By Adedapo Adesanya

The frequent power outages have been identified as one of the most pressing challenges for Nigerian businesses, forcing many firms to depend on alternative energy sources, the latest survey by the Nigerian Economic Summit Group (NESG) shows.

The NESG-Stanbic IBTC Business Confidence Monitor (BCM) is the flagship survey-based report of the NESG, supported by Stanbic IBTC.

The report showed that businesses faced significant growth challenges in the month under review, with inadequate power supply, insecurity, limited access to financing, and the complexity of multiple tax regulations topping the list.

Despite these constraints, businesses in Nigeria recorded a modest improvement in performance during the month, reflecting a seasonal uplift in the business environment.

As a result, the current Business Performance Index for December 2024 came in at +0.77, reflecting a rise in business activities and a moderate improvement compared to -2.74 in November 2024.

These constraints contributed to weak positive outcomes in the general business situation (+23.13) and production levels (+17.80).

Other challenges include the high exchange rate of the local currency against global trading currencies which escalated import costs, adversely affecting profitability and pricing strategies.

Businesses also lamented limited access to financing, which remained a persistent structural obstacle, further hindering business growth throughout the month.

A sub-sectoral analysis for December revealed broadly subdued outcomes, with a negative performance recorded in Manufacturing (-2.43), Services (-3.46), and Trade (-5.59).

Conversely, weakly positive results were observed in the Agriculture (+13.93) and Non-manufacturing (+5.80) sectors in the reviewed month.

It was established that structural challenges in Nigeria’s business environment intensified, restraining growth despite higher seasonal demand. Elevated inflation and exchange rates drove up operational costs and consumer prices.

The Cost of Doing Business Index rose sharply by +50.32, underscoring mounting pressures. Access to credit improved slightly (+8.25) driven by response to expanding business activities typical of this period.

Amid this, businesses identified the high cost of financing as a critical barrier to current performance and future growth expectations.

The most significant negative impacts were seen in reduced investment (-31.46) and declining price levels (-30.86), which severely hampered overall business activity and demand conditions.

By Adedapo Adesanya

An Ikeja Special Offences Court on Wednesday dismissed the application filed by the embattled ex-Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, challenging the jurisdiction of the court to hear his case.

The Economic and Financial Crimes Commission (EFCC) had filed a 26-count charge against Mr Emefiele for alleged misuse of office, resulting in losses of $4.5 billion and N2.8 billion.

His co-defendant, Mr Henry Omoile, is standing trial on related offences, including unlawful acceptance of gifts from the former CBN chief.

Justice Rahman Oshodi, in his ruling today, held that the court had jurisdiction to try Mr Emefiele on the charge, citing relevant authorities.

He, therefore, dismissed Emefiele’s application and held that EFCC had established a territorial jurisdiction on counts eight to 26, with various facts in the proof of evidence attached to the case file.

The court, however, struck out counts one to four of the charge which bothered on abuse of office, saying the allocation of foreign exchange without bid, which was the subject of counts one to four was not punishable under the law.

“Allocation of foreign exchange without reason is not defined as an offence in any written law.

“The objection to counts one to four succeeds and is hereby struck out.

“The objection challenging the court’s territorial jurisdiction over count eight to 26 fails, and is hereby dismissed.

“The prosecution has established sufficient territorial nexus in this case,” the judge said.

The judge, thereafter, held that the case should proceed to trial and adjourned until February 24 for continuation of trial.

Mr Emefiele’s Counsel, Mr Olalekan Ojo (SAN), had on December 12 2024, argued that the court lacked jurisdiction to hear the case in Lagos.

Mr Ojo contended that the alleged offences, including abuse of office, fell outside the territorial reach of the court.

He said the charge violated Section 36(12) of the Constitution, and asserted that the actions Emefiele was accused of, were not legally recognised offences.

He stated that the Lagos State House of Assembly did not have legislative authority over matters on the Exclusive Legislative List.

Mr Ojo, therefore, said Section 73 of the Criminal Law of Lagos State, 2011, under which counts one to four were filed, could not apply extra-territorially to any alleged abuse of office by Emefiele.

The learned silk argued that a court’s territorial jurisdiction referred to the geographical area within which its authority could be exercised.

According to him, outside of that territorial jurisdiction, the court can not act.

He urged the court to strike out counts one to four of the 18 amended information filed on April 4, 2024, on the grounds that the offences occurred outside the court’s jurisdiction.

The EFCC Counsel, Mr Rotimi Oyedepo (SAN), in his counter affidavits, had argued that the court had the authority to hear the case.

Mr Oyedepo argued that the alleged offences were economic and financial in nature, therefore, within the jurisdiction of EFCC.

He also added that the evidence in support of the facts, proved Lagos as the appropriate venue for the trial.

Mr Oyedepo further submitted that the subject matter of the charge fell squarely within the court’s jurisdiction, as the offences were committed within the court’s territorial reach.

He argued that the evidence and witness testimonies pointed to Lagos as the proper location for the trial, adding that the objections raised by Mr Emefiele’s legal team were not substantiated by facts or evidence.

By Adedapo Adesanya

The Lagos State Environmental Protection Agency (LASEPA) shut down 619 facilities, including worship centres, hotels, and other establishments, for various environmental infractions in 2024.

The General Manager of LASEPA, Mr Babatunde Ajayi, made this known during a review of the year at an event on Tuesday in the commercial capital.

He said noise pollution accounted for 528 of the closures (85 per cent) as the agency intensified its enforcement of environmental laws.

According to LASEPA GM, the agency conducted a record 352 enforcement operations in 2024, tripling the number carried out the previous year. The operations targeted households, hotels, and worship centres under the Environmental Management and Protection Law of 2017.

Mr Ajayi, speaking of the achievement of LASEPA in 2024, said these include the launch of the Lagos State Carbon Registry during the Sustainability Summit in September; the installation of 20 additional air quality monitors to bring the total to 43, and the introduction of energy-efficient kilns for bakeries to reduce air pollution in local communities.

He also highlighted improvements in digitalisation, such as revamped laboratory services and streamlined processes for technical reporting and permit issuance.

Mr Ajayi said the agency would double its advocacy for environmental consciousness in 2025 while focusing on stricter enforcement of existing laws.

He revealed plans to intensify action against noise pollution, enforce anti-smoking regulations by designating smoking and non-smoking zones, and advocate proper waste management through authorised disposal bodies.

The LASEPA boss noted that public complaints would be handled more effectively through an expanded complaints centre and digital channels, adding that academic publications and public awareness campaigns would be increased in the current year.