News
Again, Naira loses N27.58 against dollar at forex market in two days
By Kayode Sanni-Arewa
The Naira dropped N27.58 against the dollar at the foreign exchange market between Monday and Tuesday.
This is according to FMDQ data between Monday and Tuesday.
This comes as the Naira depreciated for two consecutive times to N 1,592.06 on Tuesday from N 1,564.48 exchanged last Week Friday.
Similarly, at the black market, the Naira lost N15 on Tuesday as it exchanged N1,615 per dollar from N1,600 last week Friday.
A further analysis showed that Naira has been on the decline since last week on the back of the Central Bank of Nigeria’s Retail Dutch Auction System.
Recall that the apex bank’s commenced the Foreign Exchange auction at the beginning of August to curtail the FX demand spike.
The rDUS saw CBN sell $876.26 million to end-users through the banks.
However, weeks into the initiative, the Naira has lost its steam.
This is why the President, Association of Bureau De Change Operators, Aminu Gwadabe said the apex bank is inconsistent with its FX interventions
News
Supreme court dumps govs suit seeking to declare EFCC, ICPC illegal
By Kayode Sanni-Arewa
The Supreme Court on Friday dismissed a suit filed by 19 state governments against the federal government, challenging the constitutionality of the laws establishing the Economic and Financial Crimes Commission, EFCC, and two others.
The apex court threw out the suit for lacking in merit and substance.
Justice Uwani Abba-Aji who read the lead judgment held that the states were completely wrong in holding that EFCC established by an act of the National Assembly was an illegal and unlawful body.
In the unanimous judgment of a 7-man panel of Justices of the court, the power of the EFCC, ICPC and NFIU to arrest and prosecute offenders were affirmed.
The plaintiffs, in the suit, marked: SC/CV/178/2023 had argued that the Supreme Court, in Dr Joseph Nwobike vs Federal Republic of Nigeria, had held that it was a United Nations Convention against corruption that was reduced into the EFCC Establishment Act and that in enacting this law in 2004, the provision of Section 12 of the 1999 Constitution, as amended, was not followed.
The argument was that, in bringing a Convention into the Nigerian law, the provision of Section 12 must be complied with.
According to them, the provision of the Constitution necessitated the majority of the states’ Houses of Assembly agreeing to bring the convention in before passing the EFCC Act and others, which was allegedly never done.
The argument of the states in their present suit, was that the law, as enacted, could not be applied to states that never approved of it, in accordance with the provisions of the Nigerian constitution.
News
Appeal Court voids MC Oluomo’s election as NURTW president
By Kayode Sanni-Arewa
The Court of Appeal in Abuja has upheld the re-election of Tajudeen Baruwa as the National President of the National Union of Road Transport Workers (NURTW), rendering the recent election of Musiliu Akinsanya, widely known as MC Oluomo, invalid.
According to court documents, the appellate court affirmed the March 11, 2024, judgment of the National Industrial Court, Abuja, which recognized Baruwa’s leadership. This judgment effectively nullifies the November 9, 2024, election that saw MC Oluomo emerge as the union’s president during a conference held in Osogbo, Osun State.
The ruling was delivered by a panel of three justices—Hamma Akawu Barka, Nnamdi Okwy Dimgba, and Asmau Ojuolape Akanbi—who dismissed the appeal and imposed a cost of N100,000 on the appellants.
This Appeal is devoid of merit and the same is hereby dismissed,” the court stated in its judgment, which was read by Justice Barka.
The court further affirmed the National Industrial Court’s validation of the delegates’ conference held on May 24, 2023, across six zonal councils, where Baruwa secured a second term as president. It also upheld the August 23, 2023, National Delegates Conference in Lafia, Nasarawa State, where Baruwa and other national officers were inaugurated.
Justice O. O. Oyewumi of the National Industrial Court had earlier ruled that the October 25, 2023, national delegates’ conference, which produced Isa Ore as acting president, and the subsequent November 9, 2024, election overseen by Ore, were invalid.
The judgment declared that there was no evidence of a leadership crisis in the union to justify the invocation of a ‘doctrine of necessity,’ which led to the formation of a caretaker committee by the former president, Najeem Yasin.
Oyewumi also restrained Yasin, the union’s former president and chairman of its Board of Trustees, from interfering in the day-to-day operations of the union, limiting his role to board matters.
“This National Delegates Conference held on October 25, 2023, cannot stand and is hereby declared null and void,” the judge ruled.
The Appeal Court’s decision has now cemented Baruwa’s position as the legitimate leader of the NURTW, invalidating all actions taken by the Isa Ore-led caretaker committee and the election that brought MC Oluomo to power
News
BREAKING: Taraba boils, many feared k!l|ed as herders, farmers clash
By Kayode Sanni-Arewa
Four persons have been reported dead following a fresh conflict that erupted between herders and farmers in
Karim-Lamido LGA of Taraba State.
The violence which occurred in Bambur community of the council, was reported to have started on Thursday after a heated argument over farmland escalated, resulting in fatalities and injuries of varying degrees.
Confirming the incident, the council chairman, Bitrus Danjos, stated that measures have been implemented to prevent further loss of lives and property.
He disclosed that security personnel have been deployed to the affected areas to restore peace.
“When the issue arose, the council acted swiftly by collaborating with security agencies to bring the situation under control,” Danjos said.
Though he could not give the exact figure of those who sustained injuries, he confirmed that those injured are currently receiving medical attention at Bambur General Hospital and Zailani Dispensary.
Calling for calm, he urged the warring parties to embrace peace, assuring the community that efforts are ongoing to resolve the matter amicably through dialogue and other measures.
“The council is committed to ensuring a peaceful resolution and has taken various steps to engage stakeholders in meaningful discussions,” Danjos emphasized.
Also confirming the report, the Taraba State Police Command, through its spokesperson, Usman Abubakar, said heavily armed anti riot policemen have been drafted to the area, and that normalcy had been restored.
While residents of the community claimed that four deaths were recorded, Police sources told our reporter that only one person was killed, and two others injured.
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