Legal Diary News

The Newly appointed Chairman of Enugu State Council of Traditional Rulers (ENTRC), HRM Igwe Samuel Asadu (Igwe Ogadagidi) has said that traditional rulers in the state will key into the economic development plans of Gov. Peter Mbah to move the state to a greater height. Enugu Monarchs to Key into Mbah’s economic plan – Asadu, new ENTRC Chairman thanked the Governor Peter Mbah for appointing him as the Chairman of the Enugu State Council of Traditional Rulers,  it is a call to serve and he will do that to the best of his ability. The people of Enugu State are lucky to have Mbah as their Governor because he has demonstrated high capacity and ingenuity in harnessing human and natural resources to turn around the economic fortune of Enugu State. He promised to mobilize traditional rulers in the States to support  Governor Peter Mbah’s administration as well as key into the economic development plans of the state,”  The New ENTRC chairman thanked the people of Edem...

In a recent development that has drawn attention to the Nigerian judiciary system, authorities of the Federal Capital Territory Administration (FCDA) have been berated by a judge for disobeying a valid court order. The order had restrained the FCDA from demolishing a property owned by Praco International Ltd, a multi-billion Naira estate being developed by SNECOU Group and others in the Asokoro/Kugbo axis of the Federal Capital Territory (FCT). The criticism from the judge came in response to a lawsuit filed by Engr. Success Obioma, Praco International Ltd, Psalm 127 Ltd, and Peace Be Still Ltd against the FCT Administration. The defendants in the case include the FCT Minister, Federal Capital Development Authority, The Deed Registrar FCDA, Director Department of Urban and Regional Planning, Chairman Abuja Metropolitan Management Council, and the Director of Land Administration FCT, among others. Justice Eleojor Enenche of the FCT High Court in Wuse had previous...

Access Holdings Plc has announced plans to establish a $1.5 billion capital raising programme in response to the Central Bank of Nigeria's (CBN) new policy requiring banks to increase their minimum capital. The capital raising programme will aim to enhance the financial strength of the group and may involve the issuance of various financial instruments such as ordinary shares, preference shares, convertible debt, bonds, or other funding instruments. Access Holdings expects to raise up to N365 billion ($1.1 billion) specifically through a rights issue of ordinary shares, with the proceeds to be used for ongoing working capital needs and organic growth funding. related news :  CBN issues New Minimum Capital Base for commercial Banks Nigeria. The move to increase capital requirements for Nigerian banks has received mixed reactions. Some financial market analysts, economists, and bankers welcome the recapitalisation exercise, seeing it as a necessary step to strengthen the financial in...

Abdul Ahmed Ningi, the suspended Senator representing Bauchi Central, has sent a letter to the Senate President, Godswill Akpabio, and the Senate leadership, demanding the lifting of his suspension. Ningi, through his lawyer Femi Falana (SAN), warned that if his suspension is not lifted within seven days, he will take the matter to the Federal High Court. On March 12, 2024, the Senate suspended Ningi for three months based on allegations that the 2024 budget was padded to the tune of N3.7 trillion. In an interview with BBC Hausa Service, Ningi claimed that while the National Assembly approved a budget of N25 trillion for the 2024 fiscal year, the presidency was executing a budget of N28.7 trillion. During the plenary on March 12, the Senate took action against Ningi, concluding that his allegations were unfounded and had damaged the image of the Red Chamber. As a result, he was handed a three-month suspension. Following the announcement of his suspension, Ningi left the Senate chamber,...