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NASS Hails Supreme Court Verdict On Electoral Act, Says Malami Misled Buhari

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The National Assembly has hailed the verdict of the Supreme Court on the suit filed by President Mohammadu Buhari, and Abubakar Malami, SAN, the Attorney General of the Federation, seeking to void the provision of Section 84 (12) of the Electoral Amendment Act 2022.

A seven-member panel of the Supreme Court, led by Justice Musa Dattijo Mohammed, had, in its judgment, on Friday, unanimously held that the President, having assented to the law, could not turn around to fault its provisions.

Other members of the panel were Justices John Okoro, Amina Augie, Mohammed Garba, Abdu Aboki, and Ibrahim Saulawa.

The court upheld all the grounds of objection raised by the National Assembly, through its lawyer, Dr. Olukayode Ajulo, against the competence of the suit, marked: SC/504/2022.

The court rejected the call by the President, through his lawyer, Chief Lateef Fagbemi, SAN, that Section 84(12) of the Electoral Act be voided because it was made in excess of the constitutional powers of the National Assembly and was, therefore, unconstitutional and illegal.

Reacting to the judgment on Friday, both the red and green chambers of the National Assembly said that the verdict had vindicated their position that the President lacks the powers to direct the legislature to amend the Act after it had been passed into law.

The spokesperson for the Senate, Senator Ajibola Bashir, also weighed in, saying Buhari’s insistent that the Act should be amended showed that he was wrongly advised by the AGF.

Bashir said, “The judgment has been given by the court. The outcome shows that our position at the National Assembly is correct. It also shows that the President is not getting the proper legal advice from the Attorney General.”

Similarly, the spokesperson for the House of Representatives, Benjamin Kalu, commended the Supreme Court’s decision.

Kalu told the News Agency of Nigeria in Abuja that the lawmakers were glad the Supreme Court did the right thing, adding that they did not expect anything less from the apex court Justices.

“Although many thought that it was either self-serving or targeted at some individual, the law is made to advance our democracy, especially to increase the competitive elements in our democracy for a credible election.

“What this means is that the confidence level of Nigerians, every day, is increasing with regards to our participatory democracy, and their belief that the judiciary remains a place to find justice for all.

“So, it calls for jubilation by the whole country, that the doctrine of separation of power is observed; where the mandates of each arm of government are more specified.”

Legal luminary, Chief Wole Olanipekun, SAN, described the Supreme Court’s decision as timely, saying it came at a time when the judiciary needed to uphold its integrity.

Olanipekun said that the Body of Benchers was setting up a regulatory body to check the dysfunction in the judicial system. “We don’t want to present the Judiciary as an institution where anybody can go as a result of unnecessary anger against the adversary,” he added.

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Federal Government To Grant Mining Licenses To Only Companies That Process Locally

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Nigeria will only grant new mining licences to companies that present a plan on how minerals would be processed locally, under new guidelines being developed, a government spokesperson confirmed on Thursday.

This is a departure from Nigeria’s long-standing practice of exporting raw commodities, as governments around Africa work to increase the value derived from their substantial mineral reserves.

To spur investment, Nigeria will offer investors incentives including tax waivers for importing mining equipment, make it easier to secure electricity generation licences, allow full repatriation of profits and boost security, Segun Tomori, a spokesperson for Nigeria’s minister of solid minerals development said.

“In exchange, we have to review their plans for setting up a plant and how they would add value to the Nigerian economy,” Tomori said. He did not say when the guidelines would be finalised or come into effect.

However, last week the minister of solid minerals development, Dele Alake, said it was now government policy to make value addition a condition for obtaining licences so as to create jobs and help local communities.

Alake, who also chairs an African mining strategy group comprising mining ministers from Uganda, Democratic Republic of Congo, Sierra Leone, Somalia, South Sudan, Botswana, Zambia and Namibia, is pushing for a continent-wide effort to get maximum local benefit from mineral exploration.

Nigeria, Africa’s top energy producer, has struggled to extract value from its vast mineral resources due to poor incentives and neglect. The underdeveloped mining sector contributes less than 1% of the country’s gross domestic product.

Last year Nigeria exported mostly tin ore and concentrates worth about 137.59 billion naira ($108.34 million), mainly to China and Malaysia, according to the country’s statistics bureau.

The government aims to drive more investment into the sector by issuing more licenses. It has set up a state-owned solid minerals corporation offering investors a 75% stake and established a special security unit tasked with fighting illegal miners.

The government is also trying to regulate artisanal miners, who dominate the sector, by grouping them into cooperatives.

Foreign mining companies operating in Nigeria include Canada-based Thor Explorations which is involved in gold exploration, Chinese-owned Xiang Hui International Mining which partnered with a local company to process gold, and Indian-owned African Natural Resources and Mines, which is building a $600m iron ore processing plant in northern Nigeria.

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Governor Babajide Sanwo-Olu Felicitates President Tinubu At 72

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Governor Babajide Sanwo-Olu, has congratulated President Bola Ahmed Tinubu on his 72nd birthday, describing him as a brave, bold, and passionate leader who is dedicated to the advancement, growth, and development of Nigeria.

He said that President Tinubu’s contribution to the nation’s growth is cause for celebration, citing the President’s unparalleled bravery, integrity, honesty, and patriotism in his efforts to steer Nigeria’s ship in the correct path since he into office on May 29, 2023.

Governor Sanwo-Olu, in a statement issued on Thursday by his Special Adviser, Media and Publicity, Mr. Gboyega Akosile, said President Tinubu has provided honest and transparent leadership in Nigeria by taking bold decisions to address challenges militating against the prosperity of Nigeria and Nigerians.

Sanwo-Olu further described the President as a visionary and master strategist whose democratic credentials are scholarly materials for study in political economy.

He said: “On behalf of my family, the government, the people of Lagos State,  members of the Governance Advisory Council (GAC), leaders, and members of the ruling All Progressives Congress (APC) in Lagos State, I congratulate our leader, President Bola Tinubu, on the occasion of his 72nd birthday.

“President Tinubu has sacrificed the greater part of his life in the service of our dear State and Nigeria. He contributed to the enthronement of democracy and good governance, serving first as a Senator in the aborted third republic and later as a pro-democracy activist, working tirelessly as a member of the National Democratic Coalition (NADECO) to struggle for the de-annulment of the June 12, 1993 presidential election.

“President Tinubu’s financial wizardry and economic intellect, which he put to good use as the Governor of Lagos State, have taken our dear state to a greater height. Today, Lagos is the pride of Nigeria, occupying an enviable position as the fifth largest economy in Africa.

“President Tinubu has made positive impacts in the country through the Renewed Hope agenda of his administration. His unblemished service and track record of impressive achievements in public office have made him a role model for many Nigerians.

“As President Tinubu celebrates his 72nd birthday, it is our prayer that God will grant him more prosperous years in good health and wisdom as he continues to serve our dear nation.”

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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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