Author: The Nation

  •  FEC approves $1b AfDB budget support financing

     FEC approves $1b AfDB budget support financing

    •    Okays N3.23b for scanners at airports

    The Federal Executive Council (FEC) yesterday, approved a $1 billion concessional budget support financing from the African Development Bank (AfDB).

    Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who announced the approval after the Council meeting, which was presided over by President Bola Tinubu at the Presidential Villa, Abuja, also announced a $100 million loan to Abia State government for waste management and rehabilitation of roads.

    He said the bank approved the budget support concessional financing with 25 and eight years moratoriums in recognition of the macro economic measures being taken by the Tinubu administration towards macro stability, restoring revenue, and improving the foreign exchange situation.

        “There was financing of $1 billion, concessional financing, 25 years, eight years moratorium at about the same for 4.2per cent per annum, which was approved by the AfDB for this administration and really, it was in recognition of the macro economic measures that have been taken, the swift movement towards macro stability, restoring revenue, improving the foreign exchange situation, and so forth, that have been taken by this government.

    “The reward, as far as the AfDB, a concessional financing organization, was to provide $1 billion in general budget support,” he said.

    He added that Council also approved a total limit of N2 trillion for Ministry of Finance to bring down the rate of interest on the current outstanding.

    He said it was expected to help save N50 billion or more in debt servicing over time by giving back expensive debt refinancing with cheaper funding.

        “In order to keep working hard and maximizing the ability of the government to use the markets and to take advantage of different situations and improve situations, the FEC approved a total limit of N2 trillion to be available for use by Ministry of Finance in order to go in and out of the market and essentially to, where possible, bring down the rate of interest on the current outstanding.

        “So, essentially, it will be refinancing and the view is that there will be an opportunity to save about N50 billion or more in debt servicing over time by giving back expensive debt refinancing with cheaper funding,” he added.

        On the approval granted on the funds to be lent to Abia State for waste management and rehabilitation of roads in Umahia and Aba, in particular, Edun said “there was an inherited financing, an inherited loan processing, which was to do with the $100 million financing from African Development Bank and $15 million from the Canada-African Development Bank Climate Fund.

        “Essentially, it was processed before this administration came in and, so it has been inherited. Essentially, it is concessional borrowing, around for 4.2% per annum by Abia State, through the federal government,” he said.

        Meanwhile, the Council has also approved the award of contract for the supply and installation of customized exclusive and narcotic detection screening systems for four international airports across the country.

        Minister of Aviation and Aerospace Development, Chief Festus Keyamo, who disclosed this during the briefing, said that the screening machines will cost the federal government the sum of N3.23 billion

        He added that the detection screening systems will be built, with drive view mechanism in Nnamdi Azikwe International Airport, Abuja; Murtala Mohammed International Airport, Lagos; Port Harcourt International Airport, Omagwa; Mallam Aminu Kano International Airport, Kano; and Akanu Ibiam International Airport, Enugu.

    Read Also: ‘We are working to attain energy sufficiency’

        “The second one, it’s what Nigerians will be interested in because, since I came to office, we have been inundated with complaints of the harrowing experiences that passengers go through at the airports where they have to physically search their bags. I’m sure you all know about that and it’s been really getting under the skin of Nigerians.

        “You’ll see various agencies lined up; NDLEA, they’ll say open your bag, Immigration, they’ll say open your bag, Customs, they’ll say open your bag, EFCC, they’ll say open your bag, and they will dip their hands in your bag.

        “So we thought we should do something like you have the TSA in America, where you have detection machines. So when they pass your bags through the machines, they detect explosives or any other thing and that’s the end of the search.

        “So it’s for the approval of the award of contract for the supply and installation of customized explosive and narcotic detection screening systems, with remote and dual view for the international airports of Abuja, Lagos, Kano, Port Harcourt and Enugu.

        “Luckily enough, the Council saw the need for this kind of equipment in order to relieve Nigerians of such experiences and it was graciously approved by Council”, he said.

        He also disclosed that the Council approved a memo for the signing of a bilateral air service agreement with the Republic of Guyana, a South American country.

        According to him, the agreement was entered in 2014 by the administration of that time, but you understand that the international agreement which are treaties do not come into force until there internal processes are completed and it is only a process of ratification by the relevant authorities.

        “We have entered into an agreement with Guyana and they have been very anxious to have direct flights from Guyana to Nigeria.

        “This agreement was entered way back in 2014, with the administration at that time, but you understand that international agreements, which are treatises, don’t come into force until their internal processes are completed in both countries.

        “Our own internal process here involves a process of ratification of treatise, so if I go out and sign an agreement with a country now, it doesn’t come into force; it doesn’t bind my country, until I come back and then it goes through a process of ratification by the relevant authorities.

        “In some cases, where you have to now domesticate it as a law, it goes to the National Assembly to pass into law, in line with the provisions of the constitution. In some other cases, it is just the executive that ratifies. In this case, it does not need domestication, doesn’t need legislation, it only needs the ratification by the executive, which was done today. So that is for the memo regarding the bilateral service agreement with the Republic of Guyana,” he said.

  • ‘Currency reforms present vistas for investment banking’

    ‘Currency reforms present vistas for investment banking’

    The ongoing currency reforms instituted by the Central Bank of Nigeria (CBN) have presented challenges and opportunities for investment banking industry, immediate past President, Association of Issuing Houses of Nigeria (AIHN), Ike Chioke, has said.

     Speaking during the Investment Banking Awards Night held in Lagos, he said the free floating of the naira and removal of fuel subsidy have impacted on key sectors of the economy.

    He said: “Nigeria is obviously bracing up to the impact of the new government and they are already making changes to what I will call non unorthodox policies. These policies had also introduced pain and hardship with the free floating of the naira and removal of fuel subsidy forcing their weaknesses on various sectors of the economy”.

        Chioke said despite the hiccups to their implementation, they have thrown up major opportunities for investment banking, urging members to apply their best skills and expertise to make the best of the opportunities.

        “As you know, investment banking industry is a critical one for the Nigerian economy and we represent the best brains and the best expertise in that space,” he said.

        The Awards night held at the Civic Centre, Lagos, and attended by both the top executives and middle level staff within  the  financial markets industry, presented opportunities for many players in the industry to receive awards, in recognition of their excellent performance in the  the year 2022.

        In the Debt Capital Market Category, Chapel Hill Denham Advisory Limited,  won the Private Company Bond House 2022 Award; Best Commercial Paper House 2022 Award and Best Bond House 2022 Award while the Best Commercial Paper House 2022 Award went to Stanbic IBTC Capital Limited.

    Read Also: Macroeconomic headwinds take toll on telcos’ balance sheet

        Also, in the Equity Capital Markets Category, the Equity Deal of 2022 Award was won by three companies- namely Stanbic IBTC Capital Limited, UCML Capital and Rand Merchant Bank.

        Additionally, Stanbic IBTC Capital Limited won the Best Equity House 2022 Award within the category.

        In the Financial Advisory Category, Stanbic IBTC Capital Limited won the M&A Deal of 2022 Award while Chapel Hill Denham Advisory Limited won the Best Financial Advisory House 2022 Award.

        The Investment Banking category saw Stanbic IBTC Capital Limited take the prize as the winner, Best Investment Bank 2022 Award.

        The Lagos State Government was awarded the Capital Markets Titan Award, within the Capital Markets Titan category.

        On her part, the newly elected President, AIHN, Kemi Awodein, said the recognition to the winners was a way of acknowledging the excellent work they are doing in their different areas of specialisation and motivation to do even more.

        She promised to continue and improve on the culture of excellence and development of the financial markets to the benefit of customers, investors and the economy.

  • Oil firm shifts to cashew production, processing

    Oil firm shifts to cashew production, processing

    A player in the downstream oil sector, Fatgbems, said it is also shifting attention to the agricultural sector by specialising in cashew production and processing, catering to the domestic market and facilitating exports within the African region.

     Its Chief Operating Officer, Ayodele Odulaja said the company is targeting to processing approximately 100,000 metric tons of cashew nuts annually, promoting local production and export across African countries such as Nigeria, Benin Republic, Cote d’Ivoire, and Tanzania

    Speaking in Lagos, Odulaja said the initiative is a testament to the company’s commitment to sustainable development and its dedication to contributing to the growth of the Nigerian economy.

    According to him, the company’s agro-allied is a company that is committed to fostering sustainable agricultural development in Africa and commences with cashew production and processing.

     “To further strengthen local production, we have acquired approximately 250 acres of prime agricultural land in the state of Ogun, Nigeria. This land will be instrumental in realizing our vision of bolstering cashew farming in Nigeria and contributing to the nation’s agricultural landscape”

        In alignment with our vision, it is important to note that Nigeria is the second largest producer of raw cashew nuts (RCN) in Africa, after Cote D’Ivoire. As of February 2023, the annual production of cashew nuts in Nigeria stood at 300,000 metric tons. Fatgbems Agro-Allied is poised to play a significant role in enhancing this figure and boosting Nigeria’s position as a key player in the global cashew industry,” Odulaja stated.

        He also said the company’s properties will create exceptional living and working spaces. The company according to him is poised to spread across major industries and in Nigeria with growing need for affordable homes and large industrial layout.

    Read Also: ‘We are working to attain energy sufficiency’

        According to him, the company’s properties will be launching into the properties and value industry with one of the most modern technology that will close the huge gap between technology and the property industry in Nigeria. We develop and manage properties that meet the highest standards of quality and comfort.

        Meanwhile, he disclosed the intention to restructure the company to transform into a Holding company and a Conglomerate with diverse interests in Petroleum Marketing, Automotive Services & Tyre Trade & Marketing, Agro-Allied, and Real Estate.

        He said the company’s journey began in 1986, with the establishment of Fatgbems Nigeria Limited, a visionary move to cater for the demand for Tyres, prompted by the remarkable growth of the global automobile industry, especially in Nigeria.

        According to him, by 2009, the company had achieved a remarkable milestone by becoming the top distributor of Michelin & Dunlop tyres in Nigeria. This accomplishment, he said, earned the company recognition and honor at the UBA Annual General Meeting (AGM) of 2009, where it was celebrated as one of the bank’s most valued customers.

  • Port community system to support blue economy

    Port community system to support blue economy

    Managing Director of Nigerian Ports Authority (NPA), Mohammed Bello-Koko has said the planned port community system (PCS) by the authority is also geared towards supporting the nation’s economy to harvest more benefits from the blue economy.

    Bello-Koko who said this in London where he is attending the 33rd session of the International Maritime Organisation (IMO) General Assembly, described the initiative as a game changer that will integrate all stakeholders within the maritime sector, promote national economy and support security of vessels, crew members and cargoes within the Nigerian maritime domain.

        He also expressed optimism that Nigeria will achieve the port automation and necessary integration ahead of the IMO 2025 deadline set for member countries

        The NPA MD who is on the entourage of the Minister of Marine and Blue Economy, Adegboyega Oyetola, CON and Permanent Secretary of the Ministry, Dr. Magdalene Ajani, added that the PCS will foster transparency, support ease of doing business and trade facilitation.

        He explained some steps taken by the authority to set the PCS in motion ahead of the 2025 IMO deadline to include development of automation-based processes. In time past, before the introduction of e-sen, (Electronic Ship Entry Notice), it takes about two weeks from the time of application to the time of approval and issuance of the ship entry notice certification.

    Read Also: Macroeconomic headwinds take toll on telcos’ balance sheet

        However, since the introduction of electronic processing of ship entry notice, it takes about one hour for a function that used to take up to one or two weeks, depending on the idiosyncrasies of the man on the table and all the table the documents need to pass through.

        He said the system will save cost of doing business and make our ports trade friendly by carrying out a function of two weeks in one hour and enhance faster ship turnaround time

        He added that NPA collaborative efforts with the IMO to achieve a world class port community system is at an advance stage and would soon migrate into implementation in line with global standard.

        Bello-Koko added that while in London, the Minister will lead Nigeria’s delegation into series of bilateral meetings with Ministers of Marine affairs of Greeece, Mexico and Qatar today to set the stage for improved Nigeria’s participation in global maritime trade.

        Meanwhile, sources at the meeting volunteered that Oyetola who is leading the Nigerian delegation long with NPA MD, NIMASA DG Will have bilateral meetings with Ministers of Marine affairs of Greeece, Mexico and Qatar today.

  • Norway’s stockfish export to Nigeria dips by 27%

    Norway’s stockfish export to Nigeria dips by 27%

    Stockfish import from Norway to Nigeria dropped by 27 per cent from over N43 billion to N31.53 billion this year, according to figures released by Norwegian Seafood Council (NSC).

    The group said the reduction in volume is significant including that of October which dipped 53per cent from 30700 tons to 14,400 tons.

    The NSC blamed the general trend of recession in the Nigerian market and difficulties related to foreign exchange (forex) scarcity.

    The group added that other imported species suffered as well as Herring recorded a reduction of 95per cent both in volume and value.Mackerel was also down by 47per cent in volume and 40per cent in value.

    Speaking at a stakeholders’ meeting hosted by the Council in Lagos, Norwegian Ambassador to Nigeria, His Excellency, Svein Beara said the inability of importers to access forex from the Central Bank of Nigeria (CBN) to import stockfish compounded the problem.

        He said the Norwegian government will continue to support Nigerian fish farmers to gain an in-road into the European fish market provided the quality and standards are met.

        Speaking on the occasion, Director for Africa, Norwegian Seafood Council, Mr. Tronds Kostveit discussed the market penetration of Norwegian stockfish in Nigeria and the benefits of the relationship between the two countries.

        He emphasized the high quality of Norwegian stockfish and its importance in Nigerian cuisine.

        He said: “Well, first of all, our stockfish is of top quality. It is the best cod we have in Norway and in the world and we are so happy that it has become a very important part of the Nigerian cuisine.

        “We see that it employs a lot of people. Many livelihoods depend on the stockfish trade as both men and women are involved in the sales in all the markets.

    Read Also: ‘We are working to attain energy sufficiency’

        “Again, because we also know that Nigeria wants to start to do aquaculture as we have done in Norway, we therefore, organized a four-day competence building seminar with the topic of aquaculture and also how Nigeria can export the fish that is being produced by aquaculture or onshore fish farming.”

        Consultant to the NSC in Nigeria, Abiodun Cheke said Norway and Nigeria have had a long-term trade relationship, adding that the recent lifting of forex restriction on stockfish by the CBN is expected to strengthen this relationship further.

        She said: “The NSC will increase its assistance to Nigeria in terms of quality assurance and training, and Norway has a special window for Nigerian fish farms to enter Norway with zero per cent import duty. The relationship between the two countries is also expected to promote the consumption of Nigerian local fish and advance Nigeria’s blue economy.”

        In his keynote, Minister of Agriculture & Food Security, Senator Abubaka Kyari said fish as is an important component of the human diet, accounting for over 20per cent of the average intake of animal proteins and essential fatty acids for around half of the world’s population.

        The seafood industry in Nigeria’s contributes largely to the economy and food supply. “In terms of economic contribution, the seafood industry plays a role in international trade. According to the National Bureau of Statistics (NBS), during the first quarter of 2023, Nigeria had exported frozen shrimp and prawns worth N5.13 billion.

        “It also provides employment opportunities along the entire value chain: from fishing to processing and marketing, for a significant number of people, particularly in the coastal and riverine areas of the country. Fishing and its related activities contribute to the livelihoods of many small-scale fishermen and fisherwomen in Nigeria,” the minister said.

  • Lawyers to CDS: judiciary not to blame for terror war setback

    Lawyers to CDS: judiciary not to blame for terror war setback

    It is not in doubt that a major element of the security challenges plaguing the nation today is terrorism.

    From the Northeast, where Boko Haram and other related groups operate, to the Southeast, where the Indigenous People of Biafra (IPOB) and associated bodies hold sway, the nation has continued to expend money and men in its efforts to bring the situation under control.

    However, despite the nation’s efforts, critics have continued to query why the challenge of terrorism seems intractable, with many blaming security agencies for not doing enough.

    This, perhaps, might have informed the recent outburst by the Chief of Defence Staff (CDS), General Christopher Musa, who accused the Judiciary of sabotaging the efforts of the military to tame the activities of terrorists in the country.

    Musa, while addressing the House of Representatives, accused the Judiciary of releasing arrested Boko Haram suspects and delaying their prosecution.

    The CDS argued that granting bail to Boko Haram members was putting the lives of security personnel at risk, adding that the release of Boko Haram operatives was affecting the fight against terrorism.

    The CDS said: “I have been in the North-east, there were a lot of Boko Haram elements that have been captured. We have kept them for five/six years.

    “We the armed forces can arrest, but cannot prosecute. Some of them have been found wanting, but no prosecution.

    “We are keeping them for this lengthy period, everyone is accusing the armed forces of keeping them against their human rights, but we cannot prosecute.

    “Another aspect of the Judiciary is that you use all your efforts to make an arrest, you hand them over, and before you enter your vehicle, the man has been released on bail.

    “Now, you have risked yourself in doing that (effecting the arrest); by the time he is released, he goes to tell the people the person that arrested him. Now, your family members or you are at risk.”

    Musa said it was getting to a state where the security forces would not want to make any effort.

    Is the Judiciary to blame?

    Lawyers have argued that the CDS was wrong to blame the Judiciary for simply performing its constitutional duties of interpreting and applying the law.

    Senior Advocate of Nigeria (SAN), Joseph Nwobike; Abuja lawyer, Otunba Tunde Falola and Dr. Peter Duela argued that while the CDS could be excused for expressing his frustration, he was wrong to have directed his blame to the Judiciary for simply granting bail.

    Has the court the right to grant bail?

    Justice Halilu Yusuf of the High Court of the Federal Capital Territory (FCT) said the court was at liberty to grant bail irrespective of the nature of the case, once the liberty of an individual is in question.

    Justice Yusuf stressed this point in a ruling he delivered on November 21 in the criminal case involving 13 members of the Petroleum Tanker Drivers (PTD) arm of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).

    They were arraigned on a charge marked: CR/042/2023 filed in the name of the Inspector General of Police (IGP) and in which the defendants were accused among others, of conspiracy, assault and attempted murder.

    Justice Yusuf said the issue of bail was a constitutional right of a defendant, whose guilt was not yet established, irrespective of the nature of the offence.

    He added that the decision to either grant or refuse bail to a defendant was solely that of the judge.

    The judge said: “The issue of bail has been discussed over the years in our courts and the annal of our jurisprudence. Bail is a constitutional right of an accused (a defendant)

    “As constitutional as it is, is also a contractual relationship between an accused person and the court once there are good reasons to admit such an accused person to bail.

    “It is a constitutional right because an accused person so charged before a court of law is presumed innocent until his/her guilt is established as provided in Section 36(5) of the Constitution.

    “The essence of bail is not to set an accused person free, but to release him/her from the custody of the law and to entrust him/her to appear at his/her trial at a given date.”

    Justice Yusuf added that bail implies granting a defendant “pre-trial freedom, and whose appearance can be compelled by ensuring that a credible surety gets him/her on bail and such surety undertake to produce him/her in court”.

    He added: “The guilt of a person so arraigned must be established for his/her fundamental human rights, as captured in chapter four of the 1999 Constitution to be inhibited.

    “This is so because he is already presumed innocent. So his guilt must be established by the prosecution.

    “And, pending when his/her guilt is established, even the court must always see him/her as an innocent person, unless and until he/she is found guilty.

    “It is for these reasons that when an application for bail is brought before a judge, in writing or orally, the judge shall put in place conditions that will ensure that the accused person attends court for his trial; that he will not jump bail so granted and that he will not interfere with the investigation or the witnesses of the prosecution.

    “I am not oblivious that courts have granted bail in cases where the defendants were arraigned for treasonable offences. Treason is the highest offence known to our laws.”

    Justice Yusuf referred to the cases of the late Chief M.K.O. Abiola and Mujahid Asari Dokubo, who were both charged with treason but were granted bail.

    ‘Why the Judiciary is not at fault’

    Nwobike argued that blaming the Judiciary in this circumstance as done by the CDS was simply unwarranted.

    He said: “The truth is that all and sundry have suddenly found the Judiciary as the reason for all the difficulties facing Nigeria today.

    “The Judiciary is guided by the law. Where a defendant is entitled to bail pending trial, under the prevailing legal framework, the Judiciary is not permitted to deny such a defendant the right to bail. 

    “It is the offence for which the defendant is charged by the prosecuting agency of government that will determine whether such a defendant will be granted bail or not.

    “I, therefore, will like to differ with the CDS in that regard. Blaming the government’s failure to fight terrorism on the Judiciary is unjustified.

    “Empirical evidence shows that the Judiciary has played its role very effectively in the fight against terrorism within its limited resources.”

    He noted that whether or not a person charged with terrorism will be granted bail will essentially depend on the particular law under which a defendant was charged and the severity of the offence.

    Nwobike said: “Some of the offences attract between10 to 20 years imprisonment. For instance, under Section 3 of the Terrorism (Prevention)(Amendment) Act of 2013, the offence of kidnapping carries life imprisonment, while the offence of training terrorists under Section 7 of the same law attracts 20 years imprisonment.

    Read Also: Lagos Assembly confirms three Sanwo-Olu’s nominees

    “So, the section, under which the defendant is charged, will ultimately guide the court in granting or refusing to grant bail.

    “Offences that attract life imprisonment usually are not bailable except in special cases.”

    Falola said ordinarily, one is tempted to sympathise with the CDS in his expression of frustration at the way and manner suspected terrorists arrested by the security agencies are granted bail by the courts.

    He noted that it constitutes a very serious issue that calls for sober reflection because the lives of gallant military officers are usually put at high risk when these suspected criminals are released on bail.

    Falola, however, noted that the issue of bail is more legal than moral.

    He added: “In other words, granting bail to an offender is a constitutional issue.

    “I say this because a person accused of committing an offence still enjoys the constitutional right of presumption of innocence until proven guilty by a competent court of law no matter the gravity of the offence alleged.

    “Therefore, it will be unfair to blame any judge, who exercises his discretion in admitting a person, accused of committing an offence, to bail.”

    Speaking further on their issue, Falola noted that the law is well settled that bail of an accused person should not be withheld as a pre-trial punishment.

    He said: “If the court is to consider the gravity of the offence, particularly the offence of terrorism in refusing to grant bail to an accused person, this will be a very dangerous trend, because an innocent person, accused of committing an offence, might eventually suffer for an offence he knows nothing about.”

    When bail can be denied

    Falola noted that even though there is no offence that is not bailable under the nation’s laws and constitution, there are instances where the court could decide to refuse bail.

    He said: “It must be pointed out that there are some offences that are ordinarily bailable, while some are not ordinarily bailable.

    “You cannot compare a person alleged to have slapped someone with someone who has been accused of armed robbery when it comes to the issue of bail.

    “Bail is usually refused in some instances. For instance, if releasing the person, accused of committing an offence will expose him to serious risk or danger. In this case, bail might be refused.

    “Also, if releasing him will jeopardise further investigation of the alleged offence, bail could equally be refused.

    “In these two instances, it does not mean that the offences alleged to have been committed are not bailable, but bail is refused because of some special circumstances.”

    Need for special court for terrorism cases?

    Nwobike and Falola disagreed on the need or otherwise for the establishment of a special court for the trial of terrorism cases.

    While Nwobike argued against it, Falola welcomed the suggestion.

    Nwobike said: “I do not think that we need to establish special courts for terrorism cases.

    “There are sufficient courts within the Federal High Court system for the speedy hearing and determination of terrorism cases in Nigeria.”

    Falola, on the other hand, said: “I think I am in support of that totally, given the fact that most of our courts, particularly the Federal High Court that handles these cases are already overwhelmed by the number of cases in their docket.

    “Creating a special court to handle terrorism cases will, in no small measure, decongest our court which will invariably promote speedy dispensation of justice.”

    Duela suggested the resumption of the special arrangement earlier deployed before now, where some judges are taken to specific locations for the sole purpose of conducting the trial of these detained terror suspects.

    “I can remember that such an arrangement was adopted before where some judges conducted proceedings in a military formation in Kainji, Niger State and another one in Borno State.

    “We can resume that arrangement instead of waiting time to create another court because time is of the essence,” he said.

    The AGF’s assurance

    The problem of delay in the prosecution of arrested terror suspects, alluded to by the CDS, will soon be addressed, according to Attorney-General of the Federation (AGF) Lateef Fagbemi (SAN).

    Fagbemi said plans were in top gear to ensure a seamless process that will involve the combination of normal physical court trial process with virtual hearings.

    Fagbemi said: “Efforts are on to resume the trial of those categories of people. And I think, in the next two weeks, it will be a different story. We are conscious of that issue.

    “Facilities are being put in place. Apart from the regular physical mode of trial, we working on ways to ensure that virtual trials can also be conducted.

    “This is intended to prevent delay. The government is not shying away from its responsibility of providing funds for this purpose. The idea is to ensure that we deploy adequate facilities to achieve this.”

    What security/investigating/prosecuting agencies should do

    Instead of throwing blame at the Judiciary, Nwobike and Duela suggested that the relevant security, investigating and prosecuting agencies of government should evolve more effective ways of addressing this challenge.

    Nwobike said: “The investigative and enforcement agencies of government at all levels must do more with the aid of technology and modern intelligence gathering techniques to fight terrorism at all operational stages.

    “The Office of the National Security Adviser (NSA), which coordinates the fight against terrorism, needs to do more considering the security implications of terrorism to the Nigerian state.”

    Duela believes all hands must be on deck, adding that inter-agency collaboration is required.

    He said: “Incidents of inter-agencies rivalry and disagreement will further weaken their capacity to deal with the challenge.

    “They must identify the moles among the various security agencies, with sympathy for these terrorists, and deal with them accordingly.”

    Duela, who hailed the AGF’s plan to resume the prosecution of terror suspects, said the country could no longer afford any further delay in that regard.

  • Court adjourns $47m loan suit till December 6

    Court adjourns $47m loan suit till December 6

    An Ikeja High Court, Lagos has adjourned further hearing till December 6, 2023 in a $47 million loan suit between an investment firm, Nichole Integrated Investments Limited, and oil magnate, Alhaji Sayyu Dantata.

    Other defendants in the suit are his three companies, MRS Holdings Company Limited, MRS Oil Nigeria PLC, and Bestaf Trading Company Ltd.

    Justice Yetunde Pinheiro on the adjourned date will hear two applications, including one for a mareva injunction from the claimants seeking the following:

    An order of mareva injunction restraining all the four defendants jointly and severally from paying out any money standing to the credit or for the benefit of the respondents from the under-listed accounts pending the determination of the suit.

    An order of mareva injunction restraining the defendants, particularly the 4th defendant from disposing, alienating, and or transfering the large expanse of land measuring 400,000 square meters situate at Lekki Free Trade Zone Phase 2, Ibeju-Lekki pending the hearing and determination of the suit.

    Alternatively, the claimants seek an order directing the defendants jointly and severally to pay the sum of $23,359,626.00 being the amount claimed as the balance outstanding from the total loan sum of $44,516,000 facility given by the claimants to the defendants under contract on  August 5, 2009, or the naira equivalent at the current bank rate.

    The sum of N50 million being the cost of litigation, and N25 million cost for damages for breach of contract.

    The claimants want the sums to be paid into an interest yielding account to be opened in the name of the Chief Registrar, High Court of Lagos State, to await the judgment of the court.

    The banks listed on the mareva application  are GTBank, Coronation Merchant Bank, Access Bank Plc, WEMA Bank Plc, First Bank, Zenith Bank Plc, Stanbic IBTC, and Sterling Bank.

    The other application is the one filed by the Defendants seeking the court to stay proceedings pending the determination of an appeal they filed at the Court of Appeal, Lagos to determine whether the lower court has jurisdiction to hear the suit since according to them, the claimant’s suit is statute barred. There application on this issue had earlier been over-ruled by the ADR Judge. Hon Justice Folami.

    When the matter came up for hearing at the last sitting of the court  on November 17,  the claimant’s counsel, Dele Adesina (SAN) informed the court that he was ready to move his application for Mareva injunction and that the application is not opposed as the defendants/respondents have failed to file  counter affidavit to the application.

    Read Also: 2024 budget: Katsina govt allocates 20% to water, education sectors – Commissioner

    Responding, counsel to the respondents, Norrison Quakers (SAN) informed the court that they filed a counter affidavit on  November 1 and that the claimants counsel refused service of same.

    He drew the attention of the court to an affidavit of refusal of service filed before the court.

    Responding, Adesina  said: “My lord, I am speaking from the Bar. I’m telling this court that we were not served the counter affvit”, adding that his office did not refuse service.

    At this point, Justice Pinheiro took a look at the said affidavit and refusal of service and noticed that the address in the affidavit was different from the address of the law office of Mr Adesina. She said she could not agree with Quakers as the address pointed out that service was made, was a different and wrong address.

    Consequently, Quakers apologised to both  Adesina and to the court, saying “I take full responsibility and apologise to my brother silk whom I hold in high esteem”.

    He asked for a short adjournment to enable him effect the service properly.

    However, Adesina accepted service right in court.

    The court, therefore, adjourned the suit till December 6, 2023 for arguments of both applications.

  • LASUED ambassadors to serve as SGBV responders

    LASUED ambassadors to serve as SGBV responders

    • By Joshua Uche

    The Executive Secretary, Lagos State Domestic and Sexual Violence Agency (DSVA), Mrs. Titilola Vivour-Adeniyi, has  said the newly-trained Lagos State University of Education (LASUED) Campus Ambassadors would act as first responders of sexual and gender based  (SGBV) on the campus.

    She said this was to further leverage on education as a tool for prevention of all forms of abuse within the institution.

    Mrs Vivour-Adeniyi stated this during the just concluded  two-day training for the LASUED Campus Ambassadors which held at the institution’s library, with 30 persons in attendance.

    The DSVA Executive Secretary pointed out the importance of addressing the SGBV menace which she said was to emphasise the State Government’s unwavering commitment to eradicating SGBV on campuses and how crucial their roles are in the process. 

    She expressed hope that the initiative would spur peer learning and peer accountability, and it would also encourage the bystander culture of students being responsive in precarious situations, especially on campus.

     The Dean of Students Affairs, Dr. Rilwa Dawodu, who represented the Vice Chancellor, appreciated the DSVA team for bringing the initiative to  LASUED and said it would stem the tide of the menace to the barest minimum.

    He urged the DSVA team to also extend the initiative to their other campus located at Epe. 

    Before the first discourse, a pre-test was conducted to ascertain the knowledge of participants on issues of SGBV.

    Read Also: Lagos Assembly confirms three Sanwo-Olu’s nominees

    Damilare Adewusi, Head, Community Engagement Lagos DSVA, explained the existing State Laws and policies of SGBV and took participants on the dos and don’ts while interfacing with survivors.

     Ms. Kafayat Salami Community Engagement Officer DSVA explained psychological first aid where she  emphasised that the use of empathic words, emotional intelligence and educating survivors on the various support services accessible at the agency was sacrosanct. 

    Mr. Tobi Ikudayisi enlightened the participants on the overview of SGBV where he listed the various forms of abuse, the myths about rape and sexual harassment as well as  the psychological effects of SGBV.

     Dr. Bola Elegbede, the Director of, SGBV LASUED Response Team appreciated the DSVA team for bringing the initiative to LASUED and gave assurance that the training would be beneficial to all.

     Certificates of participation were subsequently presented to the participants by the DSVA team.

  • Renaissance Estate: subscribers seek N4b from bank over eviction

    Renaissance Estate: subscribers seek N4b from bank over eviction

    Subscribers of Renaissance Estate in Port Harcourt, Rivers State, have demanded their reinstatement to the property or payment of N4 billion compensation by the First Trust Mortgage Bank Plc for rendering them homeless.

    The Renaissance Homeowners and Residents Association made the demand through their counsel, Efe Ize-Iyamu of Adeniji Kazeem & Company in a letter to the Managing Director of First Trust Mortgage Bank.

    The property owners bought 16 units of four-bedroom terrace houses located on Plot 96 Bimkol Close, GRA Phase 3, Port Harcourt, Rivers State.

    They paid N50 million per apartment through FBN Mortgages Limited (now First Trust Mortgage Bank) in February 2010.

    The lawyer wrote: “Sometime in February 2010, several units of four-bedroom flats at Plot 96, GRA Phase 3, Port Harcourt were sold to the homeowners, who subscribed to the Renaissance Homes housing scheme, an initiative of FBN Mortgage Bank Plc now known as First Trust Mortgage Bank Plc.

    “They have exercised undisturbed proprietary and possessory rights over their several units until March 1, 2022, when men of the Nigeria Police Force invaded the premises in a bid to execute a Supreme Court judgment delivered sometime in January 2003 and ever since then the residents and homeowners have been homeless, dispossessed of their various belongings and have been living at the mercies of whoever may show empathy.”

    The law firm accused the bank of gross negligence by not properly investigating the title it acquired from Vestor, ignoring the potential encumbrance and foisting a defective title on the Renaissance Subscribers.

    It argued that a diligent follow-up search would have revealed the existence of the Supreme Court judgment even though not registered at the Lands Registry at the time.

    Ize-Iyamu wrote: “As of January 31, 2003, the decision of the Court of Appeal was already reversed by the Supreme Court and then in June 2003 Vestor bought the land from Ex-Squadron Leader Obiosa. First Trust Mortgage Bank Plc thereafter bought the land from Vestor in 2008.

    “In the light of all these facts, modest due diligence, going by a reasonable man’s test would have revealed that at the time your bank was about to purchase the property from Vestor in 2008, there was a court-martial judgment registered on the property.

    “There was also a Court of Appeal judgment in furtherance of which Vestor then registered its interest, which would ordinarily arouse the curiosity in anyone, especially your bank, to conduct due diligence on the status of the appeal to the Supreme Court.”

    Read Also: 2024 budget: Katsina govt allocates 20% to water, education sectors – Commissioner

    The association rejected the bank’s offer to negotiate.

    The lawyer added: “Our client is not interested in your negotiation with Adekanola, the claimed beneficiary of our seized property from the Nigeria Air Force, who eventually evicted our clients and as regards restoring our client back to the same property. We rather advised it would be to the interest of your client to explore a room of settlement.”

    The estate’s association Chairman, Dr. Doyle Edeni, whose firm is into oil and gas services, claim to have remodelled and converted three four-bedroom facilities into a 13-bedroom facility with five sitting rooms, four kitchens, a gym, game room, a 24-seater conference/training room and three offices, all furnished to international standards to accommodate and cater to the needs of international and local Nigerian teams.

    Another subscriber, Dr. George Uzonwanne, said the subscribers paid N50 million each. He said: “I bought into the estate thinking that it was a genuine property from a remarkable company.

    “l have not received any apology or compensation from First Trust Mortgage Bank Plc. Security men came in the middle of the night to throw us out. I was billed to bring my family down, but l have not been able to do so.”

    In response, the bank’s lawyers – Onyeke, Ideho & Ighomuaye LP – said their client sympathises with victims “over the sad and traumatic incident”.

    They find the development “extremely strange, as it (the bank) had no reason to doubt the credibility and validity of the title of its predecessors-in-titles, over the land”.

    First Trust Mortgage Bank’s lawyers added: “Our clients have commenced an in-depth investigation into the incident to understand how a property over which it had valid titles spanning three different predecessors-in-title could have been the subject matter of a court action it was not aware of and/ or brought to its attention up and until the delivery of judgment and execution of same.”

    In another letter, the bank’s lawyers traced the history of the landed property and ownership, saying they intended to pursue some course of action that would lead to the recovery of the estate.

    They stated: “First, in conjunction with Vestor Properties Limited, to engage Chief Olusola Adekanola, the purchaser of the land from the Nigeria Airforce on an amicable resolution of the matter, towards a possible restoration of the possessory rights of the subscribers of the Renaissance Apartments.

    “Secondly, to commence interpleader proceedings at the Rivers State High Court, Port Harcourt, before the same court that granted the warrant of possession, and contend before the court that Supreme Court  judgment  executed at the property, that the execution of the judgment by the Air Force on the order of restitution, can only be executed on the known and established property or properties of the judgment debtor.”

  • Idigbe: why states need arbitration commissions

    Idigbe: why states need arbitration commissions

    • • NACCIMA holds fourth quarter meeting in Delta

    Quick resolution of commercial disputes is essential to economic development as it boosts investor confidence.

    This is why states need to strengthen their alternative dispute resolution (ADR) mechanisms in support of regular courts.

    This is the view of a Senior Advocate of Nigeria (SAN), Dr Anthony Idigbe, who urged the Delta State Government to set up an arbitration commission for quick resolution of commercial disputes.

    Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute.

    In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.

    Among others, an arbitration commission will provide service to parties who request conciliation or arbitration in accordance with the rules, among other roles.

    Idigbe made the call in his capacity as the President of the Asaba Chamber of Commerce, Industry, Mines and Agriculture (ASACCIMA).

    He spoke when ASACCIMA hosted the Fourth Quarter Council Meeting of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) in Asaba, the Delta capital.

    Idigbe, who is also the President of the Delta Association of Chambers of Commerce Industry Mines and Agriculture (DACCIMA), called for support by the state to set up an arbitration commission by donating land and a building for ASACCIMA to manage.

    The SAN also called for a review of multiple taxation, which he said has become a burden on businesses and adversely affects the ease of doing business.

    Noting that Asaba and its environs had historically played prominent roles in the nation’s political and commercial life, he urged the state to partner with ASACCIMA in the execution of proposed projects that will help tackle the challenges of youth employment, insecurity and poor power supply.

    He believes that including ASACCIMA and DACCIMA members in state business delegations will allow businessmen and women to interact with foreign counterparts to boost the sub-regional entity’s economy.

    According to Idigbe, an integral part of the private sector is the Chamber of Commerce, which has worked with successive governments in fostering development through Organised Private Sector (OPS) initiatives and is poised to do more.

    Idigbe, who is NACCIMA Legal Adviser, urged the government to support efforts towards developing the trade fair complex at Osubi to international standards and to develop similar facilities in Asaba.

    The SAN commended the state government for creating an enabling environment for businesses to thrive, especially through infrastructural development.

    He said: “I want to commend the state government for creating the enabling environment for business to thrive. Our successive governments have done a lot to foster commerce in the state.

    Read Also: Lagos Assembly confirms three Sanwo-Olu’s nominees

    “There has been massive infrastructural development, including the Asaba International Airport, ultra-modern Ogbeogonogo Market, Mechanic Village, amongst others.”

    NACCIMA National President, Otunba Dele Oye, said ASACCIMA, established in 1983, has been a tower of strength and a responsible member of NACCIMA.

    He said the national body jumped at the opportunity offered to be hosted in Asaba by ASACCIMA.

    He said NACCIMA has over 70 cities and state chambers of commerce, 439 corporate members, 13 bilateral chambers and 14 professional business associations.

    Oye restated the importance of a functional trade fair complex and urged the state government to partner with DACCIMA in developing the one in Osubi and an exhibition centre in Asaba.

    Delta Commissioner of Trade and Investment, Mr Samuel Oligida, represented by Felix Oseji, said a private developer has indicated an interest in remodelling the Osubi complex, adding that it will be delivered soon.

    He urged the OPS to invest in Delta, adding that the state was safe and investor-friendly.

    He described Asaba as the fastest-growing state capital in Nigeria.

    The two-day event, which began on November 19 with a golf kitty and a welcome dinner at Chief Idigbe’s residence in Asaba, was followed by a youth empowerment summit, an EXCO meeting and a welcome dinner the next day.

    Last Tuesday, there were visits to the Delta State Governor Sheriff Oborevwori and the Asagba of Asaba, His Royal Majesty, Prof Chike Edozien.

    The event ended with the NACCIMA Council meeting and dinner.