Economy
SERAP In Court to Stop Reps from Buying N57.6bn SUVs
By Adedapo Adesanya
Socio-Economic Rights and Accountability Project (SERAP) has asked the Federal High Court in Lagos to stop the House of Representatives from procuring and taking delivery of 360 sports utility vehicles (SUVs) valued at N57.6 billion for its members.
In a statement dated October 21, 2023, and signed by its deputy director, Mr Kolawole Oluwadare, SERAP called on the judicial organ to halt the acquisitions pending the hearing and determination of the applications for injunction filed by the organisation.
SERAP’s applications for interim and interlocutory injunction followed reports that the lawmakers are set to procure and take delivery of N57.6 billion SUVs.
According to reports, each of the SUVs would cost taxpayers at least N160 million. Critics also lamented that it was coming at a time when the nation was faced with hardships.
In the applications filed last week, SERAP is seeking “an order of interim injunction restraining the National Assembly from procuring, taking delivery and distributing the SUVs to their members, pending the hearing and determination of the motion on notice for an order of interlocutory injunction filed simultaneously in this suit.”
SERAP is also seeking “such further order(s) that the Honourable Court may deem fit to make in the circumstance of this suit.”
It would be recalled that SERAP in August filed the suit number FHC/L/CS/1606/2023 before the Federal High Court challenging “the legality of the spending of billions of naira by the National Assembly to purchase exotic and bulletproof cars for members and principal officials.”
SERAP has also sent an open letter to President Bola Tinubu urging him to “put pressure on the leadership of the House of Representatives and stop members from taking delivery of 360 sports utility vehicles (SUVs), pending the hearing and determination of the application for an interim injunction.”
The organisation also urged the president to “put pressure on the leadership of the Senate and stop members from taking delivery of the planned procurement of bulletproof SUVs, pending the hearing and determination of the application for interim injunction filed before the Federal High Court.”
The letter, read in part: “Allowing the National Assembly to go ahead and purchase and take delivery of the SUVs would prejudice the outcome of the suit pending in court and make a mockery of the rule of law.”
“Unless you exercise your executive powers and discharge your constitutional oath of office act as recommended, the lawmakers would go ahead to procure and take delivery of the N57.6 billion vehicles, and thereby present the court with a fait accompli.”
“It would invariably hamstring the ability of the court to do justice in the pending suit and applications for an injunction.”
“Stopping the leadership of the House of Representatives and members from going ahead to procure and take delivery of the SUVs, pending the hearing and determination of the applications for injunction would be entirely consistent with the notions of the rule of law, judicial independence and integrity and the public interest.”
“Exercising your constitutional powers in this matter would promote the effective administration of justice and maintain the integrity of the claims against the lawmakers.”
“Allowing the House of Representatives to procure and take delivery of the 360 SUVs for its members and the Senate to go ahead with its planned purchase of close to 500 SUVs while the applications for injunction are pending before the court would be detrimental to the rule of law and the public interest.”
“It would also be incompatible with the constitutional oath of office. The constitutional oath of office under the Seventh Schedule to the Constitution of Nigeria 1999 (as amended), imposes clear responsibility on you to uphold and maintain the provisions of the constitution and the rule of law.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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