Legal Nigeria

By Grace Alegba

The Central Bank of Nigeria (CBN) has issued new guidelines restricting Bureau de Change (BDC) operators to purchasing foreign exchange from a single authorised dealer per week.

The bank also directed the BCSs to comply with Know Your Customer (KYC) measures.

The apex bank, in a circular signed by W. J. Kanya, Acting Director, Trade and Exchange Department, mandated a weekly purchase cap of 25,000 dollars per BDC from authorised dealers.

“A BDC shall approach its preferred Authorised Dealer Bank (ADB) and can only procure the said amount from only that bank of its choice in a week. Any breach of this condition will attract appropriate sanction.

“The selling rate by the Authorised Dealers to BDCs shall be the prevailing day rate at NFEM window,” the apex bank noted.

CBN permitted FX cash purchased by BDCs from authorised dealer banks to be sold to end-users at a rate not exceeding one per cent margin above the buying rate.

The apex bank said the one per cent margin shall be applicable to all funds to be retailed by BDCs regardless of sources of fund.

It also mandated authorised dealer banks to render weekly returns on sales to BDCs on a specified format attached to the guidelines to be addressed to the apex bank.

It urged all BDCs to render daily returns on FX purchases from authorised dealer banks and other sources as well as sales on the Financial Institutions Forex Reporting System (FIFX).


It further directed that funds purchased by BDCs be disbursed for specific transactions including Business Travel Allowance/Personal Travel Allowance; Overseas School fees and Overseas Medical fees.

It insisted that in all cases the maximum disbursement per transaction should not exceed 5,000 dollars, quarterly.

“Records shall be maintained for all transactions by the BDCs showing the BVN of the end-user, including endorsement of the amount disbursed in the International Passport of the beneficiary;

“It is to be noted that Authorised Dealer Banks and BDC operators shall ensure strict compliance to the provisions of Anti-Money Laundering Laws and observance of appropriate KYC principles in the handling of these transactions,” it stated.

CBN added that authorised dealer and BDC that divert funds or violate the provision of the guidelines would face sanctions including, suspension of its dealership license.

Source: PM News

The Human Rights Committee of the NBA Ikeja Branch is set to hold a Police Duty Solicitor’s Scheme (PDSS) training session on Friday, February 7, 2025, at the NBA Ikeja Bar Centre.

The training aims to equip committee members with essential knowledge on human rights issues, with a particular focus on conducting visits to police stations and understanding their roles and responsibilities during such visits.

This initiative underscores the branch’s commitment to ensuring that its members are well-prepared to provide legal support and uphold the rights of individuals in police custody.

Members of the committee and interested legal practitioners are encouraged to attend.

The Federal High Court in Abuja has scheduled March 5 for the arraignment of Andy Uba, the former senator from Anambra South, over alleged involvement in a N400 million fraud.

Judge Inyang Ekwo confirmed the date after granting an ex parte application from M.C. Anthony, the counsel for the Inspector-General of Police (IGP). This decision allows the police to serve Uba and his co-defendants with the charge documents by alternative means due to difficulties in direct service.

Ekwo instructed that the documents be served within seven days.

This motion was filed after the defendants, including Uba, Crystal Uba, and Benjamin Etu, reportedly evaded receiving the court documents, despite being granted administrative bail.

Uba, his co-defendants, and one Hajiya Fatima (who is currently at large) are charged with conspiring to defraud George Uboh by promising to secure an appointment as the Managing Director of the Niger Delta Development Commission (NDDC) in exchange for a N400 million payment. The charge is detailed in a two-count indictment filed on October 8, 2024 (case number: FHC/ABJ/CR/538/2024).

Uboh filed a petition on April 5, 2023, with the IGP, providing documentary and audio evidence against the accused. The prosecution has listed six witnesses to testify in the trial.

Previously, the defendants had avoided court procedures by securing a fundamental rights enforcement order, which delayed their appearance until the order was lifted. The case will now proceed with the arraignment in March.

The suspended traditional ruler of Orile Ifo, Oba Abdulsemiu Ogunjobi, has been arraigned before the Ifo Magistrate Court following allegations of assault, conspiracy, and conduct likely to disturb public peace.

The arraignment, which took place on Tuesday, was brought by the Nigeria Police Force after a viral video surfaced, showing the monarch assaulting and verbally abusing an elderly man, Mr. Areola Abraham. In the video, the monarch was seen accusing Abraham of conspiracy, while physically and verbally assaulting him, even threatening to kill the man. Ogunjobi, a former police officer, allegedly boasted about his influence over law enforcement and warned Abraham that he would have him jailed.

The incident led to widespread outrage, prompting the Ogun State Government to suspend Ogunjobi for six months. Despite the charges, Ogunjobi has been granted bail, and the case has been adjourned to March 6 for further hearing.

I extend warmest felicitations to the President, Executive Members of the Nigerian Bar Association (NBA), and the National Executive Committee Members on the occasion of the National Executive Committee (NEC) meeting, taking place from 5th to 7th February, 2025 at Akure, Ondo State.

I acknowledge the tireless efforts of the NBA leadership in promoting the rule of law, justice, and good governance in Nigeria. Your dedication to the advancement of the legal profession and the welfare of lawyers is truly commendable.

As you gather for this important meeting, we pray for fruitful deliberations, innovative ideas, and decisive actions that will propel the NBA forward. May your discussions be guided by wisdom, and may your resolutions bring benefits to the NBA, the legal profession, and the nation at large.

Please accept our best wishes for a successful NEC meeting.

Congratulations!

Sincerely yours,
___CIA____
Chinelo Audrey Ofoegbunam

Distinguished Members of the Nigerian Bar Association National Executive Council,

It is with great pleasure and a deep sense of honour that I welcome you all to Ondo State, the Sunshine State, for this crucial NBA NEC meeting. This gathering is a testament to our collective commitment to the growth and unity of our association and the advancement of the legal profession in Nigeria.

I must extend my profound appreciation to His Excellency, the Governor of Ondo State, Lucky Orimisan Aiyedatiwa, for graciously hosting us in this beautiful state. His Excellency’s unwavering support for the legal profession and dedication to the rule of law are commendable, and we are truly grateful for the warm hospitality extended to us.

I encourage us all to take advantage of this opportunity, not just to contribute meaningfully to the agenda before us, but also to enjoy the warmth and beauty of Ondo State.

Once again, I welcome you all and wish us successful deliberations.

Thank you.

CAROLINE IBHARUNEAFE, ESQ
President
African Women Lawyers Association,Nigeria

Operatives from the Economic and Financial Crimes Commission (EFCC) raided the headquarters of the National Hajj Commission of Nigeria (NAHCON) in Abuja on Tuesday as part of an investigation into alleged fraud and misappropriation of funds.

The raid took place at 11 a.m. and led to the detention of NAHCON’s spokesperson, Fatimah Usara, along with three other staff members whose identities remain unknown. The EFCC officials arrived with a valid arrest warrant, signaling the seriousness of the ongoing investigation.

The raid is part of a larger probe into the alleged mismanagement of a N90 billion intervention fund, which was intended to support the 2024 Hajj. Sources within the EFCC revealed to Newsmen that the situation is being treated with utmost gravity.

This latest operation follows a previous raid by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), further intensifying the scrutiny of NAHCON’s financial activities.

EFCC spokesperson Dele Oyewale declined to comment on the specifics of the arrests but assured that more information regarding the investigation would be shared in due course.

A Federal High Court in Lagos has issued a restraining order preventing the House of Representatives and its Chairman, Mike Etaba, from further inviting or investigating Sterling Bank Limited, pending the resolution of a motion for an interlocutory injunction.

The case involves Sterling Bank, its parent company, and several individuals suing the House of Representatives, claiming that the committee lacked the authority to summon private individuals or corporate bodies for investigation. The plaintiffs argue that the investigation, related to financial mismanagement and fraud allegations, violates the separation of powers.

The dispute stems from allegations by Maiden Systems Ltd, accusing Sterling Bank of fraudulent deductions and misappropriation of funds. The police have since indicted the bank for potential money laundering and financial misconduct. Despite these claims, the court has temporarily halted the investigation until the legal process is concluded.

The plaintiffs, represented by Femi and Funmi Falana (SAN), filed for the injunction, stating that further action by the House would undermine the judicial process. Meanwhile, Etaba has promised a thorough review of the case, ensuring justice is served.

The Lagos State High Court at Tafawa Balewa Square (TBS) has postponed the trial of Andrew Ominikoron, the Bus Rapid Transport (BRT) driver accused of killing 22-year-old fashion designer Oluwabamise Ayanwola. The case, which was set for the adoption of final written addresses, has now been adjourned to February 10, 2025, due to the Defence Counsel’s failure to submit his address on time.

Justice Sherifat Sonaike made the decision after the defendant’s lawyer, Mr. Abayomi Omotubora, failed to appear in court, citing ill health. The case was originally scheduled for November 29, 2024, but was delayed due to Omotubora’s absence. When the matter was called, State Counsel Mrs. M.F. Salau informed the court that the necessary written addresses had not been submitted, despite being overdue. She expressed concern over the unexplained delay and asked for a new date.

In response, Justice Sonaike urged the prosecution to file their written address and pointed out that there had been no communication from Omotubora regarding his absence or the delayed submission.

The case, which has seen multiple delays, will now resume on February 10, 2025, for the final adoption of written addresses, marking another significant point in the high-profile trial.

The Court of Appeal in Abuja has ruled in favor of three former employees of the Central Bank of Nigeria (CBN), ordering their reinstatement after being wrongfully dismissed in 2015. Akagwu Audi Yakubu, Idris Auwal, and Daciyal Longji David were initially fired under the vague claim of “service no longer required,” but the court has now determined that their termination violated both legal and procedural standards.

The trio had previously challenged their dismissal at the National Industrial Court (NIC), but the NIC sided with the CBN in 2018, prompting them to escalate the matter to the Court of Appeal. This latest ruling, issued on January 13, 2025, not only declared the firing illegal but also awarded N1 million in damages to the appellants, finding the CBN at fault for failing to follow necessary legal procedures.

The workers were involved in a sensitive operation involving the destruction of old currency notes in 2013. They were dismissed in 2015 after an incident involving the alleged unauthorized removal of a currency box containing N10 million. However, the court found the bank’s reasons for their dismissal to be insufficient and unsupported by any disciplinary records.

Justice Ishaq Mohammed Sani, delivering the ruling, explained that the CBN’s actions contradicted both the Central Bank of Nigeria Act 2007 and its own internal Human Resources Policies and Procedures Manual. The court emphasized that the appellants were entitled to fair treatment and due process before any termination could occur, underscoring the statutory protections that safeguarded their employment.

The judgment has been hailed as a victory for justice. Femi Adedeji, the legal counsel for the appellants, expressed relief at the ruling, highlighting that it sends a strong message to employers about the importance of complying with labor laws. Despite the win, the CBN has yet to issue a public statement in response to the ruling.