General
SERAP Seeks Order to Upturn Buhari’s Directive on Old Naira Notes
By Adedapo Adesanya
A suit has been filed against President Muhammadu Buhari by the Socio-Economic Rights and Accountability Project (SERAP) over “the unlawful directive banning the use of old N500 and N1,000 banknotes, contrary to the interim injunction granted by the Supreme Court that the old N200, N500, and N1000 notes remain legal tender.”
Joined in the suit as defendants are the Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami, and the Central Bank of Nigeria (CBN).
The Supreme Court, in a case brought by 10 states, held that the old banknotes remain legal tender pending the determination of a motion on notice fixed for February 22. The deadline for the swap of the old notes expired on February 10.
However, Mr Buhari, in a national broadcast last week, directed the CBN to recirculate only the old N200 banknotes, overruling the Supreme Court and banning the use of old N500 and N1,000 notes in the country.
In the suit number FHC/ABJ/CS/233/2023 filed last Friday at the Federal High Court, Abuja SERAP is asking the court to determine “whether President Buhari’s directive banning the N500 and N1,000 banknotes is not inconsistent and incompatible with the constitutional duties to obey decisions of the Supreme Court and oath of office.”
SERAP is asking the court for “a declaration that President Buhari’s directive banning the use of old N500 and N1,000 banknotes is a fundamental breach of section 287(1) of the Nigerian Constitution 1999 [as amended] and his constitutional oath of office, and therefore unconstitutional, unlawful, null and void.”
SERAP is seeking “an order of interim injunction restraining President Buhari, the CBN, and Mr Malami, their agents or privies from further enforcing the presidential directive banning the old N500 and N1,000 banknotes, pending the hearing and determination of the motion on notice filed contemporaneously in this suit.”
In the suit, SERAP is arguing that: “Upholding the rule of law is the cornerstone of Nigeria’s constitutional democracy. President Buhari and other public officials and authorities have a binding legal responsibility to strictly comply with the rule of law and obey the decisions by the Supreme Court and all other courts.”
SERAP is also arguing that, “The directive to ban the use of N500 and N1000 banknotes, contrary to the interim injunction by the Supreme Court, is ultra vires – beyond the constitutional and legitimate powers of President Buhari and the government.”
The suit filed on behalf of SERAP by its lawyers Mr Ebun-Olu Adegboruwa (SAN), and Mr Kolawole Oluwadare, pointed out that, “President Buhari’s directive undermines the authority and independence of the judiciary, which is an underlying constitutional principle intended to ensure that government is conducted according to law, and to prevent the arbitrary exercise of powers or discretion by public officials and authorities.”
“The rule of law makes all government officials, including the President and other officials, answerable for their acts in the ordinary courts. The law must apply to everybody; nobody is above the law.”
“Section 281(1) of the Nigerian Constitution provides that, ‘the decisions of the Supreme Court shall be enforced in any part of the Federation by all authorities and persons, and by courts with subordinate jurisdiction to that of the Supreme Court.”
“Under 318 (1) of the Nigerian Constitution, ‘decision’ means in relation to a court, any determination of that court and includes judgement decree, order, conviction, sentence or recommendation.”
“It is the duty of the government to allow the law to take its course or allow the legal and judicial process to run its full course.”
“The directive by President Buhari to ban the use of the old N500 and N1000 banknotes can have no other interpretation than the show of intention to pre-empt the final decision of the Supreme Court in this case.”
“The courts expect the utmost respect of the law from the government itself, which rules by the law,” a part of the suit stated.
SERAP wants an order restraining and stopping the CBN from carrying out and giving effect to the directive of the President directing and approving that the old N500 and N1,000 banknotes are no longer legal tender, and the old N200 banknote will cease to be legal tender on 10 April 2023, in compliance with the order of the Supreme Court of Nigeria made on 8 February, 2023 in Suit Number SC/CV/162/2023– Attorney General of Kaduna State & 2 Ors v. Attorney General of the Federation.”
It also wants an “order mandating the CBN to direct all commercial banks in Nigeria to accept and give out the old N200, N500, and N1,000 banknotes as legal tender concurrently along with the new banknotes of the same denomination in line with the order of the Supreme Court of Nigeria made on 8 February, 2023 in Suit Number SC/CV/162/2023 – Attorney General of Kaduna State & 2 Ors v. Attorney General of the Federation;
General
Nigeria Steps up AI Surveillance, Anti-Drone Systems for National Security
By Adedapo Adesanya
Nigeria is set to strengthen its defence architecture by deploying artificial intelligence-powered surveillance systems and advanced anti-drone technology as part of efforts to modernise the country’s military capabilities, according to the Minister of Defence, Mr Christopher Musa.
He disclosed this during a high-level visit to Monaco, where he led a Nigerian delegation to conclude discussions on the multi-domain Hybrid Intelligence Shield (HIS) project.
According to Mr Musa, the initiative is designed to enhance border security, protect urban centres and improve the country’s response to emerging security threats.
The project is expected to introduce AI-driven surveillance systems capable of identifying threats rapidly through smart algorithms, while anti-drone technology will be deployed to intercept and neutralise unmanned aerial threats.
The government also plans to establish national and regional command-and-control centres to improve real-time coordination and response to security incidents across the country.
Mr Musa said the initiative would place strong emphasis on technology transfer and local capacity development through the establishment of a military Centre of Excellence in Nigeria.
He added that the federal government would leverage partnerships with international firms, including Marss UK Ltd, while simultaneously building indigenous capabilities to address insurgency, illegal mining, piracy and other security threats.
Nigeria has continued to battle multiple security challenges in recent years, including insurgency in the North-East, banditry and kidnappings in the North-West, farmer-herder clashes in the North-Central region, crude oil theft in the Niger Delta and piracy in the Gulf of Guinea.
Nigeria is stepping up its defence as the border region of Nigeria, Benin and Niger on the southern edge of the Sahel region is becoming a new stronghold for jihadists, as militants turn forests and pastoral networks in West Africa into bases for recruitment and international attacks.
Attacks in Nigeria have also risen, with data from the website of the Armed Conflict Location & Event Data (ACLED), a conflict-monitoring group, affirming that the number of suicide bombings in Nigeria by March already matched the annual average over the past six years.
The Nigerian military has also been dealt a blow to its military bases and senior figures targeted. In April, Brigadier-General Oseni Omoh Braimah was killed when Islamist fighters attacked a base in Borno State.
To also meet the defence goal, Nigeria is stepping up efforts to build domestic arms-manufacturing capacity.
General
Nigeria, Morocco to Seal Atlantic Gas Pipeline Deal by Q4 2026
By Adedapo Adesanya
Nigeria and Morocco are set to sign a major intergovernmental agreement later this year to push forward the long-delayed Nigeria-Morocco Gas Pipeline project, a multi-billion-dollar energy corridor expected to reshape gas trade across West Africa and Europe.
The agreement, expected to be signed in the fourth quarter of 2026 by President Bola Tinubu and King Mohammed VI of Morocco, follows the completion of preliminary technical studies for the ambitious project, according to officials from both countries.
The pipeline, also known as the African Atlantic Gas Pipeline, is projected to stretch about 6,900 kilometres along offshore and onshore routes across West Africa, making it one of the largest gas infrastructure projects on the continent.
With an estimated cost of $25 billion, the pipeline is designed to transport up to 30 billion cubic metres of gas annually once completed.
Discussions on the project gained fresh momentum during a telephone conversation between Nigeria’s Minister of Foreign Affairs, Mr Bianca Odumegwu-Ojukwu, and her Moroccan counterpart, Mr Nasser Bourita.
The project would not only strengthen energy cooperation between the two countries but also improve regional economic integration and expand Africa’s access to European energy markets.
According to Morocco’s hydrocarbons and mining agency, ONHYM, part of the gas supply will support Morocco’s domestic energy demand, while large export volumes will be directed to Europe.
The project, first proposed about a decade ago, is seen as a strategic alternative gas supply route amid rising global energy security concerns and Europe’s search for more diversified energy sources.
Beyond the pipeline, Nigeria and Morocco are also exploring broader economic partnerships, particularly in fertiliser production and distribution to support food security across Africa.
Both countries also agreed on the need to revive the Nigeria-Morocco Business Council to strengthen trade and investment relations under the African Continental Free Trade Area framework.
Analysts noted that the project could significantly boost gas monetisation opportunities for Nigeria, expand regional infrastructure development, and deepen economic ties between West African nations and Europe if successfully executed.
General
Impact Investors Foundation Launches GESI Baseline Report
The Impact Investors Foundation (IIF), Nigeria’s leading platform for unlocking impact capital, today hosted the 4th Gender Impact Investment Summit (GIIS). The landmark event featured the historic unveiling of the Inclusive Capital Scorecard, a Gender Equity and Social Inclusion Baseline report, which establishes a foundation and clear understanding for GESI integration practices in impact investment.
The summit, themed “From Commitment to Action: Strengthening Inclusive Gender Lens Investment for Nigeria’s Growth,” convened at a critical juncture for deepening Nigeria’s National Women Economic Empowerment policy. Building on the momentum of previous years, where over 50 organisations pledged support for inclusive capital, the 4th GIIS serves as the definitive platform to translate high-level pledges into tangible, measurable results for women, youth, and the over 35 million Nigerians living with disabilities.
The centrepiece of this year’s summit was the GESI baseline survey, which serves as a reference point for tracking progress, informing interventions, and strengthening accountability toward achieving the national inclusive capital roadmap. It also features a policy roundtable, where regulators, ministries and government agencies made actionable commitments to strengthen cross-sector collaboration, and accelerate policy implementation for women, youths and persons with disabilities (PwD) in key economic sectors, including climate resilient industries. “The GESI Baseline Report is more than a document; it is the data-driven foundation required to fix structural barriers in our financial system,” stated Etemore Glover, CEO of the Impact Investors Foundation. “While women own nearly 40% of Nigerian businesses, they receive a disproportionately small share of formal credit. This report empowers stakeholders to identify acute gaps and benchmark progress as we move toward a truly inclusive economy.”
Ibukun Awosika, Chair of GSG Nigeria Partner and Vice Chair of GSG Impact, emphasised the significance of this milestone at the 4th GIIS: “By providing the data-driven foundation needed to benchmark progress, it demands that stakeholders not only mobilise inclusive capital at scale but also embed GESI and gender lens investment principles into every investment decision and policy. This summit is the definitive platform to close investment gaps, unlocking Nigeria’s full economic potential and ensuring our growth is truly equitable and transformative.”
The 4th Gender Impact Investment Summit (GIIS) acts as a vehicle to dismantle obstacles for women, serving as a catalyst for growth by actively driving impact to accommodate women, including those in the informal labour market. It moves beyond rhetoric to institutionalise accountability by encouraging organisations to not only track how capital is raised, but also the type of capital deployed, jobs created, enterprise growth, geographic reach, and measurable inclusion outcomes.
Gender Equality and Social Inclusion (GESI) are increasingly recognised as critical leverage points; by addressing the institutional gaps that leave women, youths and persons with disabilities-led businesses under-resourced, Nigeria can catalyse a new wave of data-driven investment and productivity.
The keynote address, ‘Turning Gender Equity into Economic Advantage,’ presented by His Highness Khalifa Muhammad Sanusi II CON, Sarkin Kano, stressed the need for the intentional dismantling of structural barriers that hinder women’s financial inclusion, noting that gender equality is not merely a social imperative but a critical economic lever for national prosperity.
To facilitate immediate economic impact, the 4th GIIS introduced enhanced Deal Rooms, operating both virtually and in-person. These rooms are specifically designed to provide a direct matchmaking pipeline, connecting investors with ready-to-scale, women-led enterprises, leading to a soft commitment of about $250,000 from investors.
In addition, the summit featured technical sessions which emphasised institutional capacity building, equipping both public and private sector actors with the GESI diagnostic tools, investment readiness tools and data capturing frameworks necessary to mainstream GESI and gender lens investing (GLI) into their core operations.
The economic urgency of this intervention is underscored by current data showing a stark inclusion gap: only 23% of Nigerian women have bank accounts, compared to 77% of men. By providing credible, first-of-its-kind data, the IIF is positioning the GESI Roadmap as a strategic necessity for sustainable national growth.
The summit featured high-level participation from financial institutions, Development Finance Institutions (DFIs), and policymakers. Through interactive panels and policy conversations, leaders were invited to move beyond discourse and lead in GESI integration, utilising the new report to influence future policy and investment strategies.
The 4th Gender Impact Investment Summit reaffirms IIF’s role as a strategic architect in the Nigerian investment market, dedicated to establishing actionable interventions that ensure no one is left behind in the pursuit of prosperity.
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