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Ararume Sues Buhari, Demands N100bn For Removing Him As NNPC Board Chairman

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Ifeanyi Ararume, a former senator representing Imo north district has dragged President Muhammadu Buhari to court for allegedly removing him wrongfully as board chairman of the Nigerian National Petroleum Company (NNPC) Limited.

Recall that Buhari had appointed Ararume as board chairman of the corporation in September 2021 but he was replaced by Margaret Chuba Okadigbo in January.

Margaret is the widow of the late Chub Okadigbo, a former president of the senate.

Ararume, in the suit, marked FHC/ABJ/CS/1621/2022 and filed at the Abuja federal high court, is seeking to be reinstated as the board chairman and be paid N100 billion in damages.

In the suit, the former senator asked the court to determine the following questions;

“Whether by a proper construction and interpretation by this Honourable Court of the provisions of the Memorandum and Articles of Association of the 2nd defendant, the Companies and Allied matters Act, 2020 and the Petroleum Industry Act 2021, the office and position of the plaintiff as non-executive chairman of the 2nd defendant are not exclusively governed and regulated by the Companies and Allied matters Act, 2020, the Petroleum Industry Act, 2021 and the Memorandum and Articles of Association of the 2nd defendant.

“Whether by a proper construction and interpretation of the provisions of Section 63(3) of the Petroleum Industry Act, 2021, the 1st defendant can lawfully remove the plaintiff as the non-executive chairman of the 2nd defendant for any reason(s) outside the conditions specifically listed in the said Section 63(3) of the Petroleum Industry Act, 2021.

“Whether the plaintiff as the non-executive chairman of the 2nd defendant for a fixed term of 5 (five) years with effect from the 21st Day of September 2021, can be lawfully removed from office by the 1st defendant at will and without compliance with the strict provisions of Articles 21.3, 21.4, and 24 of the Memorandum and Articles of Association of the 2nd defendant, Section 63(3) of the Petroleum Industry Act, 2021 and Section 288 of the Companies and Allied Matters Act, 2020.

“Whether the purported removal of the plaintiff as a non-executive chairman of the 2nd defendant vide the letter dated the 17th Day of January 2022 without compliance with the strict provisions of Articles 21.3, 21.4 and 24 of the Memorandum and Articles of Association of the 2nd defendant, Section 63(3) of the Petroleum Industry Act, 2021 and Section 288 of the Companies and Allied Matters Act, 2020 is not wrongful, illegal, null and void and of no legal consequence whatsoever.”

The former senator sought the following reliefs;

“A declaration of this Honourable Court that by the provisions of Section 63(3) of the Petroleum Industry Act, 2021, the 1st defendant cannot lawfully remove the plaintiff as the non-executive chairman of the 2nd defendant for any reason(s) whatsoever outside the conditions specifically listed in the said Section 63(3) of the Petroleum Industry Act, 2021.

“An order of this Honourable Court setting aside the removal of the plaintiff as the non-executive chairman of the 2nd defendant vide the 1st defendant’s letter dated the 17th Day of January 2022 with reference no: SGF.3/VIII/86.

“An order of this Honourable Court reinstating the plaintiff forthwith and restoring him to his office with all the appurtenant rights and privileges of his office as the non-executive chairman of the 2nd defendant.

“The sum of N100,000,000,000 (One Hundred Billion Naira) being damages for the wrongful removal, disruption, and interruption of the term of office of the plaintiff as the non-executive chairman of the 2nd defendant.”

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JUST IN: CBN Increases Banks Capital Base To N500bn, N200bn For National Commercial Banks

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The capital basis for commercial banks with international permission has been raised to N500 billion by the Central Bank of Nigeria (CBN).

The policy change was confirmed by Mrs. Hakama Sidi Ali, CBN’s acting director of corporate communications. in a declaration.

She added that commercial banks with regional authorization are expected to reach a capital floor of N50 billion, while those with national authority must meet a ceiling of N200 billion.

Announced on Thursday, March 28, 2024, this comprehensive financial reform requires significant increases in banks’ minimum capital bases, which vary depending on the size of the bank.

The latest policy directive specifies that commercial banks with international authorization are now required to shore up their capital base to N500 billion.

In a bid to tighten the financial fabric, the CBN has not overlooked merchant banks, which are now subject to a N50 billion minimum capital requirement.

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Detained Binance Executive Gambaryan Drags EFCC, NSA To Court

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Tigran Gambaryan, the CEO of Binance who is currently in detention, has claimed that he has been violated in his fundamental human rights by the Economic Financial Crimes Commission and Nuhu Ribadu, the National Security Adviser.

Gambaryan, in an originating motion marked: FHC/ABJ/CS/356/24 sought a declaration that his detention and seizure of his international travel passport, contravened Section 35 (1) and (4) of 1999 Constitution.

He urged the court to order the NSA and the EFCC to release him from their custody and return his international travel passport with immediate effect.

Gambaryan also sought an order of perpetual injunction restraining the respondents and their agents from further detaining him in relation to any investigation into or demands from Binance.

He also urged the court to order the respondents to issue a public apology to him.

Gambaryan averred that he was in Nigeria alongside fleeing Nadeem Anjarwalla to honour the invitation of the ONSA and EFCC to discuss issues relating to Binance in Nigeria.

Anjarwalla escaped from the guest house where he and Gambaryan were being held

He argued that he had not committed any offence during the meeting, and neither was he informed in writing of any offence he personally committed in Nigeria at any other time.

“The only reason for his detention is because the government is requesting information from Binance and making demands on the company,” he added.

The fleeing Anjarwalla also filed a similar suit, marked: FHC/ABJ/CS/355/24.

At the proceedings on Thursday, T.J. Krukrubo (SAN) appeared for the plaintiffs, while the respondents had no representation.

Krukrubo informed the court that the respondents were served two days ago.

Shortly after that, he announced to the court that he was withdrawing from the matter as counsel for the fleeing Anjarwalla.

He did not give reasons for his withdrawal.

The trial judge, Justice Inyang Ekwo, adjourned the matter till April 8.

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Federal Government To Arraign Binance Executives Over ‘Tax Evasion’ On April 4

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On April 4, the federal authorities will file charges against senior executives of the cryptocurrency company Binance, Tigran Gambaryan, and Nadeem Anjarwalla, for allegedly engaging in “tax evasion.”

Anjarwalla is Binance’s regional manager for Africa, while Gambaryan oversees the company’s compliance with financial crimes.

The Federal Inland Revenue Service (FIRS) charged Binance with a crime on March 25th for “tax evasion.”

The service claims that the action is intended to maintain national economic integrity and fiscal discipline.

The lawsuit, designated as suit number FHC/ABJ/CR/115/2024, is said to “implicate Binance with a four-count tax evasion accusation”.

However, on Thursday, NAN reported the federal government will charge the three defendants before Emeka Nwite, the presiding judge, at the federal high court (FHC) in Abuja on a four-count charge.

Despite not being a vacation judge, according to the report, the chief judge granted the fiat for the judge to oversee the case during vacation because it is a matter of critical national interest.

The lawsuit comes a month after Anjarwalla and Gambaryan were detained by the Nigerian authorities.

Anjarwalla and Gambaryan had flown into Nigeria but had their passports seized by ONSA.

On March 12, Anjarwalla was transferred to a local hospital after he fell ill while in detention in Nigeria.

However, on March 25, Anjarwalla escaped from custody and fled Nigeria with a smuggled passport.

Meanwhile, Gambaryan, on March 28, sued Nuhu Ribadu, the national security adviser (NSA) and the Economic Financial Crimes Commission (EFCC), alleging violation of his fundamental rights.

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