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Parallel Market: Naira bounces back, rises against Dollar on November 8, 2024

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On Thursday, the Naira strengthened to N1,725 per dollar in the parallel market, improving from N1,730 per dollar on Wednesday. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to N1,639.5 per dollar.

Data from FMDQ indicated that NAFEM’s indicative exchange rate dropped to N1,639.5 per dollar from N1,681.65 per dollar on Wednesday, marking a gain of N42.15 for the Naira. The official market saw a 24% increase in traded volume, with $244.96 million exchanged, up from Wednesday’s $196.78 million.

As a result, the rate gap between the parallel market and NAFEM widened to N85.5 per dollar from Wednesday’s N48.35 per dollar.

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Appeal Court halts Emir Sanusi’s reinstatement

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By Kayode Sanni-Arewa

The Court of Appeal in Abuja on Friday halted the reinstatement of Alhaji Muhammadu Sanusi II’s as the Emir of Kano.

A three-member panel of justices led by Justice Okon Abang unanimously halted the implementation of the January 10 judgement, which vacated the nullification of Sanusi II’s appointment by a Kano State High Court, which it held was done without jurisdiction.

The judgement, which was delivered by Justice Gabriel Kolawole, held that the nullification of Sanusi II’s appointment was done without the required jurisdiction and ordered the transfer of the suit to the Kano State High Court.

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However, ruling on the fresh applications with numbers CA/KN/27M/2025 and CA/KN/28M/2025, the appellate court agreed that the applications seeking to halt the enforcement of the earlier judgement pending the appeal before the Supreme Court were competent and meritorious.

“The law is settled. The court is enjoined to exercise its discretion judiciously and in the interest of justice,” he said.

Justice Abang also noted that the subject matter before the court needed to be preserved because the applicant had served as emir for five years before his removal, adding that he deserved the right to protection.

On January 10, Justice Kolawole, in vacating the order against Sanusi II’s appointment, held that the matter, being a chieftaincy dispute, ought to have been determined by the high court of Kano State rather than the Federal High Court, which he described as “a grave error”.

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The Federal High Court in Kano, presided by Justice Abubakar Liman, had on June 20, 2024, nullified the Kano State Government’s Kano Emirates Council (Repeal) Law 2024, which reinstated Muhammadu Sanusi II as the 16th Emir.

In the fundamental rights enforcement suit by Aminu Baba-Dan’Agundi, the presiding judge further directed parties, including the Kano State House of Assembly, to maintain the status quo during the reign of Emir Ado Bayero.

However, the appellate court in its ruling, cited Section 251 of the Nigerian Constitution and Section 22(2) of the Federal High Court Act to hold that the matter was a chieftaincy and state legislative dispute and not a fundamental rights matter, and such ought to have been taken before the Kano State High Court or the FCT High Court.

“The proper order to make is to order the 1st respondent (Baba-Dan’Agundi) to transfer the pending suit before the Federal High Court to the high court of Kano State where the chief judge shall assign it to a judge who has not been previously involved in the hearing of the suit,” he said.

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The judge awarded the cost of N500,000 against Dan’Agundi and in favour of the Kano State House of Assembly.

However, following the opinions of the presiding justice, Justice Mohammed Mustapha and Justice Abdul Dogo that the right order was to strike out Dan’Agundi’s suit filed at the Federal High Court and not to transfer same, the matter was struck out.

The five appeals — CA/KN/126/2024 between the state assembly and Dan’Agundi; CA/ABJ/140/2023 state assembly and Dan’Agundi; CA/ABJ/142/2024 Kano State Government and Dan’Agundi; CA/KN/200/2024 Alhaji Aminu Ado Bayero and Attorney General of Kano State; and CA/KN/161/2020 Kano Government and Dan’Agundi emanated from the same issue before the Federal High Court

[Daily Trust]

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FG advises Nnamdi Kanu to renounce IPOB for his release

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By Kayode Sanni-Arewa

Special Adviser to President Bola Tinubu on Media, Mr. Daniel Bwala, has advised leader of the proscribed Indigenous Peoples of Biafra (IPOB), Mazi Nnamdi Kanu, to renounce his agitation and be release from jail.

One Somto Okonkwo in a verified X handle, @General_Somto, quoted Mr. Bwala as saying, “Nigeria Government Through Its Presidential Special Adviser, Daniel Bwala Has Told The Leader Of IPOB Mazi Nnamdi Kanu To Renounce Biafra And Promise Not To Agitate For Biafra Again, Before Talks For His Release From DSS Custody Will Commence

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El-Rufai’s son, Bashir campaigns for SDP, asks Nigerians to save country from ‘area boys’

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…tells Nigerians

By Kayode Sanni-Arewa

Bashir El-Rufai, son of erstwhile governor of Kaduna State, Nasir El-Rufai, has urged Nigerians to join the Social Democratic Party, SDP, to save the country from ‘area boys’. Bashir stated this in a cryptic post on X on Friday, seemingly referring to President Bola Tinubu’s appointees, particularly from Lagos State. He wrote: “Join in saving this country from area boys”.

DAILY POST recalls that Bashir’s father, El-Rufai, recently defected from the ruling All Progressives Congress, APC, to the SDP.

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The Kaduna ex-governor had before his resignation become increasingly critical of the APC-led government under Tinubu. He also cited a widening disconnect between his personal values and the party’s current direction as the reason for his defection. Before now, El-Rufai had criticized Tinubu for only appointing his “boys” from Lagos into political offices. “The president’s appointments are not being made because the appointees are Yoruba, but because they are his own boys, and most of the appointments do not even reasonably cover the South-West,” El-Rufai said.

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