Law
Law Decoded: A different Congress hearing, Dec. 6–13
The biggest regulatory story of the week was a United States House Committee on Financial Services hearing squarely focused on crypto. Even the event’s title — “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States” — conveyed a different vibe than countless previous Congressional meetings that had been first and foremost about investor protection or security risks or threats to financial stability. Judging from reactions from many industry participants and experts, the exchange has been received as an overwhelming net positive, with legislators asking informed questions and otherwise acting like their goal was to understand this new thing rather than act on preconceived notions. Of course, there were tired qu...
FATF guidance on virtual assets: NFTs win, DeFi loses, rest remains unchanged
The Financial Action Task Force (FATF) released its long-awaited guidance on virtual assets, laying out standards that have the potential to reshape the crypto industry in the United States and around the world. The guidance addresses one of the most important challenges for the crypto industry: To convince regulators, legislators and the public that it does not facilitate money laundering. The guidance is particularly concerned with the parts of the crypto industry that have recently brought about significant regulatory uncertainty including decentralized finance (DeFi), stablecoins and nonfungible tokens (NFTs). The guidance largely follows the emerging approach of U.S. regulators toward DeFi and stablecoins. In a positive note for the industry, the FATF is seemingly less aggressive towa...
AGF: Ohanaeze legal monitoring group on Nnamdi Kanu not necessary
The Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, has said the legal team formed by the umbrella group for Igbo people, Ohanaeze Ndigbo, to monitor proceedings of the trial of leader of the prescribed Indigenous People of Biafra, Nnamdi Kanu, was not necessary. He, however, welcomed the Ohanaeze team, saying it was in line with the doctrine of the right of fair hearing rooted in Section 36 of the 1999 Constitution. Recall that the separatist leader was arrested in June 2021 outside the country. Kanu is facing charges bordering on treasonable felony instituted against him at the court in response to years of campaign for the independent Republic of Biafra through IPOB. He had been granted bail in April 2017 but jumped bail. After his re-arrest in June 202...
AGF Malami meets with Ohanaeze over Nnamdi Kanu
The legal team of the Ndigbo Group has met with the Attorney General of the Federation and Minister of Justice, Abubakar Malami, to monitor the proceedings relating to the leader of the Indigenous People of Biafra, Nnamdi Kanu. This was disclosed in a statement issued by the Special Assistant on Media and Public Relations to the Office of the AGF, Jibrilu Gwandu. The statement stated that the position of Ohanaeze Ndigbo on the issue of Kanu demonstrated their recognition of belonging to Nigeria and succumbing to the rule of law. “The group showed a mature departure from the mindset of the proscribed Indigenous People of Biafra when Ohanaeze said they ‘do not support the use of any form of violence’ while channelling concerns and presenting demands. “By urging the youths to be law-abiding a...
Obudu contract debt: Appeal court reserves judgment against Cross River
The Abuja division of the Court of Appeal has reserved judgment in the appeal filed by a private firm, Zedici Capital Ltd, against the Cross River State Government over a N3.8 billion contract debt. The appellant, Zedici Capital Ltd, is the firm that remodelled the Obudu Mountain Resort in Cross River State, now a subject of litigation. The three-member panel of the Court of Appeal, headed by Justice Peter Ige, reserved the date after counsel to the parties had adopted their legal submissions for and against the appeal, that is challenging the judgment of a High Court of the Federal Capital Territory (FCT), which had in 2019, refused to affirm the arbitral award to Zedici Ltd over its investment of N3.8 billion in the resort. Justice Ige announced that a date for the judgment would be comm...
Cross River: Igbo leaders to partner with police on community policing
President of Igbo Congress Cross River chapter, Prince Raymond Atulomah, has stated that Ndi Igbo would partner with police command in the area of community policing. Speaking during a courtesy call on the Cross River Commissioner for Police, Mr Sikiru Akande, in his office in Calabar on Friday, Atulomah said Igbo leaders crave for a crime-free society and therefore would contribute to ensuring that the police Command succeed in the area of crime fighting. He said Igbo are committed to promoting a peaceful co-existence between them and host communities especially in local security. He said: “We are here to pay solidarity visit to the Commissioner and congratulate him on his appointment. We pledge to collaborate with your office in the area of community policing. We promise to be law abidin...
Anambra election: 22 political parties storm INEC office, want participation
Twenty-two political parties, on Friday, stormed the headquarters of the Independent National Electoral Commission (INEC), in Abuja, to submit names and particulars of candidates for the November 6 Anambra governorship election. The parties, which were part of the 74 political parties deregistered by INEC last year, insisted that they must be on the ballot as they had obtained a declarative judgment by the Appeal Court quashing their deregistration by the INEC. The electoral body, however, rejected their request, insisting that the parties remained deregistered. It would be recalled that the parties had, on March 18 this year, submitted letters of notice for the conduct of the governorship primaries for the Anambra poll. But INEC, then, in a swift reaction, signed by INEC National Commissi...
INEC promises to train Malawian electoral body on delineation, creation of polling units
The Independent National Electoral Commission (INEC) has promised to teach its Malawian electoral commission counterpart the tricks it used in the delineation of constituencies and creation of polling units. Speaking when his Malawian counterpart, Justice Chifundo Kachale, led a delegation on a courtesy visit on him in Abuja on Thursday, National Chairman of INEC, Prof Mahmood Yakubu, said he understand that the Southern African country is also faced similar challenges Nigeria had previously. He announced to the delegation that the Commission is currently undergoing a historic voter registration exercise, emphasizing: “We are also doing the voter pre-registration online, which will now be completed physically in person at designated centres nationwide. So you are coming at the right time. ...
NLC urges National Assembly to transform NNPC to public liability company
The Nigeria Labour Congress has cautioned the National Assembly to handle with utmost care what it described as the very sensitive issue of the unbundling of the Nigeria National Petroleum Corporation. It urged the lawmakers to transform the NNPC to a public liability company as part of the reforms of the oil and gas sector captured in the Petroleum Industry Bill. The NLC President, Ayuba Wabba, said this on Tuesday, in a statement lauding the passage of the PIB titled, ‘Congress commends the national assembly for passing the petroleum industry bill – demands that the NNPC be transformed into a public liability company.’ It stated, “We know that the process of making the PIB a law has not been completely consummated as the passed bill would still need to be harmonized by a conference of th...
PIB: Ijaw leaders reject ‘disgusting, provocative’ bill
The leadership of the Ijaw nation has rejected the Petroleum Industry Bill (PIB) just passed into law by the National Assembly describing it as disgusting and provocative. The leaders also called on the Minister of State for Petroluem Resources, Chief Timipre Sylva, to use this opportunity to write his name in gold, and on the side of prosperity by standing firm with the Ijaw people against their oppressors. President of the Ijaw National Congress (INC), the umbrella body of the Ijaw people, Prof Benjamin Okaba in a packed press conference, he addressed at the Ijaw House, headquarters of INC in Yenagoa, Bayelsa State, declared that the Ijaw nation rejects in its entirety the 3% and 5% provisions as compensation, the redefinition of host communities and other provisions including the alloca...
CSOs: No to manual transmission of election results
No fewer than 42 civil society organisations have rejected the Electoral Amendment Bill (2021) being proposed by the National Assembly. The CSOs in a statement on Sunday said the manual transmission of election results would be used to manipulate the outcome of polls. Some of the CSOs are Center for Liberty, The Electoral Hub, Yiaga Africa, Raising New Voices, Ready To Lead Africa and Speak Out Africa Initiative, Centre for Development Alternatives Research and Studies, Aspilos Foundation, Women Advocates Research and Documentation Centre and South-South Professional Women Association. “As everyone may be aware, the National Assembly will pass the Electoral Amendment Bill (2021) this week. Barring any last-minute changes, the bill is expected to be passed by both chambers on Thursday. “Som...
Kano DisCo: Our meters not for sale
The Kano Electricity Distribution Company has warned that meter deployment and installation by its field officials remain free and not for sale. A statement signed by KEDCO Head of Communications, Ibrahim Shawai, on Monday, in Kano, said the clarification had become necessary in view of the recent claims by some online platforms that customers in Kano franchise were made to pay ‘indirectly’ for meters. “This is totally out of place as we have never collected money for meter or installations. “It is as a result of our support for the Federal Government Mass Metering programme where thousands of meters have been installed at different households under our franchise. “Anyone disguising as KEDCO staff or conniving with any of our staff to extort customers, such persons would not be spared but ...
