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Court Dismisses Suit Challenging The Inscription Of Arabic On Naira Notes

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A Federal High Court sitting in Lagos presided over by  justice Yelin Bogoro today dismissed  a suit challenging the Arabic Inscription on the naira notes.

The suit which was filed by a human right activist, Chief Malcolm Emokiniovo  Omirhobo  challenged the Arabic Inscription on the Nigeria notes .

Delivering judgement in the suit today His Justice Bogoro while relying on the case of Chief Gani Fawehimi V . Akilu (1998) 2NWLR  (Part  102 ),  122  at 169 held that the Chief Omirhobo  has  the locus standing to institute the action.

The trial judge however, dismissed the suit on the ground that the plaintiff failed to prove that the 1st Defendant, that is, the Central Bank of Nigeria design, issue, print and distributes the naira notes with the Arabic inscription in bad faith.

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The court agreed with Omirhobo that  Nigeria is a secular state and that no religion is superior to the other .

” Nigeria is a multi ethnic and religious  country and no ethnic group or religion is superior to the other” the court held.

Justice Bogoro further held  that Arabic language  is not Nigeria’s  official language and  advised that for Nigerians to co-exist in harmony,  it  is high time for the Central Bank of Nigeria and Federal Government to remove the Arabic inscription on the N200, N500and N1000  naira notes since it has been removed from  the N5, N10 ,N50 and N100 .

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Before final liquidation, NDIC set to auction Heritage bank properties

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In a bid to ensure timely declaration of liquidation dividends to uninsured depositors of the failed Heritage Bank (In-Liquidation), the Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of auctioning the landed properties and chattels of the defunct bank.

According to the Corporation, this exercise is in line with its statutory powers as the Liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023, noting that; “This is another follow-up action sequel to the disposal of physical assets and chattels belonging to the defunct bank at its leased locations nationwide”.

This was contained in a statement signed by the Director, Communication and Public Affairs Department, Bashir A.

Therefore, the auction of the landed assets shall be by competitive bidding in sealed bids scheduled to take place at the six (6) selected locations of the Corporation across the country, for the affected 36 branches of the failed bank beginning from Wednesday 4th December 2024.
“Buyers who wish to participate in the auction are expected to follow laid down guidelines purposely aimed at ensuring transparency, fair competition, equity, and accountability to enable recovery of commensurate values from the exercise. This is critical for the payment of liquidation dividends to eligible claimants.

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The Corporation shall give preference to financial institutions who are willing to buy at the highest auctioned value to allow for the continuation of provision of banking services to the Nigerian public at the designated locations”, adding; “This is desirable towards bolstering financial inclusion as envisaged by the financial system regulatory authorities.

“However, Corporate bodies and Private individuals willing to compete are equally eligible to compete in the process without prejudice, the auction shall be open and competitive to all bidders.

Furthermore, bidders will be allowed to inspect the properties and chattels across all locations one week before the date of disposal.”

Importantly too, the statement said; “All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the specific centre out of the six locations of the Corporation as contained in the published advertisements.

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“All interested bidders are advised to submit their bids only at the designated NDIC offices covering their choices amongst Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.”

Meanwhile, the Corporation has vowed that there would be no hiding place for debtors of the defunct Heritage Bank whose financial obligation portfolio is in the region of over N700 billion.

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Naira slumps in parallel market

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The Naira experienced a slight depreciation yesterday, slipping to N1,740 per dollar in the parallel market compared to its previous rate of N1,735 per dollar on Tuesday.

According to data from FMDQ, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market (NAFEM) strengthened, rising to N1,645.4 per dollar from Tuesday’s rate of N1,689.88 per dollar. This marks an appreciation of N44.48 for the Naira.

The market also saw a significant increase in dollar trading activity, with turnover climbing by 122.5 percent to reach $236.84 million, up from $106.44 million the previous day.

As a result, the gap between the parallel market and the NAFEM exchange rate widened, now standing at N94.6 per dollar, up from N45.12 per dollar recorded on Tuesday.

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Sad! Body of COAS, Lt General Taoreed Lagbaja, ready to be airlifted to Abuja(Photos)

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Body of the Chief of Army Staff, Lt General Taoreed Lagbaja, ready to be airlifted to Abuja.

SEE PHOTOS BELOW:

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