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FG has a duty to control prices of commodities — Falana

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FG has a duty to control prices of commodities — Falana
Femi Falana, SAN
The Nigerian government has a duty to intervene decisively on behalf of the majority of the people by enforcing price control mechanisms that protect citizens from exploitation as envisaged under the Price Control Act.

This is the view of Senior Advocate of Nigeria, Femi Falana, who believes that this is necessary to guarantee that the economy of the country is not concentrated in the hands of a few.

Falana spoke with Channels Television’s correspondent, Shola Soyele against the background of his recent lawsuit against the federal government over failure to control rising prices of essential commodities.

“The Bola Tinubu administration has said that there is food in abundance in Nigeria. I think the Minister of Information made that statement a couple of days ago, but we have a situation where majority of the people cannot afford the prices that have gone to the roof.

“And so that is why the government has a duty under the Price Control Act to control the price of essential commodities so that Nigerians will not be subjected to hunger unnecessarily. It is so bad now that if you pick a food item, if you go back to the market tomorrow, the price has gone up,” Falana said.

He argued that while affluent citizens can cope with spiralling inflation, most ordinary Nigerians have been priced out of accessing basic commodities under the current laissez-faire regime. Hence, the urgent need for government’s intervention based on extant laws.

The Senior Advocate also questioned why electricity tariffs, telecom rates and petrol pump price could be moderated via subsidies whilst other essentials like food, medicines and diesel were allowed to rise astronomically thereby eroding people’s purchasing power.

SEE ALSO:  BREAKING: Alleged N4bn fraud: Obiano arraigned, granted bail

The Federal High Court sitting in Lagos, on Wednesday, ordered the Federal Government to fix the price of goods and petroleum products within seven days from today.

Justice Ambrose Lewis-Allagoa granted the order sequel to an originating motion filed and argued by the applicant, Senior Advocate of Nigeria, Femi Falana.

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Falana had dragged the Price Control Board and the Attorney General of the Federation, both of whom are listed as defendants before the court to determine “whether by virtue of Section 4 (1) of the Price Control Act, Laws of the Federation of Nigeria, 2004, the first defendant is carrying out its duty to impose a price on any goods that are of the kind specified in the First Schedule to the Price Control Act.”

In an affidavit in support of the summons taken out by the Senior Advocate and deposed to by a legal practitioner from his firm, Taiwo Olawanle, the deponent noted that the following commodities: bicycles and its spare parts; flour; matches; milk; motorcycles and its spare parts; motor vehicles and spare parts; salt; sugar and petroleum products including diesel, petrol motor spirit and kerosene are listed in the Price Control Act.

He also noted that the Act gives the Price Control Board powers to fix the prices of this wide array of commodities. (Channels TV)

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Access Bank founder, Herbert Wigwe feared dead in chopper crash in California

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Akpabio mourns Access Bank CEO, Says death painful loss to Nigeria
CEO, Access Bank Plc, Herbert Wigwe

Herbert Wigwe, the co-founder of Access Bank and the founder, Wigwe University, has reportedly died in a helicopter crash in California, United States.

Wigwe was also the Chief Executive Officer, CEO, of Access Holdings, the parent company of Access Bank.

He was reportedly on board the chopper with his wife, son and three other passengers.

It was gathered that the chopper was headed to Las Vegas when it crashed near a border city between Nevada and California on Friday night.

The US government confirmed all on board dead as no survivors have been located as of Saturday morning.

The helicopter was carrying six people when it crashed on Friday night near the California-Nevada border.

The United States Federal Aviation Administration said that the Eurocopter EC130 helicopter crashed around 10:00 pm local time, near Nipton, California, an unincorporated community about 60 miles south of Las Vegas in eastern San Bernardino County.

According to Mara Rodriguez, a public information officer with the department, officials at the San Bernardino County Sheriff’s Department were made aware of the downed aircraft at 10:12 pm, local time.

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She added that the scene of the crash was determined to be east of Interstate 15, near Halloran Springs Road.

The New York Times has confirmed the incident but did not name the passengers.

No official statement has been issued on the incident.

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SEE ALSO:  Alleged N10bn fraud: EFCC witness can’t recall if Yahaya Bello’s cousin made withdrawals
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Alleged N10bn fraud: EFCC witness can’t recall if Yahaya Bello’s cousin made withdrawals

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Alleged N10bn fraud: EFCC witness can’t recall if Yahaya Bello’s cousin made withdrawals
Ali Bello

A prosecution witness in the trial of Ali Bello (said to be cousin of Kogi State’s ex-governor, Yahaya Bello) and one other, Edward Bananda, has said he could not recall if the defendants made withdrawals from the state’s account.

Bell and Dauda are being prosecuted by the Economic and Financial Crimes Commission, EFCC, before a Federal High Court in Abuja on a 10-count charge in which they are accused of engaging in misappropriation and money laundering.

At the resumption of proceedings on Monday, Bananda, the second prosecution witness, was cross-examined by lawyers to the defendants – A. M Aliyu (SAN) and Nureini Jimoh (SAN).

While being questioned by Jimoh (who represented Suleiman), he was handed three statements of accounts belonging to the state government and asked to recall if the defendants made withdrawals.

Bananda, who had said most of the withdrawals were made by Hudu Abdusalam (a cashier at the Kogi State House), told the court that he could not recall if the defendants made withdrawals from the accounts.

When asked if he could identify Hudu Abdusalam among the two defendants, the witness said he could not.

The witness, who was taken through some pages of the account statements by Jimoh, noted that most of the inflows were security funds belonging to Kogi State Government.

He said none of the withdrawals in the account statements exceeded the Central Bank of Nigeria, CBN, stipulated cash withdrawal limit of N10 million.

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Reading from one of the account statements, the witness noted that on May 24, 2019, there was an inflow of N50 million; N100 million on May 27, 2019; N50 million on May 31, 2019; and N50 million on July 3.

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The witness who said all the inflows were security funds, noted that they were also withdrawn in tranches of N10 million each.

When Jimoh suggested to the witness that the funds were meant for security purposes of Kogi State, Bananda said he did not know.

Under cross-examination by Aliyu (who represented Bello) the witness said one of the accounts belong to Kogi State Government House Administration.

Bananda said funds in the account belong to the Kogi State Government and that there are names and signatories to the account.

At the conclusion of the cross examination, the prosecuting lawyer, Rotimi Oyedepo (SAN), indicated his intention to call another witness.

The trial judge, Justice James Omotosho, adjourned till February 6 for continuation of trial.

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BREAKING: Alleged N4bn fraud: Obiano arraigned, granted bail

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BREAKING: Alleged N4bn fraud: Obiano arraigned, granted bail
• Willie Obiano

Former  Anambra Governor Willie Obiano has been granted bail after he was arraigned before a Federal High Court in Abuja on a nine-count charge in which he was accused of laundering about N4billion.

Obiano pleaded not guilty when the charge was read to him by an official of the court.

After the taking of the defendant’s plea, the prosecuting lawyer, Sylvanus Tahir (SAN) applied for the remand of the defendant in custody pending the commencement of trial.

However, the defence lawyer, Onyechi Ikpeazu (SAN) sought to move his client’s bail application, but Tahir said he was just served the application and needed time to respond.

At that point, Justice Inyang Ekwo inquired from Tahir if the defendant was earlier granted bail.

And, in response, Tahir said the prosecuting agency, the Economic and Financial Crimes Commission (EFCC) granted Obiano conditional administrative bail.

Ruling, Justice Ekwo admitted Obiano to bail on the same conditions earlier given by the EFCC.

He ordered the EFCC to transfer all the documents relating to the bail conditions to the court within seven days.

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The judge ordered Obiano not to travel outside jurisdiction without the court’s permission, to deposit his travel documents with the court, following which the court will notify the Immigration Service about the restriction on his movement outside jurisdiction.

Justice Ekwo adjourned till March 4 for the commencement of trial.

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SEE ALSO:  BREAKING: Alleged N4bn fraud: Obiano arraigned, granted bail
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