Tag: Nweze

  • Elevation of Justices Mohammed and Nweze

    The recent stirring in the Supreme Court takes precedence for this column above the disgraceful conduct of the executive and the legislative arms of government, in the past week. With utmost respect, I refer to the recent appointment of my Lord, Justice Mahmud Mohammed as the Chief Justice of Nigeria, and the elevation of my Lord, Justice Chima Centus Nweze, of the Court of Appeal, to the Supreme Court. While I had looked forward to celebrate the cerebral acuity and professorial fecundity of Nweze, JSC, the epochal appointment of our home groomed Chief Justice of Nigeria, shows that the legal profession in Nigeria, has come of age.

     

    Justice Mahmud Mohammed CJN

    So, I join other Nigerians to celebrate the first Chief Justice that is reportedly trained in Nigeria up to the Nigeria Law School, as different from his predecessors who were first trained in the Inns of the English Bar. It is my earnest hope that this development will manifest in a reformist judiciary, which will pursue a more philosophical blend of the best of the inherited English legal system with the best of our traditional and cultural precepts, to drive and promote a more compassionate social justice system, and less of anarchical technicalities, for the progress of our dear country. In my humble view, this will require a radical reformation of our adversarial system of justice, the imputation of mediatory role by Judges during trials, and less dependence on rigorous technicalities, particularly with respect to the enforcement of fundamental human rights.

    I will therefore most humbly re-submit my humble exaltations, under this column in 2012, when my Lord, retired Justice Mariam Aloma Mukhtar, was appointed the Chief Justice of Nigeria, to wit: “In my humble view, I will advise her (his) Lordship to examine the judicial impact made by the world renowned Jurist, and former Chief Justice of India, Justice P. N. Bhagwati and his ageless pronouncements and revolution in India with regards to public interest litigation. If she (he) wants to be positively remembered, then she (he) has to seek out the guiding principles of the radical sides of such eminent Supreme Court Justices like Chukwudifu Oputa, Kayode Esho, Muhammed Uwais, Nnaemeka-Agu, and a few older colleagues and make a feast of them”.

    Justice Chima Centus Nweze JSC

    The recent elevation of Justice Chima Centus Nweze to the Supreme Court is salutary, for anyone who has followed his trajectory. His Lordship’s profile is an intimidating combination of sagacious intellectualism and judicial activism. Over the years, my Law Lord has adroitly combined his judicial work, as a brilliant Judge, with outstanding academic excellence, which ranks him among very distinguished legal scholars and university Professors.

    From 1995 to 2007, Justice Nweze served as a Judge of the High Court of Justice, Enugu state, and during that period, he was from January to April, 1999, a member of the Ondo state local government election petition tribunal; and from April to June 1999, he served as the Chairman Ogun state governorship and legislative houses election petition tribunal. He also served as the Administrative Judge, Nsukka Judicial Division, from 2001 to 2003. Twelve years after he became a Judge, Justice Nweze was elevated to the Court of Appeal in 2007, and was sworn in 2008. From the Court of Appeal, My Lord has now been elevated to the Supreme Court of Nigeria.

    In academics, Justice Nweze has manifested great intellectual prowess. With a Masters Degree, and a Doctor of Philosophy, in Law, from the prestigious University of Nigeria, Justice Nweze’s academic exploits ranks among putative University Professors. While serving as a Judge, Justice Nweze was at a time a distinguished scholar (pro bono) at the Enugu State University of Science and Technology. He was also a visiting Associate Professor of Law, Ebonyi State University, a visiting Human Rights Scholar, Faculty of Law and Convener/Coordinator, International Human Rights Law Program, University of Nigeria. No doubt, Dr. Nweze, the learned Justice of the Supreme Court, has a ringing reputation as a legal scholar, and distinguished book reviewer.

    Before now, Justice Nweze showed his uncanny legal profundity in his years at the Court of Appeal. A few of his prodigious judicial pronouncements will show this other side of this legal luminary. For instance, in Udotim and Ors vs Idiong and Ors (2013) LPELR 22132 (CA) 13-14, F-D, Justice Nweze JCA (as he then was) on the meaning and nature of discretion, profoundly held: “Discretion, according to settled authorities, is not an indulgence of a judicial whim, it is the exercise of judicial judgment based on facts and guided by the law of equitable decisions, UBA Ltd v Staliau GMBH and Co. K. G. (1989) LPELR-3400(SC). It is the court’s epistemological tool for winnowing solid truth from windy falsehood; for dichotomizing between shadow and substance and distilling equity from colourable glosses and pretences. By its very character, judicial discretion does not brook any capricious exercise of power according to private fancies and affections. We find support for this opinion in Rook’s case (1598) 5 Co. Rep. 996, cited in Ayantuyi v Governor of Ondo (2005) 14 WRN 67, 91.”

    From the foregoing it is safe to conclude that the recent elevation of Justice Nweze to the supreme sanctuary of our national judiciary, otherwise known as the Supreme Court, is a plus to the apex court and the entire legal community. Also, the new CJN no doubt assumes the leadership of the apex court, at a very difficult time in the life of our country, considering the unscrupulous context for power, between contestants for the executive and legislature positions, in the run down, to the 2015 general elections. My prayer is that the heavenly Lord, will guide my Law Lords, in their onerous task, as impartial arbiters.

     

  • Senate confirms Nweze

    Senate confirms Nweze

    The Senate confirmed yesterday the appointment of Justice Chima Centus Nweze as Justice of the Supreme Court.

    This followed the adoption of the report of the Senate Committee on Judiciary, Human Rights and Legal Matters, chaired by Senator Umaru Dahiru (Sokoto South),

    President Goodluck Jonathan had forwarded the name of Justice Nweze to the Senate for consideration and approval.

    Senate President David Mark, congratulating Justice Nweze, noted that the judiciary played a major role in stabilising democracy.

    He said the independence of the judiciary was crucial in a democratic government and advised the newly-appointed judge to add value to the judiciary.

  • Sterling Bank’s N12.5b rights issue opens today

    Application list for the N12.5 billion rights issue of Sterling Bank Plc opens today, paving the way for shareholders to increase their shares in the high-return bank.

    The opening of application list followed the completion of all pre-offer processes including final completion board meeting by the board of Sterling Bank and other professional parties as well as approvals by the Securities and Exchange Commission (SEC), the Nigerian Stock Exchange (NSE) and the shareholders of the bank.

    Sterling Bank is raising N12.5 billion through a rights issue of about 5.889 billion ordinary shares of 50 kobo each at N2.12 per share. The lender had traded at a high of N3.05 at the stock market. The shares have been pre-allotted on the basis of three new ordinary shares of 50 kobo each for every eight ordinary shares of 50 kobo each held as at May 20, 2013. Application list will run till July 31, 2014.

    The net proceeds of the rights issue, estimated at N12.13 billion, would be used to finance branch expansion, infrastructure upgrade in support of automated and cashless payment, enhance information technology and additional working capital.

    About 35 per cent of the net proceeds, estimated at N4.24 billion, would be used for branch expansion; 15 per cent of the funds estimated at N1.82 billion would be used for infrastructure upgrade, 10 per cent of the funds equivalent to N1.21 billion would be used for information technology while 40 per cent, estimated at N4.85 billion, would be added to the working capital.

    Managing Director, Sterling Bank, Mr Yemi Adeola, said the rights issue would enhance the capital base of the bank and enable it to create additional values for shareholders.

    Given the fact that Sterling Bank is one of the few financial institutions that have not raised new equity funds in the past seven years, the top flight banker said the current fund raising would enhance the performance of the company and returns to shareholders.

    “If with the modest capital that we have, we were able to stabilise the bank, deliver consistently better returns to shareholders and build up to become the a top tier bank, imagine what we would do with more capital. Our shareholders have no reason whatsoever not to be excited in participating in the rights issue. You can’t regret it,” Adeola assured.

    He noted that the rights issue marked the beginning of the bank’s capital raising plan, which is meant to put the bank on stronger footing and further position it to compete effectively.

    He said the bank plans to raise $80 million through the rights issue and $120 million through private placement to shore up the lender’s tier one capital.

    Mr Adeola pointed out that the bank is embarking on additional capitalisation because size has become very key and relevant in the banking industry and the bank needs to open more branches and put in place enabling infrastructure for its unique retail banking franchise.

    He added that additional working capital would enable the bank to expand the scope of its corporate banking business, noting that the lender is currently limited by the single obligor limit, which is a function of available.

  • ‘Private sector ahead on pension fund contributions’

    The private sector is well ahead of the public sector in pension fund contributions, FBN Capital report has revealed.

    The report indicated that the private sector contributes about 60 per cent of the N3.4 trillion pension assets under the management of Pension Fund Administrators (PFAs).

    The research firm said data released by the National Pension Commission (PenCom) showed that as at end of March 2013 (when pension assets were N3 trillion), the private sector contributed N1.8 trillion to the scheme. Also, the public sector’s contribution from ministries, departments and agencies (MDAs) of the federal and some state governments, was N1.2 trillion. This, it said, is a marked change from its composition in 2004 when the Act kicked off.

    FBN Capital said the increase to N3.4 trillion as at the end of May 2013 was largely due to the filing in of 12 states into the contributory pension scheme, although only six states had collected and remitted contributions in compliance with the provisions of the Pension Reform Act (PRA) 2004.

    It said the number of registered contributors has grown to 5.5 million with an average monthly contribution of N30 billion.

    “Given that only seven per cent of the nation’s 80 million workforce has joined the scheme, there exists a huge potential for growth in the coming years,” it said.