Business
Bayelsa Guber: Why Court Disqualified APC Candidate, Sylva
Published
2 years agoon
By
Editor
The Federal High Court sitting in Abuja has disqualified the candidate of the All Progressives Congress, APC, for the governorship election billed to hold in Bayelsa State on November 11, Mr. Timipre Sylva.
The court, in a judgement that was delivered by Justice Donatus Okorowo, held that Sylva, who is the immediate past Minister of Petroleum Resources, was not eligible to participate in the gubernatorial contest having already spent five years in office as governor of the state.
The court stressed that since the 1999 Constitution, as amended, okayed a maximum tenure of eight years for a governor, should Sylva contest and win the impending election, he would exceed the constitutional threshold by spending a total of nine years in office.
Justice Okorowo held that uncontroverted evidence that was adduced before the court, established that Sylva had earlier taken the oath of office as Bayelsa state governor, on two occasions.
READ ALSO: IMF Retains Nigeria’s Economic Growth Forecast At 3.2%
Relying on a Supreme Court decided case-law in Marwa Vs Nyako, the judge held that the constitution could not be stretched to elongate the statutory period that someone could serve as a governor in the country.
Consequently, he declared that Sylva was not a valid candidate for the forthcoming Bayelsa state governorship poll.
The court directed the Independent National Electoral Commission, INEC, to remove his name from the list of candidates for the election.
The judgement followed a suit marked: FHC/ABJ/CS/821/2023, which was brought against Sylva by a chieftain of the APC in the state, Mr. Demesuoyefa Kolomo.
The plaintiff had in the suit he filed on June 13, prayed the court to among other things, determine: “Whether having regard to the indisputable fact that Sylva occupied the office of governor of Bayelsa from May 29, 2007, to April 15, 2008, and May 27, 2008, to January 27, 2012, he is qualified to contest and be elected for another four years term in view of section 180(2)(a) of the 1999 Constitution (as amended).”
READ ALSO: IMF Rates eNaira Performance Low
Upon the determination of the legal question, the plaintiff sought a declaration that by virtue of Section 182(1)(b) of the 1999 Constitution (as amended), Sylva, was not qualified to contest the election to the office of the governor of Bayelsa on the APC platform or on any other political party’s platform in the election.
He further sought an order directing INEC to remove Sylva’s name from the list of the contestants into the office of the governor of Bayelsa on the APC platform or any other political party’s platform in the 11 November election or any other time for that matter as he was not qualified to contest the said poll.
The plaintiff told the court that he is not only a member of the APC, but also a registered voter in the state.
He averred that the ex-Minister was first elected to the office of governor on April 14, 2007 and assumed the said office on May 29, 2007, and was in the said office until April 15, 2008 when his election on April 14, 2007, was set aside by the court and he was removed from office.
Cited as 1st to 3rd defendants in the matter, were Sylva, the APC and the INEC, respectively.
READ ALSO: Why We’re Happy With IMF Growth Forecast For Nigeria – Emefiele
Meanwhile, Sylva had in his defence, argued that he had only occupied the office of the governor of Bayelsa on one occasion, adding that he was elected into office on May 27, 2008.
In a counter-affidavit he filed before the court, Sylva contended that no valid election held in the state in 2007.
“I have only occupied the office of the governor of Bayelsa state on one occasion. I was elected as the governor of Bayelsa State on 27th May, 2008.
“Contrary to paragraph 5 of the affidavit, I know that by virtue of the Court of Appeal judgment referred to, that is now reported as Amgbare Vs. Sylva (2009) 1 NWLR (Pt. 1121), there was no election in Bayelsa State in 2007,” he added.
The erstwhile governor maintained that it was within his constitutional and legal rights to participate in the governorship contest.
He argued that sections 180 (2)(a) and 182 (1) (b) of the Constitution was not applicable in his case, a position that Justice Okorowo dismissed in his judgement.
The court held that it found merit in the case of the plaintiff.
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The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.
Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.
This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.
The local currency maintained consistent strength throughout the week, recording gains daily.
READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market
On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.
These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.
Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.
Business
BREAKING: Again, Dangote Refinery Cuts Petrol Price
Published
3 weeks agoon
May 22, 2025By
Editor
The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.
The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.
Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.
READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price
Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.
A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.
In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.
“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.
Business
Naira Appreciates Against Dollar At Foreign Exchange Market
Published
3 weeks agoon
May 17, 2025By
Editor
The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.
It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.
According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.
This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.
READ ALSO:Naira Depreciates In Parallel Market
The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.
On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.
These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.
However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.
This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.
READ ALSO:Naira Records Highest Depreciation Against Dollar At Black Market
Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.
Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.
Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.
The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.
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