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Naira crisis: Await our decision, S’Court tells states seeking to join suit

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The Supreme Court, on Wednesday, shut its door to more states seeking to be joined as interested parties in the suit challenging the decision of the Federal Government to ban the use of the old N200, N500 and N1000 banknotes as valid legal tenders.

A seven-man panel of Justices of the apex court, in a unanimous decision, asked all the states interested in the matter to await its decision in the suit that was originally filed by three northern states- Kaduna, Kogi and Zamfara.

The panel headed by Justice Inyang Okoro took the decision after it rejected a joinder application that was filed by Abia State.

It proceeded to consolidate the different suit that was filed by Rivers State, with all the pending cases challenging the Naira swap policy that FG introduced through the Central Bank of Nigeria, CBN.

All the suits the apex court consolidated for hearing on Wednesday, were marked: SC/CV/162/23, SC/CV/162/23, SC/CS/197/23, SC/CV/200/23, SC/CV/210, SC/CV/227, SC/CV/229/23 and SC/CV/222/23.

It will be recalled that the court had earlier joined seven states- Lagos, Cross River, Ogun, Ekiti, Ondo, Sokoto and President Muhammadu Buhari’s homestate, Katsina, as parties to the suit that was filed by the three northern states.

Though only the Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN, was initially cited as the sole defendant in the matter, the apex court okayed requests by Edo and Bayelsa states to be allowed to join the suit to support FG as co-plaintiffs.

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Rivers, Kano, Jigawa and Nasarawa states had maintained that there own case was different, stressing that their grouse was not only with the Naira swap policy, but also with the cash withdrawal limits the CBN allowed for corporate entities and individuals, respectively.

While consolidating all the cases, the Supreme Court noted that the issue in dispute resolves around Section 20(3) of the CBN Act.

It held that there was no need for more states to apply for permission to join the legal fireworks.

“We will no longer join any state in this matter. When we give our decision, whoever that is dissatisfied can file a fresh suit. There is still time”, the apex court held.

It will be recalled that the apex court had on February 8, issued an interim order that restrained FG from implementing its February 10 deadline for the use of the redesigned Naira notes as legal tenders.

However, despite the order of the ex-parte order by apex court, the CBN had since invalidated the old N500 and N1000 banknotes, even as President Buhari, in a nationwide broadcast he made on February 16, okayed the N200 note to remain a legal tender till April 10.

Specifically, the states, in their consolidated suit, are among other things, seeking a declaration that the Demonetization Policy of the Federation being currently carried out by the CBN under the directive of the President of the Federal Republic of Nigeria, is not in compliance with the extant provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended), Central Bank of Nigeria Act, 2007 and actual laws on the subject.

They applied for, “A declaration that the three-month notice given by the Federal Government of Nigeria through the CBN under the directive of the President of the Federal Republic of Nigeria, the expiration of which will render the old banknotes inadmissible as legal tender, is in gross violation of the provisions of Section 20(3) of the Central Bank of Nigeria Act 2007 which specifies that Reasonable Notice must be given before such a policy”.

As well as, “A declaration that given the express provisions of Section 20(3) of the Central Bank of Nigeria Act 2007, the Federal Government of Nigeria, through the CBN, has no powers to issue a timeline for the acceptance and redeeming of banknotes issued by the Bank, except as limited by Section 22(1) of the CBN Act 2007. The Central Bank shall at all times redeem its bank notes”.

Besides, the states urged the apex court to direct the immediate suspension of the demonetisation of the Federal Government of Nigeria through the CBN under the directive of the President of the Federal Republic of Nigeria until it complied with the relevant provisions of the law.

The plaintiffs told the apex court that since the CBN announced the new naira policy, there has been an acute shortage in the supply of the new naira notes in their respective states.

They decried that residents in their states who complied with CBN’s directive and deposited their old naira notes have increasingly found it difficult to access new naira notes to conduct their daily businesses.

They maintained that the inadequacy of the new naira notes as well as the haphazard manner the monetary policy was being implemented, has wrought serious hardship on residents in their states, stressing that the 10-day extension of the deadline would not be sufficient to address the challenges occasioned by the policy.

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NDC: “They cannot stop me, they will fail” — Peter Obi

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“…If you know what they are doing to ensure that I’m not on the ballot in 2027, you will be surprised”

Presidential candidate of the Nigeria Democratic Congress (NDC), Mr Peter Obi has vowed that nobody will stop him from taking part in the 2027 general election.

Obi spoke in reaction to the Federal High Court judgement on Friday, which ordered the Independent National Electoral Commission, INEC, to deregister the party.

The NDC candidate, who disclosed that powerful forces want him out of the race, declared that he is unstoppable.

Obi was a guest speaker at a leadership programme hosted by a group, NextGen Mentorship and Leadership Initiative on Friday at Madonna University Okija, Anambra State.

He said: “If you know what they are doing to ensure that I’m not on the ballot in 2027, you will be surprised.

“The Nigerian government is doing everything to ensure that I do not contest in this election, but I’m not looking at the obstacles but at the destination.

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“I’m rather focussed at the fruitfulness of the destination and that is what keeps me going.

“I’m not desperate to be Nigerian President but desperate to see Nigeria work. Go and obtain your PVC. If you don’t vote, you are hurting your future. When you have your PVC, do not vote for me because I’m an Igbo man. I’m not contesting the election because I’m an igbo man, but vote for me because I’m the most qualified.”

On the court judgment, he had this to say: “They cannot stop me. They will fail. Let me assure you it is not the end of the road. We are committed to this democracy and to those who want to kill this democracy they are trying to hurt the society.

“The reactionary elements in Nigeria, those who are bent on holding Nigeria down do not want it to work but I can assure you it would work. I have confidence that I will pull through because the will of the people must prevail.

“No where is safe in Nigeria today, yet the people who should help salvage the country are bent on hurting our democracy.

“My message to all those who mean well for Nigeria and not just my supporters is for us to remain peaceful and continue to resist this tragedy being imposed on Nigeria.”

He also challenged President Bola Tinubu to a debate, noting that “I challenge any of those contesting to a debate to say what they want to do for this country, including President Bola Tinubu. I’m not saying it to make you happy but to change Nigeria and make it work.”

Meanwhile, the NDC has also  rejected the judgement , declaring that it has instructed its lawyers to file an appeal.

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Remi Tinubu sparks debate after urging Nigerians to start akara, corn businesses

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First Lady Oluremi Tinubu has come under fire on social media after encouraging Nigerians to consider small-scale ventures such as selling akara, roasted corn and kuli-kuli, saying the businesses require little capital to begin.

Tinubu made the remarks while speaking with correspondents following the second-quarter meeting of the Renewed Hope Initiative with wives of state governors at the State House in Abuja on Wednesday.

A video of her comments, shared by News Channel 247 on Friday, quickly generated widespread reactions online.

Speaking on the activities of the Renewed Hope Initiative, the First Lady said the programme had been providing grants, rather than loans, to vulnerable Nigerians to help them start businesses and improve their livelihoods.

“We’re trying to give hope, and to start Akara business doesn’t take a lot of money. To start roasting corn, or somebody even said kuli kuli doesn’t take much. We didn’t give them a loan; we gave it to them as a grant.

“So we’ve encouraged Nigerians as best as we could. What is within our hands, I have given, and I keep giving,” she said.

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Tinubu also highlighted the initiative’s interventions in healthcare, education, agriculture and social investment, noting that she had personally supported several causes with substantial donations.

“I remember giving for TB. When I heard there were so many TB cases, I gave N2 billion. To breast cancer, I gave a billion. For food malnutrition, I gave half a billion.

“So those are the things we’ve been doing and making sure we can make sure that whatever this government is trying to do, it will see the light of day,” she stated.

According to the First Lady, the initiative has also provided scholarships, ICT training opportunities and support for agricultural and social investment programmes.

She urged Nigerians to remain hopeful despite the prevailing economic difficulties.

“The narrative has really changed, has changed to challenge the average man, whereas the average man is supposed to have hope. So I like the idea that Mr President say this is the Renewed Hope Agenda.

“We have to renew our hope, and that’s how we renew our hope, you know, and that’s what I have to tell Nigerians,” she said.

However, her comments on small-scale businesses triggered swift criticism, with many social media users accusing her of downplaying the severity of the country’s economic challenges.

An X user, @ADCVanguard_, said the video demonstrated “exactly how disconnected Nigeria’s ruling class has become from the reality of ordinary citizens.”

Another user, @ireteeh, compared the initiative’s interventions with private-sector efforts, writing: “The First Lady is empowering people with akara, corn, and kuli-kuli, while an ordinary citizen with limited resources is equipping people to build thriving careers in cybersecurity.”

A user identified as Nefertiti (@firstladyship) also criticised the remarks, saying, “Nigerians are in big trouble. There is fire on the mountain but the people are tired of running.”

Despite the backlash, some Nigerians defended the First Lady, arguing that there was nothing wrong with encouraging people to engage in small businesses.

One X user, @Akikanju1568901, described akara as “one of the most lucrative businesses in Nigeria,” noting that the trade has enabled many families to train their children in universities and acquire houses and cars.

Another user, @PemiOladapo, wrote: “There’s dignity in labour… these are our local snacks! People should start it and scale it!”

Meanwhile, another commentator, @TossynBankz_, argued that the issue was not the nature of the businesses but the broader economic context.

“Nobody is mocking akara, roasted corn, or kuli-kuli. Those are honest businesses. The problem is that Nigerians are asking for a better economy, more jobs, and lower prices. Telling people to start selling akara in this situation just feels like the government doesn’t understand what people are going through,” the user wrote.

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BREAKING: Court nullifies NDC’s registration, overturns earlier ruling that directed INEC to register party

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The Federal High Court sitting in Lokoja, Kogi State, has set aside its earlier judgment that compelled the Independent National Electoral Commission (INEC) to register the Nigeria Democratic Congress (NDC) as a political party.

The latest ruling effectively reverses the legal basis upon which the NDC had been listed by INEC, throwing the party’s status into uncertainty and preventing it from operating as a recognised political party for now.

Earlier this year, the NDC secured a Federal High Court judgement in Lokoja, Kogi State in Suit No. FHC/LKJ/CS/49/2025 directing INEC to register it, a development that sparked controversy among other political associations. The party’s inclusion on the electoral commission’s list was based solely on that court order.

However, the registration was challenged by rival political groups, particularly the All Democratic Alliance (ADA), which argued that the NDC failed to comply with statutory requirements for political party registration.

The challengers alleged that the party did not properly complete the application process through INEC’s designated portal and failed to submit essential documents, including its manifesto and other required materials.

Following the fresh legal challenge, the Federal High Court in Lokoja revisited the matter and vacated its previous judgment, agreeing that the earlier order compelling INEC to register the NDC should no longer stand.

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The court’s decision means that the NDC is currently not an officially registered political party. As a result, the party cannot sponsor or field candidates in any election until it obtains formal recognition from INEC.

The judgment also effectively returns the party to the starting point of the registration process. To regain recognition, the NDC will either have to meet all of INEC’s registration requirements and apply afresh or challenge the latest judgment at the Court of Appeal.

For INEC, the ruling means the electoral commission is no longer under any legal obligation to register the NDC.

The court agreed with the commission’s position that there were legal issues surrounding the earlier order that compelled the registration, which may have involved procedural errors, timing, or failure to satisfy statutory conditions.

In practical terms, the court’s decision keeps the NDC off the list of officially recognised political parties unless it successfully overturns the ruling on appeal or completes the registration process in accordance with INEC’s guidelines.

The latest judgment marks a significant twist in the legal battle over the party’s registration and could have implications for its political ambitions ahead of future elections.

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