News
SERAP Drags President Buhari to Court over Old N500, N1,000 Notes Ban
Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Muhammadu Buhari over “the unlawful directive banning the use of old N500 and N1,000 banknotes, which goes against the interim injunction granted by the Supreme Court that the old N200, N500, and N1000 notes remain legal tender.”
The Supreme Court in a case initially brought by 10 states recently ruled that the old banknotes remain legal tender pending the determination of a motion on notice fixed for February 22. The deadline for the swap of the old notes expired February 10.
However, Buhari in a national broadcast last week directed the CBN to recirculate only the old N200 banknotes, thereby overruling the Supreme Court and banning the use of old N500 and N1,000 notes in the country.
In the suit number FHC/ABJ/CS/233/2023 filed last Friday at the Federal High Court, Abuja SERAP is asking the court to determine “whether President Buhari’s directive banning the N500 and N1,000 banknotes is not inconsistent and incompatible with the constitutional duties to obey decisions of the Supreme Court and oath of office.”
SERAP is asking the court for “a declaration that President Buhari’s directive banning the use of old N500 and N1,000 banknotes is a fundamental breach of section 287(1) of the Nigerian Constitution 1999 [as amended] and his constitutional oath of office, and therefore unconstitutional, unlawful, null and void.”
Joined in the suit as Defendants are the Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, and the Central Bank of Nigeria (CBN).
SERAP is seeking “an order of interim injunction restraining President Buhari, the CBN and Mr Malami, their agents or privies from further enforcing the presidential directive banning the old N500 and N1,000 banknotes, pending the hearing and determination of the motion on notice filed contemporaneously in this suit.”
In the suit, SERAP is arguing that: “Upholding the rule of law is the cornerstone of Nigeria’s constitutional democracy. President Buhari and other public officials and authorities have a binding legal responsibility to strictly comply with the rule of law and obey the decisions by the Supreme Court, and all other courts.”
SERAP is also arguing that, “The directive to ban the use of N500 and N1000 banknotes, contrary to the interim injunction by the Supreme Court, is ultra vires – beyond the constitutional and legitimate powers of President Buhari and the government.”
The suit filed on behalf of SERAP by its lawyers Ebun-Olu Adegboruwa, SAN, and Kolawole Oluwadare, read in part: “It is a very serious matter for anyone to flout a positive order of a court.”
“President Buhari’s directive undermines the authority and independence of the judiciary, which is an underlying constitutional principle intended to ensure that government is conducted according to law, and to prevent the arbitrary exercise of powers or discretion by public officials and authorities.”
“An order of Court must be obeyed even if such an order is perverse, until such a time that the order is set aside by a competent court. A flagrant flouting of an order of the court by the executive is an invitation to anarchy.”
“The rule of law makes all government officials, including the President and other officials, answerable for their acts in the ordinary courts. The law must apply to everybody; nobody is above the law.”
“Section 281(1) of the Nigerian Constitution provides that, ‘the decisions of the Supreme Court shall be enforced in any part of the Federation by all authorities and persons, and by courts with subordinate jurisdiction to that of the Supreme Court.”
“Under 318 (1) of the Nigerian Constitution, ‘decision’ means in relation to a court, any determination of that court and includes judgement decree, order, conviction, sentence or recommendation.”
“It is the duty of the government to allow the law to take its course or allow the legal and judicial process to run its full course.”
“The directive by President Buhari to ban the use of the old N500 and N1000 banknotes can have no other interpretation than the show of intention to pre-empt the final decision of the Supreme Court in this case.”
“The courts expect the utmost respect of the law from the government itself which rules by the law.”
“The rule of law is essential in a constitutional democracy such as we have in this country for the protection of the rights of citizens and for checking arbitrary use of power by the executive or its agencies.”
“It is a necessary implication of the rule of law that, except where the law gives a discretion to a public functionary, he can only act in accordance with the law, as to do otherwise may enthrone arbitrariness.”
“The Defendants are public officers who have sworn the constitutional oath office to perform their respective duties in the interest of the Nigerian citizens.”
“This suit is not challenging the statutory power of the Central Bank of Nigeria, acting on the directive of the President, to change the currency and denomination banknotes in Nigeria.”
“Unless the reliefs sought are granted, the Defendants will continue to violate constitutional provisions and disobey the order of the Supreme Court as implied by the directive of the President in his address to the nation on 16 February, 2023.”
No date has been fixed for the hearing of the suit.
Sapphire Technologies, energy recovery systems specialist has formed a strategic partnership with Horizon Shores Nigeria Ltd., marking its entry into the African market.
Sapphire Technologies said in a media release that the collaboration will enable the deployment of its FreeSpin In-Line Turboexpander technology, an energy recovery system designed to capture and convert otherwise wasted pressure energy into clean electricity.
Through the partnership, Sapphire Technologies said it aims to provide clean power solutions across Nigeria’s midstream and upstream sectors. The solutions will enable oil and gas operators to enhance energy efficiency, reduce carbon emissions, and improve economic outcomes, the company said.
“Our partnership with Horizon Shores is a milestone for Sapphire Technologies as we expand into one of Africa’s most dynamic energy markets”, said Freddie Sarhan, CEO of Sapphire Technologies.
“By leveraging our FreeSpin In-line Turboexpander technology, Nigeria could see significant gains in energy efficiency and economic resilience, reducing dependence on traditional power sources and fostering a greener future”.
Nigeria is a significant player in the global oil and gas market, with an estimated 37.5 billion barrels of crude oil and 209.26 trillion cubic feet of natural gas reserves, Sapphire Technologies noted.
The country’s oil and gas market is expected to reach a production capacity of 4.6 billion cubic feet per day in 2024, highlighting its potential for further growth, the company said.
This context underscores the importance of Sapphire Technologies’ partnership with Horizon Shores in bringing clean energy solutions to this dynamic market, it said.
“This partnership with Sapphire Technologies allows us to integrate state-of-the-art energy recovery systems, meeting Nigeria’s energy needs while supporting our commitment to environmental sustainability”, said Oluseun Olusola of Horizon Shores Nigeria Ltd.
“With Sapphire’s FreeSpin technology, we’re opening new pathways to decarbonize our industry while achieving long-term economic benefits”.
Sapphire Technologies and Horizon Shores plan to deploy over a dozen turboexpander projects in Nigeria over the next three years.
News
Jiji Honoured as Best in Retail Range Excellence, Unveils Mega Black Friday Discounts Across categories
Jiji, Africa’s online marketplace, has been awarded the prestigious title of “Best Retail Organization in Range Excellence” at the Africa Retail Awards 2024.
The event was hosted by the Africa Retail Academy and Lagos Business School – Pan Atlantic University in partnership with Nairametrics and KPMG.
This accolade highlights Jiji’s exceptional dedication to delivering a wide and diverse product range that meets the needs of millions of buyers and sellers across Nigeria.
The recognition comes as the organisation gears up for its biggest sales event of the year – Black Friday 2024. With the award highlighting the organisation’s vast product offerings, this year’s Black Friday campaign promises to be the most exciting yet for shoppers seeking unbeatable deals across various categories.
Statistics by the National Retail Federation predicts that holiday spending will grow 2.5-3.5% YoY this 2024, reaching around $985 billion, while online shopping is expected to increase 8-9% YoY by end 2024, reaching around $296 billion in sales.
What’s the deal this Black Friday?
To celebrate its win and further demonstrate commitment to Nigerian consumers, Jiji is launching a Black Friday campaign featuring jaw-dropping discounts of up to 85% across its product categories.
Starting from today until November 29, 2024, shoppers can take advantage of significant savings on everything listed on Jiji from smartphones and electronics to fashion, furniture, and beauty products.
“We’re honoured to receive the ‘Best Retail Organization in Range Excellence’ award. This recognition reflects our dedication to offering an expansive selection of products that cater to diverse consumer needs,” – Majolie Obaje, Regional head of PR & Marketing, Jiji
“As we kick off our Black Friday campaign, we’re excited to give our customers access to incredible deals across over 15 categories. We remain committed to promoting the power to bargain, affordability, and convenience for our 12m+ users on Jiji. Customers all over Nigeria are set to save big while they get more value for their money.” – Majolie Obaje, Regional head of PR & Marketing, Jiji
What should shoppers expect?
Jiji has teamed up with verified top sellers to bring exclusive offers, providing a wide range of discounted items across categories including popular ones like:
Phones & Tablets: Buyers can explore incredible prices on smartphones, tablets, laptops, and gaming consoles. Verified sellers are offering discounts of up to 85%, making it the perfect time to upgrade tech devices for less.
Fashion: Shoppers looking to revamp their wardrobes will find unbeatable deals on outfits, shoes, and accessories. Jiji’s fashion category offers everything from trendy streetwear to luxury items at fantastic discounts.
Home, Appliances & Furniture: Customers can elevate their living spaces with affordable furniture, home appliances, and air conditioners, all available at up to 85% off. It’s a prime opportunity for families to enhance their homes at pocket-friendly prices.
Health & Beauty: Luxurious fragrances, skincare products, and makeup essentials are all on sale, with significant markdowns that make it easy for beauty enthusiasts to grab their favourite items without breaking the bank.
Exclusive Black Friday shopping tips for buyers?
To ensure customers get the best out of this year’s Black Friday campaign, Jiji offers dedicated landing pages to their favourite items where they can easily discover the hottest deals. The company also advises shoppers to:
Search early and frequently: New deals are added regularly, so checking in often will help buyers get the most desired items.
Act fast: With limited-time offers and high demand, products may sell out quickly.
Prioritise safety: Jiji emphasises the importance of following its safety tips when completing transactions. The platform encourages buyers to meet with sellers in public places, inspect items to be sure they meet their request, and only pay if satisfied.
What’s the impact on Nigeria’s e-commerce industry?
Jiji’s unique approach to offering a broad product range at competitive prices and its meet-inspect-pay model have been instrumental in shaping Nigeria’s e-commerce space.
This Black Friday, the platform’s campaign not only reinforces its position as a market leader but also highlights the growing trend of online shopping among Nigerian consumers. Reports show consumers are increasingly concerned that in-store prices are not competitive with online prices, with 20% of consumers saying they’ll increase their online spend this 2024.
Jiji’s recognition by the Africa Retail Awards comes at a time when consumer expectations are evolving. There’s now a strong preference for platforms that provide variety, convenience, and value.
The organisation’s ongoing efforts to strengthen the platform, and its strategic collaborations with top sellers, reflect its adaptability to market trends and commitment to delivering a superior shopping experience.
Economic and Financial Crimes Commission (EFCC) has arrested Timber Kesiye Wabote, the former Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), over allegations of misappropriating $35 million in public funds linked to the failed Brass Project in Bayelsa State.
Wabote’s arrest follows the earlier detention of Akintoye Adeoye Akindele, the Managing Director of Atlantic International Refinery and Petrochemical Limited, who faces charges of money laundering, misappropriation, and diversion of funds.
The investigation centers around a project that was meant to develop an Energy Infrastructure Park in the Okpoama Community, Brass Local Government Area, Bayelsa State, including a refinery, jetty, gas plant, power plant, data center, and tank farm with the capacity to process 2,000 barrels of oil per day. NCDMB, under Wabote’s leadership, had reportedly provided counterpart funding of $35 million for the initiative.
However, the project was abandoned in December 2020 with minimal progress made despite the substantial funds allocated. Investigations revealed that Akindele was paid the $35 million by NCDMB to oversee the construction of the refinery and associated facilities. The funds were reportedly misappropriated, leaving little to show for the investment.
Preliminary findings suggest that Wabote, during his tenure as NCDMB Executive Secretary from 2016 to 2023, was involved in multiple such investments, including the Brass Free Trade Zone initiative. Wabote’s arrest is tied to the mismanagement of the $35 million intended for the refinery project.
The EFCC is currently holding Wabote at its Abuja facility, while investigations continue into the case, with other suspects also under scrutiny.
EFCC spokesman, Dele Oyewale, confirmed Wabote’s arrest on Wednesday but declined to provide additional comments on the matter.
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