General
Runners-Up Reject 2024 NBA Election Results
By Adedapo Adesanya
Following the declaration of Senior Advocate of Nigeria, Mr Afam Osigwe, as the president-elect of the Nigerian Bar Association (NBA), his opponents in the exercise have questioned the integrity of the process and called for an audit.
The first runner-up, Mr Tobenna Erojikwe, who reportedly polled 10,998 votes as against Mr Osigwe’s 20,435 votes, said he has “reasonable and well-informed basis to believe that the electoral process and the election were not credible or satisfactory”.
In a statement dated July 21, 2024, and personally signed by him, Mr Erojikwe noted that at three different times before the polls, he had cause to write to the Electoral Committee of the Nigerian Bar Association (ECNBA) to express concerns and highlight certain breaches and irregularities surrounding the election.
“My initial complaint centred on the opaqueness of the selection process for the election service providers and the lack of information to enable us to make a fully informed assessment of the shortlisted service providers. This call led to the ECNBA carrying out a fresh bidding exercise that resulted in the selection of Election Buddy”.
“By another letter dated 4 June 2024, I raised concerns about the provisions of the guidelines for the election set out in the NBA Constitution 2015 (as amended) which the ECNBA had obeyed in disobedience including the failure to provide voting guidelines and a voters’ list within the timeframe stipulated by the NBA Constitution.
“I repeated this call in my last letter of 19 July 2024, and it was not until 4 hours before the commencement of polls that the ECNBA published the full list of eligible voters in defiance of the provisions of Paragraph 9 of Part V of Second Schedule to the NBA Constitution which provides in mandatory terms that the ECNBA shall publish the full list of voters at least 45 (forty-five) clear days before the date of the election,” he noted.
Mr Erojikwe said if the breaches and irregularities were restricted to the process leading up to the elections, and the election was conducted in a credible manner, it might have been easier to overlook them.
He detailed about five areas where according to him the conduct of the election fell far short of expected technical standards and the spirit/intendment of the NBA Constitution including issues with live viewing of the election results, tallying errors, technicalities with a novel platform, data manipulation, and an extension in voting deadline.”
“The foregoing and more have demonstrated that the fears that I expressed in the build-up to the elections were not unfounded and the election process might have been manipulated to achieve a predetermined outcome,” he added.
Mr Erojikwe said for the above reasons, he is unable to accept the election result announced by the ECNBA and instead seeks an official audit of the election result in accordance with the provisions of Paragraph 8(c), Part 2, Second Schedule of the NBA Constitution.
He said this step has become necessary to ensure full faith and confidence in the electoral process within the NBA.
Similarly, Mr Chukwuka Ikwuazom (SAN), who was said to have polled 9,018 votes to emerge as the second runner-up, has requested access to critical information and documents related to the elections.
In a letter he signed and addressed to ECNBA chairman, Mr Oluseun Abimbola (SAN), Mr Ikwuazom said his request is “prompted by several concerning anomalies and irregularities observed during the electoral process”.
Mr Ikwuazom who had sensationally pulled out of the race during the elections, said he and his team observed four anomalies namely; identity theft of voters & potential double voting, Discrepancies in Vote Display and Update, Suspicious Vote Increase Patterns and Discrepancies in Vote Patterns.
He, therefore, made a formal request to be provided within 48 hours with full access to the server and application log files used during the election period, complete database records, including voter information and voting transactions among other information.
By Adedapo Adesanya
Yellow Card, a global stablecoin infrastructure provider, has raised $40 million in a strategic funding round to accelerate its international expansion and strengthen its digital payment infrastructure.
The funding round attracted investments from SC Ventures, the innovation and investment arm of Standard Chartered, Sony Innovation Fund, Polychain Capital, Blockchain Capital, and other strategic investors. With the latest raise, Yellow Card’s total equity financing has now exceeded $120 million.
The company said the fresh capital will be used to scale its Global US Dollar Accounts, an end-to-end dollar account designed for businesses, while expanding the stablecoin payment rails that connect businesses to markets around the world.
Yellow Card’s chief executive, Mr Chris Maurice, described the investment as a strong endorsement of the company’s long-term vision, noting that the company has spent years building infrastructure that allows businesses to move money globally without relying on traditional correspondent banking systems.
He added that the next phase of growth will focus on helping banks connect directly to stablecoin payment rails, enabling faster and more efficient cross-border transactions while expanding access to US Dollar services for businesses.
SC Ventures chief executive, Mr Alex Manson, said stablecoins are becoming an important part of global payments, but noted that widespread adoption will depend on reliable infrastructure and practical use cases.
He said Yellow Card has built the payment rails businesses across Africa need to move money efficiently across borders and expressed confidence in the company’s ability to expand both within Africa and internationally.
The investment also marks growing interest from global institutions in stablecoin-based payments. Sony Innovation Fund said its backing reflects confidence in Yellow Card’s ability to build digital payment infrastructure for emerging markets.
Mr Austin Noronha, Managing Director at Sony Ventures-US, said the company believes Yellow Card is creating the technology needed to help banks, financial technology firms and enterprises move money faster and more securely.
He added that the company looks forward to supporting Yellow Card as it expands beyond Africa into Latin America, the Middle East, Europe and the Asia-Pacific region.
Yellow Card said the funding will also support the wider rollout of its Global USD Accounts, which allow businesses to hold U.S. dollars, manage treasury operations, swap stablecoins, and collect or make payments in local currencies across more than 50 countries.
The company noted that the platform is already being used by major customers, including Visa and Western Union.
Founded to simplify cross-border payments through digital assets, Yellow Card has processed more than $10 billion in transactions across its network. The company supports over 50 currencies and holds licences, authorisations and registrations in 22 jurisdictions across North America, Europe and Africa.
Yellow Card has also established strategic partnerships with global payment companies including Visa, Mastercard, PayPal and Coinbase as it positions itself as a key infrastructure provider for international digital payments.
By Adedapo Adesanya
The National Economic Council (NEC) has approved a $4.5 billion arrangement for the Nigerian National Petroleum Company (NNPC) Limited aimed at strengthening the country’s external reserves and freeing up funds for infrastructure.
This is part of the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion facility named “Project Gazelle 2”.
The approval allows NNPC Limited to refinance the outstanding balance of approximately $1.5 billion under the original 2023 facility, while unlocking an additional $3 billion in liquidity to strengthen the country’s external reserves and support ongoing fiscal and infrastructure priorities of the government.
NEC’s approval followed a presentation by the Minister of Finance, Mr Taiwo Oyedele, which was presented by the Chairman of the Council, Vice President Kashim Shettima, underscoring the importance of the project.
NEC observed the significance of unlocking additional liquidity to the federation, among other benefits, pledging its support for the actualisation of the initiative.
The Finance Minister explained that the refinancing has been structured on more favourable terms than the original facility, including a reduction in the volume of pledged crude oil from 90,000 barrels of oil per day to approximately 78,750 barrels of oil per day – a 12.5 per cent reduction.
He noted that under the new arrangement, an additional 11,250 barrels of oil per day for the federation will be released, while there will be a reduction in the pledged crude volumes by the state oil company.
Mr Oyedele added that while accessing additional liquidity on improved terms, the arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures.
“The arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures,” he said.
VP Shettima called for a responsive, scalable, and data-driven social protection policy to tackle multidimensional poverty in Nigeria.
According to Mr Shettima, government policies are often heard before they are seen, speak through the price of food, condition of hospitals, records in schools, strain on families, the confidence of those who invest their labour in the nation’s future, and, very importantly, the ambitions of state governments.
He implored members of Council to ensure that every decision they make assure the citizens “that their government is paying attention to the pulse of the nation and is resolved to respond with competence, compassion and purpose.”
By Modupe Gbadeyanka
Members of the public have been invited to submit memoranda and policy proposals on the proposed National Policing Bill.
The Chairman of the Working Group, Mr Femi Gbajabiamila, announced this on Monday after the team’s meeting at the State House in Abuja.
The group, headed by the Chief of Staff to President Bola Tinubu, is calling for input from Nigerians as part of efforts to establish a comprehensive legal and operational framework for state policing.
It is reviewing the Police Act 2020, the Police Service Commission framework, police regulations, and other relevant laws to support the development of an effective, modern policing system.
The proposed framework will set national minimum standards, define state readiness and grant certification, clarify jurisdictional responsibilities, ensure independent oversight, uphold human rights, and guarantee sustainable funding. It would also spell out an orderly transition to a dual-policing structure.
The call for memoranda will run for two weeks, allowing citizens, professionals, civil society, security agencies, state and local governments, academics, and other stakeholders to contribute. Submissions will be reviewed and integrated into the draft bill, which will then be subject to further national consultation before being finalised and sent to the National Assembly.
The Working Group has adopted a seven-week work programme running from July 27 to September 14, 2026. The draft Executive Bill is scheduled for presentation to President Bola Ahmed Tinubu on September 3, 2026, with national consultations to follow before the final approval.
The new National Policing Bill will set out requirements for recruitment, training, oversight, funding, and transition arrangements to ensure credible, effective, and accountable policing nationwide.
“A proposed State Police Service must demonstrate that it has credible arrangements for recruitment, vetting, training, pay, pensions, equipment, custody, complaints, discipline, data, firearms control, independent oversight and financial sustainability before it begins policing,” Mr Gbajabiamila said.
The representative of the Nigeria Governors’ Forum and Governor of Ogun State, Dapo Abiodun, who described State Police as a landmark reform, described the initiative as one of the defining reforms of President Tinubu’s administration.
Responding to concerns about federal overreach, he clarified that there is no Federal attempt to control State Police. He added that the proposed legislation is intended to provide an operational framework rather than centralise control.
Prince Lateef Fagbemi, the Attorney-General of the Federation and Minister of Justice, said the proposed National Policing Bill is designed to guarantee the security of lives and property while ensuring that the establishment of state police does not become a tool for political persecution.
The Attorney-General added that states not immediately ready to establish their own police services would continue to benefit from the presence of the Federal Police until they meet the required standards.
Other participants at the meeting included the Inspector General of Police, Tunji Disu; President of the Nigerian Bar Association, Afam Osigwe; Chairman, Policy Advisory Committee, Justice Abdullahi Liman (rtd); Professor Olu Ogunsakin, Head, Nigeria Police Reform Secretariat; Senior Special Assistant to the President on Planning and Research, Nnadubem Moghalu; and Brigadier General Olutayo Muyiwa Adesuyi, representing the National Security Adviser.
