The Nation Newspaper

Category: Law

  • Land dispute: Judge warns against conflicting applications

    Land dispute: Judge warns against conflicting applications

    Justice Aishat Opesanwo of the Lagos State High Court has warned lawyers against filing applications that result in conflicting orders.

    She issued the warning while refusing an application for a restraining injunction by Abiodun Ariori and Tajudeen Akanbi, representatives of the family of the late Chief Mojisola Cole.

    The applicants sought to obtain an interim injunction stopping NASCO Town Ltd from exercising possessory rights over an expanse of land located at Abule Oshun in Ojo Local Government Area of Lagos State.

    Justice Opesanwo, sitting as the vacation judge, directed the applicants back to Justice M. A. Savage, who is the substantive judge adjudicating the case.

    She said: “A new legal year resumes next (this) week and I will ask all of you to go back to the substantive courts originally handling your cases.”

    Read Also: First Lady Tinubu unveils #OneNigeria/UnityFabric with N25m price tag

    The judge decried the practice of lawyers invoking the jurisdiction of vacation judges over matters not urgent as required by the rules.

    Justice Opesanwo stressed that only urgent cases ought to come before vacation courts.

    She said: “It’s like a doctor handling an emergency surgery. Many of the cases you filed here are not emergency cases.

    “You file frivolous applications and get orders that may conflict with that of the substantive court.

    “When judges are blamed for conflicting orders, no one blames lawyers that file conflicting applications.

    “I will not entertain any case today. Go back to your substantive courts and handle your cases there.”

    The defendants had sought an interim injunction against NASCO despite a subsisting interlocutory injunction in its favour by the substantive court which had restrained the defendants and their agents from meddling with the land.

    The defendants (applicants in the vacation processes) filed by Hussain Tijani of H.O.T Chambers are Abiodun Ariori, Prosperous Ariori Golden Ventures Limited, Pertinence Limited, Terralords Nigeria Limited, Unknown Persons, Mrs Oluwaremilekun Ariyo (nee Cole), Mr Oluwasegun Cole, Oladapo Cole, Mr Tanimowo Cole, and Dr Islamia Efumbowale Cole (head and principal members of Chief Michael Mojisola Cole family).

    In a 19-paragraph affidavit deposed to by Tajudeen Akanbi, the defendants claimed that the land belongs to them.

    On May 16, Justice Savage (the judge in charge of the matter) granted an interlocutory injunction in NASCO’s favour.

    The judge restrained the defendants from carrying out any act of ownership of the land.

    The injunction followed an application by NASCO as the major applicant.

    Other applicants were Incorporated Trustees of NASCO Landlords and Residents Association, Ekpunobi Charles, Samuel Metu, Idafum Theaddeus, Ernest Onubogu, Okoli Obiora, Johnpaul Umebulue, Victor Okoye and Chukwudi Okorji.

    The land forms part of a large parcel of land originally acquired by the Federal Government via Notice 1138 published in the Official Gazette No. 44 Vol. 64 of September 8, 1977.

    The Federal Government leased the land to NASCO through a June 5, 1978 agreement registered as No. 92 on Page 92 of Volume 1739 of the Lands Register.

    The land was undeveloped, but the company obtained development approvals, cleared and sand-filled it, constructed estates and access roads, and developed a free trade zone, jetty and terminal facility while maintaining the integrity of the land and meeting its financial obligations to the government.

    According to NASCO, it has since been exercising rights of ownership and undisturbed possession until 2017 when the defendants led by Mr. Abiodun Ariori started laying claims to the land and entering into transactions with third parties over some parts.

    Alleging trespass, NASCO sued and sought a declaration of title and perpetual injunction.

    The plaintiff’s counsel, Chief Anthony Ikoli (SAN), applied for an order of injunction to restrain the defendants from infringing on the land pending the determination of the suit. 

    Justice Savage on May 16 granted the injunction restraining the defendants from continuing with construction works or exercising acts of ownership over the land pending the determination of the suit.

    Dissatisfied, the defendants filed a Notice of Appeal dated May 24, 2024.

    They also filed a motion before the substantive court for a stay of execution of the injunction.

    The motion was initially fixed for hearing on July 10, 2024 (shortly before the vacation commenced).

    Due to the defendants’ inability to serve the application on some of the respondents, the court adjourned the hearing of the application till October 14.

  • Agabi blames instability on disregard for constitution

    Agabi blames instability on disregard for constitution

    Former Attorney General and Minister of Justice, Kanu Agabi (SAN) has said the nation’s stability, integrity and unity depend on compliance with the constitution.

    He said to dismiss the constitution as a product of the military is unrealistic, adding that a lack of respect for it has contributed significantly to the nation’s problems.

    He said in all its provisions, the Constitution looks to an indivisible and indestructible nation.

    He, however, added that the only way open to individuals who desire to implement policies inconsistent with the provisions of the Constitution is to secure an amendment.

    Agabi was the keynote speaker at the 23rd Mike Okonkwo Annual Lecture which was held at the MUSON Centre in Onikan, Lagos.

    The lecture which had as theme: Nigeria’s Pathways: Diagnosis and the prescriptions, was chaired by Mr. Atedo Peterside.

    It was to commemorate the 79th birthday of the founder of The Redeemed Evangelical Mission TREM, Bishop Mike Okonkwo.

    Read Also: My relationship with Wanni not official – Shaun

    Agabi said the country needs radical change for proper development, calling for a stop to over-reliance on methods of  Europe, the United States of America and Asia.

    Agabi stressed the need to develop pride in the nation, learn our history and appreciate our culture, adding that we must realise that we have something to teach the world.

    The former justice minister, who bemoaned poor leadership, said Nigeria continues to survive because of patience, resilience and the God-fearing nature of citizens.

    The ex-AGF stressed the need for national integration,  noting that efforts must be made to raise the country from the valley of disunity, uncertainty, violence and corruption.

    “We must come together as brothers and sisters. We must begin to reach out to one another across state boundaries. It ought not to be that Indigenes of one State, however competent or patriotic, cannot find employment in the public service of other states.

    “We cannot call ourselves a nation until we integrate. The evil of tribalism is destroying the nation and undermining our capacity to give leadership to the black race, “ he said.

    He noted that the doctrine of separation of powers has been severely eroded through the misuse by the legislature in what he referred to as oversight powers. According to him, the result is that the legislature is interfering in areas that ought to exclusively belong to the executive,thus leading to corruption.

    Agabi, who noted that the principle of separation of powers should be strictly adhered to if the nation truly operates a democracy, berated attempts of some governors to control the judiciary.

    “These are factors responsible for corruption on a scale that the agencies responsible for combatting corruption cannot cope with,” he added.

    Agabi said there are still difficulties with the conduct of elections because parties go into elections determined to employ the most inferior methods to win.

    He noted that there is little the Independent National Electoral Commission can do if politicians are determined to employ foul means to win at all costs.

    While querying the penchant for importing luxury items, he said Nigeria can only attain the heights of foreign countries if leaders can make sacrifices and encourage local industries.

    He said the naira will remain weak so long as it is used to purchase luxuries of other countries, noting that the transformation of the nation lies in the hands of everybody.

    “The measures required to be taken are drastic. When a nation has been down for as long as we have been, a casual approach will not solve our problems.

    “The medication must be commensurate with the disease. That is why we chose a presidential system of government vesting all executive power in the president.  Powers that will enable the president to apply drastic measures to take the nation along the path of austerity and sacrifice which leads to self-reliance,” he added.

    Bishop Okonkwo said citizens should be the change they want. He stressed the need for youths to undergo deliberate training to be worthy leaders.

  • Lawyer seeks more Pro Bono work in legal profession

    Lawyer seeks more Pro Bono work in legal profession

    Bobo Ajudua, principal partner at B.F.A & co. legal has emphasised the importance of pro bono service and building lasting client relationships within the legal profession.

    In a statement, Ajudua, a specialist in Entertainment Law, highlighted that although pro bono work might not offer immediate financial benefits, it provides significant opportunities for professional development, networking, and making a meaningful societal impact.

    Read Also: Five ways to enhance eye health

    He said: “Pro bono service is more than just a moral obligation. It is an investment in your professional development, a means of building a strong reputation, and a way to contribute meaningfully to the legal community.”

    He added that effective legal representation extends beyond providing sound legal advice but involves empathetic listening, understanding clients’ unique needs, and offering comprehensive guidance by cultivating trust and loyalty, saying that lawyers can establish long-lasting partnerships that benefit both themselves and their clients.

    Ajudua’s address provided invaluable guidance for aspiring lawyers and seasoned professionals alike, highlighting the significance of pro bono service and client-centric legal practice in building a successful and fulfilling career.

  • Lagos judiciary set for new legal year

    Lagos judiciary set for new legal year

    By Irede Okoroafor

    Activities to mark the commencement of the 2024/2025 legal year have been released by the Lagos State Judiciary .

    A statement by the Acting Chief Registrar, Tajudeen Elias, said the new legal year thanksgiving service would be held simultaneously at the Cathedral Church of Christ, Marina, and Lagos Central Mosque on Monday, September 23, 2024, at 10 am, to officially mark the commencement of activities.

    The Chief Judge of Lagos State, Hon. Justice Kazeem Alogba will be inspecting the Guard of Honour immediately after Mosque and Church services at the High Court of Lagos, Osborne Foreshore Court Complex, Ikoyi Lagos.

    Read Also: Flood kills two minors, displaces 1,000 in Kaduna communities

    The statement also indicated that on the next day, September 24, there will be a webinar session tagged; “Cyber Offences In The Digital Strastosphere: Civil And Criminal Iimplication, Tackling The Menace. Participants are expected to join live through YouTube with @lagosstatejudiciary, Zoom; https://us02web.zoom.us/webinar/register/WN_LHT7BIAGQ0msnmbXQiaamQ between 11am and 1pm.

    According to the circular signed by the Chief Judge, court activities will officially commence on Monday, September 23, 2024.

  • Kekere-Ekun not required to retake oath, says SAN

    Kekere-Ekun not required to retake oath, says SAN

    A senior Advocate of Nigeria (SAN) Tani Molajo has said that acting Chief Justice of Nigeria(CJN), Kudirat Kekere-Ekun, does not need to be sworn-in the second time.

    Molajo explained that having taken the judicial oath upon her elevation to the apex bench, she does not have to undergo the exercise again.

    According to Molajo, Section 3(1) of the Oaths Act provides: “Except in the case of the President, no person who has duly taken the Oath of Allegiance or Judicial Oath shall be required again to take the oath on appointment to any other office or on any other occasion.”

    He added: “In consequence of Section 3 (1) reproduced above, it would appear that, having taken the Judicial Oath upon her appointment as JSC (or indeed on her initial appointment as a judicial officer) Justice Kekere-Ekun was not required by law to take that oath again.

    “As a result, the President ought to have been spared the needless trouble of that swearing-in ceremony which has spawned the current needless controversy.

    “Further, I hasten to deal with the apparent qualifications posed by sub section (3) of Section 3, Oaths Act which provides as follows :

    “3(3) for the avoidance of doubt and notwithstanding the provision of sub section (1) of this section, a person holding an office or position specified in the second column of the Second Schedule to this Act shall, on or as soon as may be convenient after the first day of October,1963 take the oath prescribed for that office in the first column of the said schedule.,

    “In the interpretation of Section 3(3) it is helpful to keep in view the earlier Section 2 which provides :

     Officers to take Oaths

    Read Also: Nigerian, Chinese firms sign $1b iron ore-to-steel project pact

    ‘‘A person appointed to an office set out in the second column of the Second Schedule to this Act shall take the oath specified in the first column of the said Schedule.

    “It is significant to observe that while the phrase used in Section 2 to identify a person who is bound to take the oath is a “person appointed to an office set out in the second column etc” , that description is not repeated in Section 3 (3).

    “The description in Section 3 (3) is “a person holding an office or position specified  in the second column etc.

    “It is submitted that, in effect, the persons who are bound to re-take the relevant oath are those persons who were holding the relevant offices prior to 1st October 1963 i.e. the commencement date of the Oaths Act.

    “Surely that date must resonate clearly with all  Nigerians. It is, of course, the date when by virtue of the Constitution of the Federal Republic of Nigeria, 1963, we established this nation as a Republic, in consequence of which, as a fully sovereign people, we ceased to bear allegiance to Her Majesty, Queen Elizabeth II.

    “So the reason for the imposition of the  obligation to re-take official Oaths by persons holding office prior to 1st October 1963 is obvious.

    “Indeed, with effect from that date, the Judicial Oath requiring a judicial officer to pledge to “well and truly serve our Sovereign Lady Queen Elizabeth the Second……” (Official Oaths Act, Cap 143, 1958) was replaced  by a promise to “be faithful and bear true allegiance to the Federal Republic of Nigeria……”(Oaths Act, 1963).

    “Hence, the need for persons who had taken the Oath prior to 1st October 1963 to re-take the oath after that date.

    “In the result, Hon. Justice Kekere-Ekun not being an officer within the purview of Section 3(3) of the Oaths Act i.e. a person holding her immediately preceding judicial office prior to 1st October 1963 is not required to take (or re-take) the Judicial Oath at all i.e. either prior or subsequent to confirmation by the Senate,” he argued.

  • Court strikes out assault charge against minor

    Court strikes out assault charge against minor

    By Esther Akapo

    A Badagry Chief Magistrates’ Court has struck out an assault charge brought against a minor.

    Chief Magistrate Patrick Adekunmagba struck out the charge following the complainant’s failure to show interest in the case.

    The court also declined to admit the purported statement of the complainant in the matter following submissions by the defence.

    The court held: “the complainant is no longer interested in this case. The case is hereby struck out of this court and the defendant  (names withheld, is hereby set free.,”

    The  minor, (names withheld) has been charged for assault for allegedly  stabbing a call girl on her face.

    Earlier during proceedings, the defence counsel, Ademola Adebayo,said the incident occurred in April, 2025 in the evening at Regional hotel, Iyanu-Isashi,Badagry.

    Adebayo told the court  the minor who works at an hotel,  was seduced by a prostitute in the hotel while he and his colleagues were celebrating the birthday of one of their colleagues sitted amongst them.

     He said the 28-year-old prostitute, (names withheld) who had a permanent room at the Regional Hotel, came out half naked, soliciting and searching for customers to lure into her room.

    He said she approached the table where the defendant and his friends were enjoying themselves.

     “She began to massage the defendant body.  This action got him sexually aroused and he could not resist himself. He got up and followed her to her room. They both got to the room and the complainant locked the door behind her.

    “She immediately undressed herself and said her fee was N10,000 but decided  to take N8,000 from him.

    “The defendant however stated clearly that he could only pay N5,000.

    Read Also: Niger tanker fire: Tinubu challenges FRSC on road safety measures as death toll rises to 59

    “My Lord, she immediately grabbed the money from him and told him her balance remained N3,000.But the defendant repeated that that was all he had and she said that meant there was nothing for him and that nothing would happen between them.

    “When the defendant asked her to refund his money, the complainant declined, saying he had seen her nakedness and that that was the value of his N5,000.”

    A  heated argument ensued  and when it became too tough for complainant, she went to her drawer to pick up a knife with the intention to stab the defendant.”

    The defence counsel further told the court that while they were both arguing, the complainant  scratched the defendant’s neck with the knife and dragged his manhood.

    He said when the defendant could not endure the pain anymore and he punched her face and she became very uncomfortable and immediately ran out for help.

    He said security guards of the hotel came to her rescue and saw the defendant as a threat to the lady because they assumed it was their duty to protect her.

    The securitymen handed the defendant to the police custody.

    Adebayo accused the police of changibg the story that was narrated to them and said that the defendant brought the knife to  stabbed the complainant face. “After they had undergone test, result came out stating that the only traces of knife was found on the defendant’s neck.

    Adebayo said that the police men thereafter decided that they settle each other after the defendant’s family treated queen’s face.

    Adebayo stated that the complainant said that the police officers  told her to request for N500,000 from the defendant’s family otherwise he would be charged to court.

    He said the defence family negotiated with the complainant and concluded on  N100,000, the money was given to her instantly. She went to give the police man feedback and that they angrily collected the money from her.

    He said months after, the police men never saw the complainant again and they decided to take the case to Badagry Magistrate court.

  • ‘Networking key to arbitrators’ success’

    ‘Networking key to arbitrators’ success’

    The Chairman of the Chartered Institute of Arbitrators (UK) Nigeria Branch, Mrs. Olusola Adegbonmire has urged young arbitrators to embrace networking as a way to grow their careers.

    Speaking on the heels of the unveiling of the branch’s pavilion at the Nigerian Bar Association Annual General Conference (NBA-AGC), Adegbonmire advised young and aspiring arbitrators and ADR practitioners “to endeavour to attend conferences, seminars and workshops to boost their technical skills and broaden their network.”

    Noting that such events “offer tremendous opportunities for growth for these category of practitioners,” the Nigeria Branch Chairman stated that the branch would provide several opportunities for learning to young and aspiring members at its pavilion at the AGC.

    It is recalled that Adegbonmire, a Chartered Arbitrator, was elected as the Chairman of Nigeria Branch following the completion of tenure of Chief Akingbola Akinola SAN.

    According to a statement by the Honorary Public Relations Officer, Mrs. Chioma Jack, “Mrs. Adegbonmire is a consummate legal practitioner who has practised for over 35 years. She is a Chartered Arbitrator and has been a Fellow of the Chartered Institute of Arbitrators for 25 years.’’

    Read Also: Canada spends $23m on nine medical oxygen plants

    Others elected into the Executive Committee are: Mr. Seyilayo Ojo (SAN), who retains his position as Chairman, Training Sub-Committee; Mrs. Funke Agbor (SAN), Dr. Adeyemi Agbelusi, Secretary; Dr. Kola Mayomi, Treasurer and Mrs. Chioma Jack, Public Relations Officer.

    “Following their stellar services to the Branch, Mrs. Miannaya Essien (SAN),  (3rd Vice Chairman/Chair, Membership Sub-Committee); immediate past Branch Treasurer, Mr. Emeka Nwadioke (Press Liaison Officer) and erstwhile Assistant Secretary, Mrs. Olushola Adeniran (Events Coordinator) co-opted into the Executive Committee,” the statement added.

    “Other members of the Executive Committee are Chief Akinola (Immediate Past Chairman); Prof. Paul Idornigie (SAN), (1st Vice Chairman); Mrs. Obosa Akpata  (2nd Vice Chairman); Mrs. Yejide Osunkeye, Mr. Esosa Omo-Usoh, Mr. Ikenna Okoli (SAN), Mela Audu Nunghe (SAN) and Mr. Agba Eimunjeze.

    “Also included as members of the Executive Committee are: Olusola Ephraim-Oluwanuga (Chairman, Abuja Chapter); Mr. Emeka Onyeka (Chairman, Port Harcourt Chapter);  Mr. Kazeem Gbadamosi (SAN),  (Chairman, Ibadan Chapter), Mrs. Nania Owusu Ankomah-Sackey (Chairman, Ghana Chapter), and Mr. Emoubonuvie Majemite (Chairman, Young Members Group).”

  • UK lawmaker, lawyer seek support for Punuka childcare centre

    UK lawmaker, lawyer seek support for Punuka childcare centre

    A member of the United Kingdom House of Commons, Ms Kate Osamor, has called for more support for the Punuka Foundation Childcare Centre.

    The foundation is the charity arm of Punuka Attorneys and Solicitors. The firm’s Senior Partner Chief Anthony Idigbe (SAN) is the Chairman of the Board of Trustees of the foundation.

    The centre focuses on children with developmental needs such as autism, down syndrome, cerebral palsy, Attention Deficient Hyperactivity Disorder (ADHD) and related conditions

    Osamor, who represents Edmonton and Winchmore Hill constituency, spoke when she visited the childcare centre in Sangotedo, Lekki, Lagos, during which she inaugurated the newly installed elevator (home lift) and other equipment at the centre.

    On the need for more support, she said: “Projects like this ensure no child is being left behind. Having a boarding facility like this with specialists can help the children, their families and communities accept children with special needs.

    “You have to make a stand as a community, government and politician that children with special needs must have special assistance through suitable schools or adaptable homes, and for that to happen, the government has to invest.

    Read Also: Two firms registered for NIPOST at N10b folded after one year, says Reps’ panel

    “Punuka Foundation Childcare Centre is supported by private benefactors, but that isn’t sustainable.

    “Once there is acceptance by the government that there are children with special needs, they can then visit homes such as this, and then have a conversation on how they can support.

    “There has to be a designated budget for children with special needs.

    “To adapt a special needs child to a mainstream school requires money, and the government can provide funding support.”

    Executive Secretary and Trustee of Punuka Foundation, Mrs Elizabeth Idigbe, said the centre offers day and full boarding.

    She said more sponsorship was needed to enable the centre to take in more children with special needs because many parents cannot afford to pay for the therapy.

    She said. “The major sponsor is Punuka Attorneys & Solicitors, myself and Dr Anthony Idigbe (SAN).

    “A good percentage of whatever we earn is donated to the centre. The law firm also does likewise.

    “We have other donors, including one major donor sponsoring a child to whom we are very grateful, but we need more people like that so we can bring in more children who need help. Someone can also pay half the fees of a child, and another can complete the sponsorship.

    “Some of the children who came in here without being toilet-trained are now trained and can do so many things on their own, and their parents are happy, but we need more staff, facilities and equipment, and these things cost a lot of money.

    “We planned to host a summer camp for both challenged and those not challenged, but we couldn’t because of funding challenges.

    “We also need funding for more buildings to accommodate our specialists and staff, as we have the land space.

    “I know the government gives support to places like ours. We’ll be delighted to get those kinds of support, even in the form of food items. Food is very expensive, and we spend a lot to keep this place running.

    “Having a good number of children means you need as many caregivers because caring for a special needs child requires one-on-one attention, as well as cooks and administrative staff.

    “So, whatever support we can get will be welcome.”

    Mrs Idigbe said the centre’s well-equipped hall is available for rent and is suitable for different kinds of events, such as training and conferences. 

    She said the foundation was also open to support from donor agencies and is already reaching out to them.

    Chief Idigbe thanked Osamor and the donors for their commitment to impacting the less privileged in Africa by supporting the childcare centre.

    Osamor, Chief Idigbe’s first cousin, added that the family was proud of the laudable initiative.

  • SEC’s approval of Quidax, Busha: Advancing Nigeria’s cryptocurrency legal framework

    SEC’s approval of Quidax, Busha: Advancing Nigeria’s cryptocurrency legal framework

    By Tochukwu Onyiuke and Oge Anene

    Nigeria has witnessed explosive growth in cryptocurrency adoption in recent years, driven by factors such as economic instability and the desire for financial independence.

    Reports indicate that Nigeria’s crypto transaction volume reached a staggering $56.7 billion between July 2022 and June 2023, representing a nine per cent year-over-year growth.

    This surge has solidified Nigeria’s position as one of the largest cryptocurrency markets in Africa, with an estimated market value of over $400 million.

    However, this rapid growth has also underscored the need for a robust regulatory framework to protect investors and ensure market integrity.

    The recent approval of Quidax and Busha as legally sanctioned cryptocurrency exchanges by the Securities and Exchange Commission (SEC) marks a significant turning point in Nigeria’s cryptocurrency landscape.

    This approval represents a crucial step toward establishing much-needed security and protection for investors in the market.

    Despite this progress, Nigeria’s cryptocurrency market still lags behind international best practices in terms of legal robustness.

    Read Also: NAF appoints news branch chiefs, AOCs, redeploys senior officers

    To ensure a sound business environment that fosters long-term stability, growth, and investor confidence, several innovations could be adopted to strengthen market integrity.

    Comprehensive regulatory framework

    One of the most critical steps toward ensuring investor protection in Nigeria’s cryptocurrency market is the development of a comprehensive regulatory framework.

    While the SEC’s approval of Quidax and Busha is a positive move, the current landscape remains fragmented. A cohesive regulatory structure that aligns with international best practices is essential.

    This would include clear guidelines on licensing, operations, anti-money laundering (AML) and counter-terrorism financing (CTF) compliance, and consumer protection.

    Such regulations would not only enhance market transparency but also build investor confidence by providing clear legal recourse for grievances.

    Countries like Singapore and Switzerland have developed frameworks that encompass a wide range of cryptocurrency-related activities, offering a holistic approach that ensures all industry aspects are subject to oversight.

    Streamlined and effective dispute resolution

    To ensure investor market integrity, it is crucial to establish robust dispute resolution mechanisms for cryptocurrency transactions.

    This includes both internal processes within exchanges and external options like mediation and arbitration and the possibility of appeals.

    The exchanges should implement efficient internal dispute resolution teams to handle grievances promptly and fairly.

    Because cryptocurrency disputes may bother on issues relating to transboundary transactions, a framework that can address multi-boundary issues becomes imperative, making it essential to develop universally accepted rules and regulations that can be adopted by exchanges.

    Given the borderless nature of cryptocurrency transactions, arbitration or mediation is often appropriate, supported by international treaties to which Nigeria is a signatory.

    As part of security measures, the dispute resolution mechanism should have the power to issue interim orders freezing accounts suspected of being used for fraudulent activities. This would not only protect investors but also ensure market integrity.

    The SEC could collaborate with arbitration centers to develop specialised rules for cryptocurrency-related disputes, offering investors a streamlined means of seeking redress.

    By implementing a comprehensive dispute resolution framework, Nigeria can create a safer and more trustworthy environment for crypto investors.

    Mandatory reporting of these disputes and their resolutions will further ensure accountability and the continuous improvement of dispute resolution practices.

    Investor education and awareness

    Investor education is a critical component of investor protection, as it ensures individuals understand the risks and benefits of cryptocurrency investing.

    Many jurisdictions, such as Australia, the United Kingdom, and the United States, have implemented comprehensive investor education programs in partnership with industry associations and financial regulators.

    Similarly, the SEC, in collaboration with approved exchanges like Quidax and Busha, should initiate wide-reaching education and awareness campaigns.

    These programmes should focus on the risks associated with cryptocurrency trading, the importance of due diligence, and the legal protections available to investors.

    By fostering a well-informed investor base, the likelihood of falling victim to scams is reduced, and participants are more likely to engage in responsible trading practices. This, in turn, contributes to the overall stability and integrity of the market.

    Enhanced cybersecurity measures

    Given the increasing prevalence of cyberattacks, robust cybersecurity is paramount for safeguarding investors in the cryptocurrency market.

    Globally, leading markets like the United States, Japan, and South Korea have set high standards, requiring exchanges to implement advanced protective measures.

    Nigeria can draw from these practices by having the SEC enforce stringent cybersecurity standards across all approved exchanges. This should include mandatory regular audits, encryption protocols, and multi-factor authentication (MFA).

    There should also be a binding obligation to report security breaches promptly and compensate affected users, ensuring that the adjudication process is not overly cumbersome.

    By prioritising cybersecurity, Nigeria can align with global best practices and create a safer environment for cryptocurrency transactions.

    Collaboration with international regulatory bodies

    Given the inherently global nature of cryptocurrency, Nigeria’s regulatory framework must not operate in isolation.

    To effectively regulate the market and protect investors, the SEC should actively collaborate with international regulatory bodies.

    This collaboration can take several forms, including harmonising standards, sharing best practices, and coordinating cross-border enforcement actions.

    Many countries have already established frameworks for international cooperation in regulating digital assets.

    For example, the Financial Action Task Force (FATF) sets global standards for anti-money laundering (AML) and counter-terrorism financing (CTF), which are adopted by member countries to ensure consistency in enforcement.

    Additionally, the International Organization of Securities Commissions (IOSCO) plays a crucial role in facilitating cooperation among securities regulators worldwide, helping to develop unified standards that protect investors and maintain market integrity.

    By aligning with these global efforts, Nigeria can enhance the effectiveness of its regulatory framework.

    The SEC could participate in international working groups, collaborate on joint investigations, and share intelligence on illicit activities within the cryptocurrency space.

    This would not only strengthen Nigeria’s regulatory credibility but also ensure that Nigerian investors benefit from the same level of protection as their counterparts in more established markets.

    Moreover, international collaboration can help Nigeria address challenges related to cross-border transactions, which are common in the cryptocurrency market.

    By working with other countries, Nigeria can develop mechanisms for enforcing regulations on foreign entities that operate within its jurisdiction, thereby closing regulatory gaps that could be exploited by bad actors.

    Such collaboration would elevate Nigeria’s standing in the global cryptocurrency landscape, ensuring that its regulatory framework is both comprehensive and in line with international best practices.

    As Nigeria’s cryptocurrency market continues to grow, the establishment of a robust regulatory framework is crucial to ensure the protection of investors and the integrity of the market.

    The SEC’s approval of Quidax and Busha is a significant step forward, but it must be accompanied by comprehensive regulations that align with international best practices.

    This will enhance regulatory credibility and ensure that Nigerian investors enjoy the same protections as those in more established markets.

    Incorporating these innovations will position Nigeria as a leading hub for cryptocurrency in Africa, fostering a secure and transparent market that attracts both local and international participants.

    By prioritising investor protection, Nigeria can ensure that its cryptocurrency market remains resilient, trustworthy, and aligned with global standards, ultimately contributing to the broader economic development of the country.

    • Onyiuke is a Senior Advocate of Nigeria (SAN) and heads the dispute resolution team of Accendolaw LP, a commercial law firm in Lagos. Anene, a blockchain expert, is a Supervisory Associate Counsel in the firm.

  • Youth Party seeks autonomous electoral offences commission

    Youth Party seeks autonomous electoral offences commission

    The Youth Party has urged the National Assembly to enact an Electoral Offences Commission Act.

    It said the commission should be empowered to investigate and prosecute all electoral offences.

    The party made the call in a memorandum to the National Assembly Joint Committee on Independent National Electoral Commission (INEC) and Electoral Matters.

    The memo was signed by its National Chairman Dr. Umar Muhammad, National Secretary Helen Adoh and National Policy & Strategy director Ayiba Amadu.

    Youth Party urged the National Assembly to ensure the independence of the proposed electoral offences commission by giving it financial autonomy and removing it from the operational control of the Attorney-General of the Federation and of the states.

    The party also urged the National Assembly to create a specialised electoral offences court with divisions across the federation to be guided by special rules on speedy trials.

    It called for the use of new technology, such as surveillance drones, to facilitate real-time incident reporting during elections.

    The party sought periodic specialised training for security forces to combat electoral violence and delineate their roles during elections.

    The party stated that political offices are public trusts and persons elected into these offices become public trustees.

    It stressed that a trustee must be a person of character and integrity.

    “It is, therefore, our belief that for the advancement of the common good and to ensure that only persons of integrity and unquestionable character are elected into public offices, there is a need to amend the Constitution to disqualify persons who have pending criminal cases against them from vying for public offices,” Youth Party said.

    Read Also: Democracy must be preserved, says Youth Party

    While the party conceded that there are many arguments against this, it submitted that the dangers of allowing such persons to run for office are considerable.

    The statement argued: “For instance, a person under trial for the murder of 10 Nigerians may contest and win an election even from the prison as we have witnessed in this country.

    “Upon being elected, he becomes immune from criminal trials by virtue of section 308 of the 1999 Constitution as amended. He is also almost sure of serving a second term.

    “Thus, for eight years, he will not return to the courts to face trial.

    “In addition, a governor is in charge of the Ministry of Justice, which is the prosecutorial authority.

    “The Ministry of Justice through the Director of Public Prosecution is expected to prosecute him or her (the governor or president) after his or her tenure of office.

    “The danger of tampering with evidence and witnesses is real than imagined.

    “For instance, he is the person that appoints and removes at his own wish the Attorney General that is supposed to prosecute him.

    “The person upon election takes charge of the Police and other Prosecutorial agencies and appoints their heads.

    “For instance, a person who is under trial for corruption becomes directly in charge of the Economic and Financial Crimes Commission if he is elected President.

    “Furthermore, all the witnesses, especially those that are civil servants, also come under his power to hire and fire.

    “With all these considerations, it is apparent that such a person may utilise state powers to frustrate his trial.

    “This is not healthy as it results in persons who are not trustworthy occupying positions of public trust.

    “Many may argue that this proposal will constitute a violation of the right to fair hearing and innocence until proven guilty, but the greater and common good of all Nigerians demands that such persons should not be allowed to vie for public office until they are cleared.

    “The right of such candidates begins and ends where the right of Nigerians to good governance starts.”

    The party added that pre-election matters relating to the eligibility of candidates should be given the same expeditious hearing and status as election petitions.

    It argued that sections 66, 107, 131 and 177 of the Constitution should be amended to allow the court to consider applications by INEC or any other person on candidates’ eligibility.