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Supreme court nullifies naira swap policy, says old Naira notes valid till Dec. 31 The Supreme Court has ruled that the old N200, N500, N1,000 notes remain valid and should be in circulation till December 31, 2023. In a ruling delivered today March 3, the apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution. Justice Emmanuel Agim who read the lead judgement, held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit. Citing Section 23(2)1 of the constitution, the court held that the dispute between the federation and states, must involve law or facts. The apex court further held that President Buhari in his broadcast, admitted that the policy is flawed with a lot of challenges. The court also held that the policy has led to some people engaging in trade by barter in this modern age, in...

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Court sentences ex-maritime academy staff to 110 years imprisonment over N22million contract fr@ud  Charles Emmanuel Afaha, a former staff of Maritime Academy of Nigeria, Oron, before Justice Agatha Okeke of  A Federal High Court sitting in Uyo, Akwa Ibom State, on Friday, January 27, sentenced one Charles Emmanuel Afaha to 110 years imprisonment over N22million contract fr@ud. The convict, a former staff of Maritime Academy of Nigeria, Oron, was arraigned on October 13, 2018 on an eleven-count charge bordering on forgery by the Zonal Command of the Economic and Financial Crimes Commission (EFCC).  Afaha pleaded “not guilty” when he was arraigned, setting the stage for the prosecution to prove its case.  The prosecution, through its counsel, T. N. Ndifon called five witnesses and tendered several exhibits which were admitted in evidence. Delivering judgment on Friday, Justice Agatha Okeke said that “the prosecution proved beyond reasonable doubt the offence of forger...

Emefiele Is Not Cause Of Nigeria’s Fiscal Problem, Says Peter Obi The presidential candidate of the Labour Party, Peter Obi, has said that the Central Bank of Nigeria governor, Godwin Emefiele, is not the cause of the fiscal challenges facing the country. Obi while speaking at the Chatham House in London on Monday asserted that the weakness of the country’s fiscal space is the cause of the country’s economic woes. He said, “The CBN governor will maintain his independence, he will be respected. Again, it is not the problem of the person there. Central Bank has a role of monetary policy. Then, you have the fiscal space. It’s like  you go to a football match and the person who is supposed to be playing a particular wing is no longer there. You find people playing various wings. “The weakness of the fiscal space allowed the monetary space to take over... because of the weak governance structure, that is why we are able to do what we are doing.  “Replacing Godwin (Emefiele) and put...

Police rescue American woman tricked by 23-year-old 'Yahoo Boy' from US to Nigeria  A United States citizen, Vonapolouis Moss, has explained to the Kwara State Police Command how she was tricked into (travelling to) Nigeria by a 23-year-old suspected Internet) fraudster known as “yahoo boy”. Moss of 2962, W 64th Court, Merrillville, Indiana 46410, USA said she was lured into the country on January 9, 2023, by the suspect, said to be an internet (Internet) fraudster who (had) ripped her off thousands of dollars since her arrival. “We met on social media and he invited me to visit Nigeria but when I came, he took me to the bureau de change to change money to Nigeria currency and he also took me to ShopRite.  "When the money on me finished, he told me to tell my people to send more money,” she told the police during interrogation. The foreigner said that she liked Nigeria but said that she would like to return to the US.