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BREAKING: Supreme Court okays indefinite use of old, new Naira notes

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The Supreme Court has ruled that both the old and the redesigned Naira banknotes remain valid legal tenders in the country beyond December 31.

The apex court, in a ruling by a seven-man panel led by Justice Inyang Okoro, on Wednesday, said the banknotes should remain in circulation, pending when the Federal Government, after due consultation with relevant stakeholders, takes a decision on the matter.

 

It made the order after hearing an application that was moved on behalf of the federal government by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN.

It will be recalled that the court nullified on March 3 the ban on the use of the old N200, N500, and N1000 banknotes as valid legal tenders by the President Muhammadu Buhari-led administration.

The court held that the old Naira notes should be used alongside the redesigned currencies until the end of the year.

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In its lead judgement that was prepared and delivered by Justice Emmanuel Agim, the apex court slammed the FG for unilaterally introducing the demonitization policy through the Central Bank of Nigeria, CBN, without consulting the Council of States, the Federal Executive Council, the National Security Council, the National Economic Council, Civil Society Organizations and other relevant stakeholders.

It held that the FG failed to give valid notice to all the federating units before it decided to withdraw the old banknotes from circulation and introduce new ones.

The Supreme Court maintained that evidence before it established that a purported notice on the monetary policy was through “mere press remarks” by governor of the CBN, Mr. Godwin Emefiele.

It held that such remarks did not qualify as “reasonable notice” to the states as envisaged under section 20(3) of the CBN Act.

Besides, the court invalidated the directive President Buhari gave in the broadcast he made on February 16, which allowed only the old N200 note to remain a legal tender until April 10.

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While accusing President Buhari of disobeying the interim order it made on February 8, which directed that the old banknotes should remain in use till the determination of the case before it, the apex court stressed that the President, by going ahead to ban the old banknotes, acted in a way that was inimical to democratic governance.

According to the court, having acted in disobedience to its order, FG lost its right to be granted an audience before it.

Following the end of the last administration, the President Bola Tinubu-led government re-applied to the Supreme Court for an indefinite extension of its December 31 deadline.

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JUST IN: NSIB locates wreckage of crashed helicopter in Port Harcourt

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The Nigerian Safety Investigation Bureau (NSIB) says its search and recovery teams have successfully located the wreckage of the ditched Sikorsky SK76 helicopter.

In a statement on Thursday, Bimbo Olawumi Oladeji, NSIB’s director of public affairs and family assistance, said the wreckage was identified during recovery dives conducted on Wednesday night.

Details later…

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Don’t Patronise Fake Oil And Gas Bodies, NUPENG Cautions

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The leadership of our Union has identified fraudulent advertisements from individuals falsely claiming to represent a dubious association of Transporters and Oil and Gas Marketers.

The association urge the public and government institutions to be vigilant against these unscrupulous figures, who seek to exploit the current economic landscape following the removal of fuel subsidies. The Union reaffirms its support for recognized associations in the industry and urges all stakeholders to reject these miscreants and their deceptive practices.

The open letter below:

The attention of the leadership of our great Union has been drawn to some advertisements on news media of some unscrupulous and dangerous individuals claiming to be members of one amorphous association they claim is both Transporters and Marketers of the Oil and Gas at the same time, and we wish to state that this association is nothing but assemblage of failed Rent Seekers in the Subsidy Regime and Irredeemable Smugglers of Petroleum Products disguising as businessmen and women.

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The general public and government institutions are hereby warned and strongly . advised to be very wary of these individuals who are desperately seeking ways and means to continue to exploit Nigerians and collecting rents in other manners since the current administration removed subsidy from petroleum products and make
smuggling unprofitable for them.

 

The leadership of our great Union recognizes National Association of Road Transport Owners (NARTO) as the legitimate umbrella body of Transporters in the Nigeria Oil and Gas Industry and Employers of Petroleum Tankers Drivers (PTD) of which our Union has Collective Bargaining Agreement with on behalf of Petroleum Tankers Drivers.

We also recognize Independent Petroleum Marketers Association of Nigeria (IPMAN), Major Energy Marketers Association of Nigeria (MEMAN) as well as Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) as legitimate marketers of Oil and Gas products. These are associations of Marketers that are well known and respected in the downstream sector of the Nigeria oil and gas industry.

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There is also no ambiguity in the fact that the Nigeria Labour laws only recognize Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) as the umbrella bodies
for oil and gas Workers in Nigeria. These are the two organizations that represent and protect the job interests of the Nigeria oil and gas workers including Petroleum lanker Drivers (PTD) as prescribed in the Constitution of the Federal Republic of Niger
AFFILIATED TO THE NIGERIA LABOUR CONGRESS (NLC) & Industrial Global Union
Ref:
SUPPORT OUR DREAM

GAS WORKERS

We implore all well-meaning Nigerians and government officials whose names these Usurpers and Rent Seekers are dropping to urgently disregard any invitation from them and publicly denounce them because they are purely mischief-makers, names Droppers and unscrupulous business individuals that can sell their families and country for money and are unfortunately part of those that plunge the country into the current economic woes and hardship that the country is currently battling and struggling with. Following numerous failed attempts to coerce our Union into collecting money for them at various petroleum depots, they have now resorted to these names-calling and cheap blackmail to further their insidious rent-seeking schemes.

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Our Solidarity remains Constant for the Union makes us strong!!!

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Finally, Joseph Wayas, ex-senate president, to be buried November 30 — three years after his death

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November 30 has been fixed for the burial of former Senate President Joseph Wayas, who died three years ago.

 

Wayas, who served as senate president from October 1, 1979, to December 31, 1983, died on November 30, 2021, at a London hospital after a protracted illness. He was 80 years old.

 

On July 10, his remains arrived in Nigeria after several controversies that followed the repatriation of his corpse.

 

Speaking on Thursday at a press briefing in Calabar, the capital of Cross River, Dorn-Cklaimz Enamhe, secretary of the central planning committee for Wayas’ burial, thanked Bassey Otu, governor of the state, and other individuals for repatriating Wayas’ body.

 

Enamhe noted that the committee, in collaboration with other authorities in Nigeria and the Nigerian High Commission in the United Kingdom (UK), worked together to ascertain the authenticity of the body.

 

He also appreciated the media for constantly reminding the nation that the body of the former senate president was yet to be buried.

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“Unfortunately, the body has been kept this long due to issues and disagreement among members of his family,” he said.

 

“We had to wait for these issues to be resolved, and as of today, they have been resolved; that is why we are going ahead with the burial.”

 

Nsa Gil, the chief press secretary to the governor of Cross River, added that the funeral would be held at the UJ Esuene Stadium in Calabar and later at the deceased’s hometown in Bassang, Obanliku LGA.

 

Senate President Godswill Akpabio and many other dignitaries are expected to attend the burial.

 

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