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Senate passes Federal High Court amendment, franchising establishment bills

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This was after it considered the reports of the Committee on Judiciary, Human Rights and Legal Matters on the Federal High Court Act, Cap F12 LFN 2004 (Amendment) Bill, 2023 (SB. 745) and the Franchising (Establishment) Bill, 2023 (SB. 969.).

The Chairman of the Committee, Opeyemi Bamidele(Ekiti Central) presented the reports during plenary.on Tuesday.

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The Federal High Court Act, Cap F12 LFN 2004 (Amendment) Bill, 2023 (SB. 745) was sponsored by Senator Adetokunbo Abiru, and the Deputy Senate President, Senator Ovie Ọmọ Agege while the the Franchising (Establishment) Bill, 2023 (SB. 969) was sponsored by Senator Abiru

The Federal High Court Act, Cap F12 LFN 2004 (Amendment) Bill, 2023 (SB. 745) seeks to Amend the Federal High Court Act to address the shortcomings inherent in the Principal Act to make provisions for the regulation of the award of prejudgment interest to ensure the attainment of substantial justice, particularly in relation to claims bothering on commercial transactions and also to increase the number of judges in the Federal High Court.

On the other hand, the Franchising Bill seeks to create a framework for the operation of franchising and to guide the relationship between franchisors and franchisees and for matters connected therewith in order to enhance the economic development of Nigeria.

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The objectives of the bill are to among other things: (a) Regulate and guide the relationship between Franchisors and Franchisees by imposing certain obligations and prohibiting certain actions; (b) Promote the growth of franchising through the adoption of international best practices that balance the interests of franchisors and franchisee; (c) Enhance the capacity of the National Office of Technology Acquisition and Promotion for effective regulation, administration, and enforcement of the provisions of Franchising in the bill.

The Senate unanimously passed the bills. With the passage of both bills, amendment of the Federal High Court Act has come into force, making provisions for the regulation of the award of prejudgment interest to ensure the attainment of substantial justice, particularly in relation to claims bothering on commercial transactions and to increase the number of justices of the Federal High Court, particularly with their increased jurisdiction in respect of electoral matters.

Likewise, the operation of franchising has been strengthened and the relationship between franchisors and franchisees will be properly regulated through the provision of the legal and legislative framework contained therein.

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JUST IN: IMF ask CBN to extend Feb 10 deadline for old naira notes

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By Francesca Iwambe

The International Monetary Fund (IMF) has advised the Central Bank of Nigeria (CBN) to extend the February 10 deadline for the use of old naira notes if the difficulties in getting new notes persist.

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According to the IMF, the call become necessary as the development had led to the disruptions to trade and payments due to the shortage of new noted in the bank.

The call was contained in a statement made available to journalists on Wednesday.

“In light of hardships caused by disruptions to trade and payments due to the shortage of new bank notes available to the public, in spite of measures introduced by the CBN to mitigate the challenges in the banknote swap process, the IMF encourages the CBN to consider extending the deadline, should problems persist in the next few days leading up to the February 10, 2023 deadline,” the statement reads.

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BREAKING: Supreme Court suspends February 10 deadline for naira swap

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By Francesca Iwambe, Abuja

The Supreme Court of Nigeria has restrained the Central Bank of Nigeria (CBN) and Federal Government from ending the legal tender statuses of old N200, N500 and N1000 banknotes on February 10, 2023.

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The apex court made the order following the suit filed by three State governments challenging the Naira swap policy.

Recall that governments of Kaduna, Zamfara and Kogi States had approached the Supreme Court seeking an order to stop the policy.

Naijablitznews.com will bring you more details shortly

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CBN captures more Communities as currency swap is continuous in Taraba

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Emmanuel Awari-Jalingo

The Central Bank of Nigeria (CBN), on Friday extend her currency swap exercise to more Communities of Yorro, Ardo-Kola and Ibi local government areas of Taraba state.

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The Director Financial System Strategy, Central Bank of Nigeria, Ibrahim Hassan who disclosed this to our correspondent in Jalingo said, the development was in continuation of the CBN initiative targeted at ensuring that all rural dwellers in Taraba have their old naira notes swapped to new ones or deposited in banks before the extended CBN deadline for currency swap.

Hassan noted that the currency Swap Initiative was to help save communities who do not have access to bank, swap their old naira notes to the new notes.

“Just as we have been doing to ensure that people in the rural Communities of Taraba who do not have access to Bank have their old naira notes swap to new ones. CBN delegation have been drafted to more Communities of Yorro, Ardo-Kola and Ibi local to ensure success of the initiative.

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“CBN delegation for Yorro is led by Mr Jackson Imandi, the Deputy Director, the one Ardo-Kola is led by Mr. Kazeem Olatinmu while the one in Ibi local government is been led by the CBN Head of Banking Services in Taraba State, Hayatu Yahaya Shehu to ensure the villagers gain advantage of the Ten days extension for the currency swap” Hassan explained.

When contacted, the chief of Mumuye in Yorro local government, Ado Adamu Manang, that of Ibi, Abubakar Salihu Danbaw and some beneficiary of the exercise in Ardo-Kola local government, Mohammed Musa, Hafsatu Babangida and Isa Mahmud, commended the central Bank of Nigeria for the exercise as it was the best for villagers and promised to help create massive awareness for people to swap their old naira notes to the new ones.

According to them, businesses were already collapsing as people were no longer accepting the old naira notes even before the extended window.

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