Submissions
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...
Senate passes amended AMCON bill, empowers agency to seize debtors’ assets
The Senate Wednesday passed the Asset Management Corporation of Nigeria Amendment bill after considering the report of its Committee on Banking, Insurance, and Other Financial Institutions. The amendment bill passed by the upper chamber empowers the Assets Management Corporation of Nigeria to, among others, take possession, manage or sell all properties traced to debtors, whether or not such assets or property is used as security/collateral for obtaining the loan in particular. It also empowers the corporation to access the Special Tribunal established by the BOFIA, 2020 for dealing with financial related matters. Presenting the report, Chairman of the Committee, Senator Uba Sani (APC, Kaduna Central) said the Committee engaged with stakeholders such as AMCON, Federal Ministry of Finance, ...
PTAD: Implementation of pension adjustment in progress
Dr Chioma Ejikeme, Executive Secretary of Pension Transitional Arrangement Directorate (PTAD), says implementation of the pension adjustment is in progress. Ejikeme in a statement on Thursday in Abuja through Mr Gbenga Ajayi, PTAD’s Head of Corporate Communications, noted that the implementation was most likely to commence at the end of April, going by the submissions that had been made by all stakeholders. “Ejikeme held a meeting with the National Executives of the Nigeria Union of Pensioners (NUP) led by Dr Abel Afolayan on March 16, where the issue of the implementation of the pension adjustment was openly discussed. “The union gave their understanding at the meeting, the executive secretary told the union that the implementation is most likely to commence at the end of April, going by ...
Speaker Gbajabiamila: Nigerians deserve a Police Force they can trust
The Speaker of the House of Representatives, Rep. Femi Gbajabiamila, has said a trusted Police Force working within the limits of the law is what Nigerians deserve. He assured Nigerians that the 9th House under his leadership would bequeath such a Police Force to them, and is working assiduously to achieve the goal. Gbajabiamila, who spoke at the National Assembly on Thursday during the opening of a public hearing on two bills by the House Committee on Police Affairs, said the House would meet these expectations as one of the key items on its Legislative Agenda. The bills are: “A Bill for an Act to Repeal the Police Service Commission Act and Enact the Police Service Commission Bill, 2020, to strengthen the Commission to be more Functional in its Operations and for Related Matters,” and: “...
Crypto ban: We acted in Nigerians’ best interest – CBN
The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, says the Bank’s decision to prohibit deposit money banks, non-banking institutions, and other financial institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country’s financial system. Mr Emefiele made the declaration on Tuesday, February 23, 2021, while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, on its directive to institutions under its regulation. Describing the operations of cryptocurrencies as dangerous and opaque, the CBN Governor said the use of cryptocurrency contravened an existing law. He said given the fact that cryptocurrencies were issued by unregulated and...
