The legal team representing former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has accused Justice Abdulrahman Oshodi of bias and demanded that he recuse himself from the case. At the resumed trial on Monday, Emefiele’s lead counsel, Olalekan Ojo (SAN), filed an application urging Justice Oshodi to step down from further proceedings, citing ...

  The Supreme Court of Nigeria has upheld the provision of Section 84 of the Sheriff and Civil Process Act (S&CPA), which mandates obtaining the Attorney General of the Federation’s (AGF) approval before initiating garnishee proceedings to enforce monetary judgments against the government or its agencies. In a 4-1 majority ruling, the apex court declined ...

The Socio-Economic Rights and Accountability Project (SERAP) has given the Central Bank of Nigeria (CBN) 48 hours to reverse its recent increase in Automated Teller Machine (ATM) transaction fees, warning of legal action if the directive is not complied with. In a statement on Sunday via its official X (formerly Twitter) handle, SERAP described the ...

  The Senate has raised concerns over the consistent failure of critical revenue-generating agencies to respond to expenditure queries raised by the Office of the Auditor-General for the Federation (OAGF). In a news conference on Tuesday in Abuja, Senator Aliyu Wadada, Chairman of the Senate Committee on Public Accounts, announced that the Senate would recommend ...

  The Ikeja Special Offences Court on Wednesday dismissed former Central Bank Governor Godwin Emefiele’s application challenging its jurisdiction in his ongoing case involving alleged abuse of office resulting in losses of billion and ₦2.8 billion. Emefiele faces 26 counts filed by the Economic and Financial Crimes Commission (EFCC), while his co-defendant, Henry Omoile, is ...

  A group of 33 former employees of the Central Bank of Nigeria (CBN) has filed a lawsuit against the apex bank at the National Industrial Court in Abuja, challenging their termination and seeking ₦30 billion in damages. The claimants, who were laid off during a mass termination in 2024, allege that their constitutional right ...

  The Rivers State Government has filed an appeal against a Federal High Court decision barring the Central Bank of Nigeria (CBN) from disbursing federal allocations to the state. This comes in the wake of ongoing political and judicial friction surrounding the authority of Rivers Governor Siminalayi Fubara, who has faced challenges from the Martin ...

  The Civil Society Legislative Advocacy Centre (CISLAC) has voiced serious concern over a recent Federal High Court judgment halting the release of monthly allocations to Rivers State, a decision that restricts the Central Bank of Nigeria (CBN) and other financial institutions from disbursing funds to the state government. In a statement signed by CISLAC ...

Justice Joyce Abdulmalik of the Federal High Court in Abuja has issued an order preventing the Central Bank of Nigeria (CBN) from releasing further financial allocations to the Rivers State Government until a lawful appropriation act is passed by a duly constituted House of Assembly. In the ruling delivered on Wednesday, October 30, Justice Abdulmalik ...

  A U.S. District Court in the Southern District of New York has granted Louis Emovbira Williams, a Nigerian businessman, the right to seize $21 million from Nigeria’s account with JP Morgan. This ruling follows a long-standing dispute stemming from a failed business deal dating back to 1986. Justice Liman Lewis denied Nigeria’s attempt to ...

  The Central Bank of Nigeria (CBN) has reintroduced a controversial levy on all electronic transactions, reducing the rate to 0.005%, down from the previously proposed 0.5%. The levy, aimed at addressing cybersecurity concerns, was announced nearly four months after facing public backlash. According to the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines ...

A Federal High Court in Abuja has issued a summons to the Governor of the Central Bank of Nigeria (CBN) and the Head of the Legal Services Department of the CBN, requiring their presence along with specific documents on Monday, September 2. This date has been set for the continuation of the money laundering trial ...

    Nigerian senators have rejected a bill that sought to amend the Foreign Exchange Act of 2004, aiming to reduce the Central Bank of Nigeria’s (CBN) regulatory authority over the foreign exchange market. The bill, titled “The Foreign Exchange (Control and Monitoring) Bill, 2024 (SB. 353),” was introduced by Sani Musa (APC-Niger), Chairman of ...

The Economic and Financial Crimes Commission (EFCC) is set to arraign former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, for approving the printing of N684.5m notes at the rate of N18.96bn. In the fresh 4 count charge filed against him, the EFCC alleged that Emefiele disobeyed the direction of law with intent ...