Naira suit

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The supreme court has invalidated the naira redesign policy introduced by the Central Bank of Nigeria (CBN). The court made the declaration on Friday while delivering judgment in a suit instituted by three states of the federation. A seven-member panel of the apex court held that the old N200, N500, and N1000 remain valid legal tender until 31 December 2023. More to follow… Despite the economic headwinds that characterised 2022, Dangote Sugar Refinery Plc (DSR) will pay N18.22 billion as dividends to shareholders for the year ended December 31, 2022, while also targeting the production of over 170,000 tonnes of sugar next season. The dividend payout will translate to N1.50 kobo per share held by shareholders. Chairman of the Company, Aliko Dangote said: “The shareholders are very happy with the way we have been running their company and also in re-investing the profit into the Backward Integration Programme (BIP) for the sugar industry. We are going to play our part in ensuring that Nigeria becomes self-sufficient in sugar within a very short period. We are not the only players, but we will surely play our part. We should be able to produce over 170,000 tonnes which are by far, in the history of Nigeria, the highest to be produced locally.” The company recorded an impressive turnover of N403 billion, a 46 per cent increase over N276 billion recorded during the same period in the year before, and posted a Profit before Tax (PBT) of N82 billion. Dangote attributed the compan...

The Supreme Court ruling on Friday extending the validity of old naira notes till December 2023, did not come without harsh words for President Muhammadu Buhari whom Justice Emmanuel Akomaye Agim described in many words. In faulting the Naira redesigned policy of the Federal Government and the Central Bank of Nigeria (CBN), the apex court did not mince words in calling Buhari many unsavory names including describing him as a dictator whose actions have brought untold hardship to Nigerians. In the judgement, the Supreme Court faulted the policy and declared that the Naira notes swap implementation was invalid and an affront to the 1999 Constitution. Going through the fine details of the judgement, Ripples Nigeria was able to sift out some of the words used by Agim to describe President Buhari. 1. Usurping powers of CBN, other relevant stakeholders The Supreme Court did not hide its disdain for Buhari’s penchant for usurping the powers of government agencies and relevant stakeholders in issuing directives which the court said was an affront to democratic tenets. The apex court argued that The court further held that the president ought to have consulted with these stakeholders before “exercising his executive powers of such magnitude”. “It is obvious that the president did not consult with the council of states, the national economic council and other stakeholders including the national security council”. 2. Abuse of Executive Powers The court accused President Buhari of “ab...

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