Category: Politics

An Oyo State High Court 5 sitting in Ibadan, again, on Friday, extended ruling on applications filed by the United Bank for Africa Plc and other defendants in the suit instituted by the Attorney General of Osun State and one other person as claimants, till next Tuesday.

The applications before the court include one filed by UBA seeking an adjournment sine die (indefinitely) and another challenging the court’s jurisdiction, filed by counsel to the sacked All Progressive Congress Local Government Chairmen by the Senior Advocate of Nigeria, Kazeem Gbadamosi.

Some other parties, including the sacked APC Chairmen and the PDP, also filed applications seeking to be joined in the suit.

PUNCH Online reports that Court 5, presided over by Justice Ladiran Akintola, had, on Thursday, fixed Friday for the hearing of the case.

The UBA, while seeking the case to be adjourned indefinitely, said the local government funds in contention were still in its safe custody and untouched by any party.

Presiding Judge, Akintola, said the ruling date was set after due consultations with all parties to allow sufficient time for a well-considered ruling on the various applications.

He, therefore, extended order of Interim Injunction against UBA Plc till Tuesday, October 14, maintaining a no-debit restriction on 30 bank accounts into which withheld Osun State Local Government allocations were paid by the Central Bank of Nigeria.

During Friday’s proceedings, counsel to UBA, Mutalib Ojo, SAN, reminded the court of his earlier application that the matter be adjourned sine die pending the judgment of the Supreme Court on a related case.

Ojo explained that the substantive dispute had already been heard by the Supreme Court, which has reserved judgment, saying any ruling by the lower court might conflict with the apex court’s eventual decision.

“If this High Court proceeds to hear the suit, there is a 50-50 chance that whatever decision it makes may conflict with the outcome of the Supreme Court. The issue here concerns the hierarchy of courts. Proceeding further may amount to a waste of judicial time since the Supreme Court’s decision will ultimately prevail.”

He, therefore, advised the court to adjourn the matter indefinitely, assuring that the funds in question were still in the safe custody of UBA and untouched by any party.

However, counsel to the sacked APC chairmen, Gbadamosi, SAN, opposed the application, urging the court not to grant it until the issue of jurisdiction had been addressed. He described the bank’s application as “an anomaly” that should not be entertained.

“From the defendants’ originating summons, it is clear that there is a pending suit before the Supreme Court upon which this current case and its reliefs are predicated. This present suit was filed subsequently after the Supreme Court case was instituted. That in itself constitutes an abuse of court process which this court must not condone.”

In his response, counsel to the plaintiffs, Musibau Adetunmbi, SAN, countered the submission, explaining that his clients approached the court only after discovering that Federal agencies, including the CBN and the Accountant General of the Federation, had transferred the disputed funds to UBA despite the pending case at the Supreme Court.

“If the money had not been moved from the CBN, we would not have come before this court. The Supreme Court does not have original jurisdiction over UBA, but this High Court does, hence our action.”

Akintola, who retired briefly to his chambers after hearing extensive arguments and counterarguments from all counsels, then adjourned the case for ruling till Tuesday, October 14, 2025.

On October 7, a seven-member panel of the Supreme Court of Nigeria had reserved judgment in a suit seeking to urge the Attorney General of the Federation to release Osun State’s withheld local government funds, which he had already allegedly directed to be paid to the disputed local government chairmen elected on the platform of the All Progressives Congress.

The panel, which was presided over by Justice Uwani Aba’aji, reserved judgment after hearing arguments from Osun State’s Attorney General, represented by Musbau Adetumbi (SAN), and the Attorney General of the Federation’s counsel, Chief Akin Olujimi (SAN), in the suit numbered SC/CV/773/2025.

Justice Uwani Aba’aji said, “Date for judgment in the suit will be communicated to parties.”

The Financial Reporting Council of Nigeria, the Securities and Exchange Commission, and other stakeholders have called for ethical governance at board levels as the nation faces multiple disruptions.

The call was made at the 20th anniversary corporate governance conference of the Society for Corporate Governance Nigeria on Thursday, themed ‘Strengthening Ethical Governance in a Disrupted World: Reflection on Governance’s Journey for a Sustainable Future.’

The SCGN conference marked two decades of promoting integrity, transparency, and responsible leadership. It provided a platform for regulators, board leaders, and governance professionals to explore practical strategies for building resilient, ethical, and future-ready institutions.

The Executive Secretary and Chief Executive Officer of the FRC, represented by the Coordinating Director, Directorates of Corporate Governance and Inspections & Monitoring, Titus Osawe, highlighted several emerging challenges threatening ethical governance in Nigeria.

He identified issues such as knowledge gaps, greenwashing, data manipulation, digital disruption, artificial intelligence, and digital assets. He stressed that organisations must demonstrate their commitment to ethics and integrity through strong ethical leadership and sound governance.

“Strengthening ethical governance is a collective responsibility. I call on all stakeholders, organisations, institutions, and individuals to prioritise ethics and integrity.

We must drive ethical governance intentionally by working together to build a more sustainable future for our country,” he said.

“We at the FRC are committed to promoting ethical governance. We will continue to set standards, provide guidance, monitor and enforce compliance, and where breaches occur, impose applicable sanctions. Together, we can create a culture of transparency, accountability, and integrity that benefits us all. We remain steadfast and resolute in strengthening ethical governance.”

In his remarks, the Director-General of the SEC, Dr. Emomotimi Agama, represented by the Head of the Lagos Zonal Office, John Briggs, underscored the urgency of addressing governance and sustainability challenges.

“The world is grappling with the interconnected challenges of climate change, social inequality, technological disruption, and evolving investor expectations,” he said.

“In this era of profound transformation, the principles of sound governance and transparent sustainability reporting have transcended mere compliance. They are now fundamental pillars of long-term value creation, competitive resilience, and sustainable national development. For emerging economies like Nigeria, this imperative carries particular weight. We face the dual challenge of stimulating economic growth and attracting investment while ensuring that such growth is inclusive, equitable, and responsible. Corporate governance provides the essential framework for meeting these challenges.”

Commending the SCGN for its role in promoting governance standards, Agama said, “Through its unwavering commitment to advocacy, capacity building, and research, the Society has consistently advanced awareness and best practices. Its focus on reviewing and highlighting governance and sustainability trends has provided an invaluable benchmark for boards, regulators, investors, and the public alike.

“This work has enriched national discourse, encouraged high standards, and prepared Nigerian businesses to engage confidently on the international stage. Therefore, this 20th anniversary is more than a milestone; it is a testament to the indispensable role institutions play in shaping a nation’s corporate character.”

He also called for the incorporation of good governance and sustainability principles into the “very DNA of institutions,” adding that transparency, accountability, and inclusiveness must not be treated as optional add-ons but as “fundamental, non-negotiable components” of doing business in Nigeria.

The keynote speaker, Dr Omobola Johnson, Board Chair of Guinness Nigeria Plc, emphasised that diversity on boards is key to achieving ethical governance.

“In a world without a rule book, no single demographic has a monopoly on the knowledge and expertise required for effective governance,” she said. “Diverse boards with different lived experiences bring richness and depth to discussions and decision-making. They also foster integrity and ethics by ensuring that boards are not monolithic but truly representative, essential for making ethically sound decisions that consider a broad range of stakeholders.”

She added, “Integrity and ethical governance go hand in hand. They are not merely top-down mandates but shared values that boards must champion. This requires a long-term view of enterprise success defined by broader metrics such as resilience, trust, and strategic clarity, all vital for navigating uncertainty in a constantly changing world.”

In his opening speech, the President of SCGN, Muhammed Ahmad, acknowledged the disruptive nature of today’s operating environment and the resulting need for stronger ethical grounding.

“In an environment that is highly challenging and disruptive, where AI is constantly reshaping our world, we must ask: what is the role of ethics? How can we ensure that ethical behaviour remains part of our DNA?” he asked.

“Ethics is not just about compliance or ticking boxes. It’s about living, acting, and relating with others based on the highest ethical standards. Governance, therefore, is about guiding our organisations to make the right choices, not taking shortcuts. The easy path is not always the right one. We must remain transparent, fair, and accountable to all stakeholders.”

One of SCGN’s founding directors, Professor Pat Utomi, brought a philosophical perspective to the discussions. Referencing economic historian Carlo Cipolla’s Five Laws of Human Stupidity, Utomi observed that “sometimes emotion overtakes reason,” and called for the development of conscience “so that we can always speak truth to power and help those who might otherwise be carried away.”

The conference also featured a panel discussion with prominent speakers, including the Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele; CEO, LeadRight Consultant (South Africa), Ms. Kim Anderson; Director, NCGC, Mrs Yeside Kazeem; and Chairperson, Coronation Life Assurance Limited, Mrs Suzanne Iroche. The session was moderated by the Group Managing Director, Zedcrest Group, Mr. Adedayo Amzat.

Three new publications were launched at the event: Corporate Governance and Sustainability Reporting in Nigeria, Governance in Motion: 20 Years of Corporate Governance Influence and Impact, and the 28th edition of the Journal of Corporate Governance.

The Central Bank of Nigeria has reaffirmed its commitment to expanding financial inclusion and driving economic growth by promoting the adoption of alternative payment systems.

The apex bank expressed this commitment at a sensitisation exercise known as the ‘CBN Fair,’ held at the Dome Event Centre in Calabar on Thursday.

The event’s theme was “Promoting Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”

The fair brought together manufacturers, traders, microfinance banks, commercial banks, merchant banks, students, artisans, members of the National Youth Service Corps, and other stakeholders.

Speaking at the event, an Assistant Director in the Corporate Communications Department, Uche Tobias, highlighted policies undertaken by the Olayemi Cardoso-led management since assuming office.

He noted that the Central Bank is championing technologies that empower individuals, boost productivity, and connect communities to the nation’s economic opportunities.

He said, “Under the leadership of Olayemi Cardoso, the management of the Bank remains firmly committed to fostering productivity, enhancing financial inclusion, and maintaining monetary and price stability. These efforts are already yielding positive results, as evidenced by the steady reduction in inflation and current stability in the foreign exchange market.

“Since assuming office, the Governor has spearheaded several key policies to strengthen the financial system. These include: exchange rate unification; the launch of the non-resident Bank Verification Number (BVN) to connect Nigerians abroad with home banking facilities; the BMatch System for forex trading; and the unveiling of the Nigeria Payments System Vision 2028 (PSV 2028) to accelerate digital transformation, broaden financial inclusion, and minimise downtime for faster and safer transactions,” he said.

He also noted the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits, stressing that this policy aims to enhance liquidity management and mitigate potential inflationary pressures.

He explained that the sensitisation exercise was primarily to educate the public on how the bank’s policies enhance their lives and livelihoods and contribute to the growth and development of the Nigerian economy. He urged them to rely only on information disseminated through the verifiable official channels of the Central Bank of Nigeria.

“This engagement is primarily to sensitise members of the public on how the Bank’s policies enhance their lives and livelihoods and contribute to the growth and development of the Nigerian economy. We urge you to rely only on information disseminated through the verifiable official channels of the Central Bank of Nigeria,” he explained.

In his welcome address, the Calabar Branch Controller, Jibunoh Tolefe-Nwanneamaka, represented by the Head of Research, Jude Nwafor, stated that the fair was designed to promote financial inclusion by showcasing alternative payment channels and highlighting key reforms geared towards building a resilient and inclusive financial system.

According to him, the fair facilitates constructive dialogue between the Bank and the public, adding that it is a space where questions, concerns, and feedback are not only welcomed but valued, with the aim of building trust, enhancing consumer protection, and ensuring that every Nigerian feels empowered to participate in the financial ecosystem.

Cross River State Governor, Bassey Otu, represented by his Special Assistant on Agriculture, John Shiyam, commended the CBN for the initiative.

He noted that the Otu-led administration has prioritised agriculture as a strategy for rapid economic development to promote food security and the well-being of farmers in the state.

He concluded that the CBN Fair is beneficial for creating awareness of alternative payment systems.

“Cross River State is a very vast state with different topographical features, and most areas are remote. As I speak with you, not every local government in the state has a commercial bank.

“So it has been a very big challenge for farmers and even business people in such areas to access banking services. This initiative and this exercise are going to be very beneficial to people in such areas, to be aware of the alternative payment systems that they can leverage for their financial transactions,” he added.

The CBN, in a publication on its website, stated that it has long prioritised financial inclusion, ensuring that more Nigerians have access to banking and financial services. The CBN’s NFIS, first launched in 2012, created a framework for widening access, especially for underserved populations.

The apex bank explained that a challenge to financial inclusion in Nigeria persistently arises from low financial literacy, weak infrastructure, digital divide, and limited reach of formal banking services in rural and remote areas.

PUNCH Online reports that more recently, the CBN unveiled Payments System Vision 2028 (PSV 2028) to succeed PSV 2025, signalling its commitment to expanding, modernising, and securing Nigeria’s digital payments infrastructure.