News

Naira Redesign: CBN’s Defiance Of Supreme Court Order Rubbishes Nigeria’s Constitution – Lawyers

Published

3 years ago

February 15, 2023

Two senior legal practitioners have said the Central Bank of Nigeria’s defiance of the Supreme Court’s order has rubbished the country’s constitution.

The legal luminaries were reacting to CBN’s refusal to obey the Supreme Court order last week restraining it from implementing the February 10 deadline on cash swap.

Mr Harris Gbole, Senior Advocate of Nigeria; and Kehinde Eleje, a lawyer; made this disclosure while speaking on the development during a Channels Television interview on Wednesday,

On his part, Gbole stated that CBN’s conduct is contempt of the Court and against the rule of law.

He said it is the duty of all and sundry to obey court orders, describing CBN’s action as unfortunate.

“Only yesterday or so, they insisted again that the February 10 deadline stands, which is an insult against the Supreme Court and judiciary, which is unfortunate.

“The duty of obedience to the court order is for all and sundry. When there is an order from the Court, and you are dissatisfied, the best thing to do is to appeal against the order or approach the Court and seek to join as a party rather than sit back and say you will not obey, that is contempt of Court, and it is against the rule of law,” he said.

Eleje stated that the country is heading for anarchy following CBN’s defiance of the court order.

“We are heading for anarchy because most Nigerians do not operate electronic transactions, especially those in the rural areas.

“It is unfortunate because the CBN is a creation of the constitution, the duty which is incumbent upon everyone, no matter how high, who is aware of an order that affects their interest, is to take legal steps to challenge such an order. No matter how highly placed, it is beyond any individuals to take the law into their own hands and take it as if it does not exist. It does not demonstrate civility, arrogance and irresponsibility because it is a well-known fact that the order is necessitated by the CBN’s conduct which in the first place failed to do the needful. I do not see any justification for the conduct of the CBN”, he stated.

On Tuesday, while addressing the diplomatic communities in Abuja, the Governor of CBN, Godwin Emefiele, stated that there is no need to extend the February 10 deadline.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

2 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

2 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

4 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.