeting on the redesigned Naira policy held at the headquarters of the Ministry of Foreign Affairs in Abuja. Emefiele spoke on a day governors of Kano and Ogun states, Abdullahi Ganduje, and Dapo Abiodun, respectively, threatened to shut down banks in their states, if they continued to reject the old naira notes. However, the CBN governor noted the…

The Supreme Court sitting in Abuja on Wednesday adjourned a hearing in the suit banning the use of the old naira to Wednesday, 22nd February 2023. The three states filed the suit against the Federal Government seeking a restraining order to stop the full implementation of the naira redesign policy of the Central Bank of Nigeria. In a new development, nine states have filed to join the suit initially filed by Kogi, Kaduna and Zamfara states. The states are Katsina, Lagos, Cross River, Ogun, Ekiti, Ondo and Sokoto states bringing the new total of plaintiffs to ten. On the other…

The Central Bank of Nigeria, CBN, has informed citizens that there will be no cash swap for old notes in any financial institution. The CBN already declared the old N200, N500 and N1000 are no longer recognized as legal tender, despite a Supreme Court ruling. The apex bank on Tuesday released the guidelines for deposit of old notes at any of its branches across the country from February 15 and 17. CBN explained that in exchange for the old notes, the bank account provided by the depositor will be credited after scrutiny. “You will not be issued new notes; instead…

AS part of efforts to ensure ease of doing business in Nigeria, President Muhammadu Buhari, GCFR has signed the Business Facilitation (Miscellaneous Provision) Bill 2022 into law. Presented as an Executive Bill, the Business Facilitation (Miscellaneous Provision) Act, 2023 is a legislative intervention by the Presidential Enabling Business Environment Council, PEBEC, which amends 21 business-related laws, removing bureaucratic constraints to doing business in Nigeria. The Business Facilitation Act, 2023 consolidates the last seven years of PEBEC-led reforms and demonstrates the Administration’s sustained commitment towards making Nigeria a progressively easier place to start and grow a business. The new law also…

The United States government yesterday said it was not supporting any candidate or political party in the February 25 and March 11th elections in Nigeria. The US Assistant Secretary of State for Bureau of Africa Affairs, Molly Phee, stated this yesterday, when she paid visit to the leadership of the Independent National Electoral Commission (INEC) in Abuja. She said the concern of the US as an advanced democracy was to encourage a successful election that would be free, fair and peaceful. Phee stated: “Since 1999, Nigeria has been moving up in solidifying and consolidating its democratic trajectory. And now, under…

Secretary to the Government of the Federation SGF, Mr Boss Mustapha has inaugurated the Presidential Transition Council, describing it as a demonstration of the administration’s key commitment to strengthening key governance institutions that support the democratic process. President Muhammadu Buhari had on February 7 signed Executive Order No. 14 of 2023 on the Facilitation and Management of Presidential Transitions which provides the legal framework for a seamless transition of power from one administration to another. Mustapha noted that although the Constitution of the Federal Republic of Nigeria sets out the overarching framework for the assumption of office of the President,…

The Federal High Court, Abuja has fixed Tuesday February 14 for hearing on the bail application filed by Ali Bello and 3 others on an alleged N3 billion fraud charge brought against them by the Economic and Financial Crimes Commission EFCC. On February 8, 2023, Justice Obiora Egwuatu adjourned for hearing on the bail application filed by the defendants after they had pleaded not guilty to the 18-count charge. Meanwhile, Governor Yahaya Bello’s wife, Mrs. Rasheedat Bello, was not a defendant in the matter as against the EFCC press release of last Sunday. At Mondays sitting however, Counsel to the…

The Benin- South South Zone of the Tax Appeal Tribunal has ordered Niger Delta Development Commission (NDDC) to pay the Federal Inland Revenue Service the Sum of N20,338,795,939.00 (Twenty Billion, Three Hundred & Thirty-Eight Million, Seven Hundred and Ninety-Five Thousand, Nine Hundred and Thirty-Nine Naira only) liquidated tax liability. The Panel led by Obehi Odiase-Alegimenlen held that the Federal Inland Revenue Service has proved its case in line with the Summary Appeal Procedure. From facts, the Appellant- Federal Inland Revenue Service had notified the NDDC of tax liability of N28,798,494,924.29k (Twenty Eight Billion, Seven Hundred and Ninety-Eight Million, Four Hundred and…

United States Assistant Secretary of State for African Affairs, Molly Phee, says her country has no preferred candidate in Nigeria’s general election. Ms Phee stated this when she visited the Chairman, Independent National Electoral Commission (INEC), Mahmood Yakubu in his office on Monday in Abuja. She expressed confidence that the general election would be hitch-free and successful. “Democracies are exciting experiments in human governance. It doesn’t matter whether you’re rich or poor, whether you live in a city or the countryside, what your religion is, what your nationality is. “Every single vote counts and Nigerians should have confidence in their…