Daily Watch – Supreme Court mystifies with Lawan verdict, 34 perish in Somaliland clashes

A High Court in the Federal Capital Territory, on Monday, restrained the Central Bank of Nigeria (CBN) from extending the deadline for the use of the old naira notes. The court also ordered the CBN to fully implement the redesigned naira. Presiding judge Eleojo Enenche gave the order while delivering a ruling on an ex parte application by four opposition political parties. The four parties – Action Alliance (AA), Action Peoples Party (APP), Allied Peoples Movement (APM) and National Rescue Movement (NRM) – in their application alleged that the CBN’s new monetary policy was being sabotaged by Nigerian banks. In a related development, the Kaduna State Government along with Kogi and Zamfara have asked the Supreme Court to restrain the FG and the CBN from implementing the 10 February 2023 deadline for the use of old notes. No date has been fixed for the hearing. 13 out of the 18 political parties in Nigeria have threatened to withdraw from the general elections in Nigeria if the deadline is extended again.

On Monday, the Supreme Court affirmed Senate President Ahmed Lawan as the All Progressives Congress candidate for Yobe North Senatorial District. In the lead judgement, Justice Centus Nweze faulted the approach of his opponent Bashir Machina in commencing the suit at the Federal High Court, Damaturu by originating summons without oral evidence to prove his fraud allegations. In the majority decision, the court also set aside the decision of the Court of Appeal, Gombe Division, which affirmed the trial court’s decision declaring Machina as the senatorial candidate. In a dissenting decision, however, by Justices Emmanuel Agim and Adamu Jauro, the court said Ahmad Lawan never participated in the APC primary held on 28 May 2022, as he withdrew voluntarily to participate in the presidential primary held on 8 June. The minority decision held that the conduct of another primary on 9 June, which Lawan won, breached Section 84(5) of the Electoral Act as the APC never cancelled the 28 May primary.

Bloomberg has reported that Ghana plans to convert an estimated ¢40 billion ($3.3 billion) of loans owed to its central bank into bonds, making it the single biggest holder of domestic government securities and exposing it to an ongoing debt restructuring, according to people familiar with the matter. The bonds, due to be issued by the finance ministry, will also cover the interest owed to the Bank of Ghana, the sources, who asked to remain anonymous, said. The people didn’t provide details on a timeline for the securitisation, but Ghana is seeking to conclude a public debt restructuring program this quarter with a view of securing IMF board approval by the end of March 2023. The securitised central bank loan will be added to the list of domestic debt under restructuring, the people said.

At least 34 people were killed in clashes between soldiers and anti-government fighters in a disputed town in Somalia’s northern breakaway region of Somaliland on Monday, doctors and officials said. The region’s government said on Twitter that armed men attacked army bases and state offices in Laascaanood early in the morning. It accused unnamed “traditional leaders” of recruiting the attackers and said it thwarted the assault. At least 34 people were killed and another 40 wounded in the clashes, Mohamed Farah, a doctor at Laascaanood Hospital, told Reuters. The clashes in Laascaanood, the administrative centre of Sool region, came a day after a committee of local leaders, religious scholars, and civil society groups, said in a statement that they did not recognise the Somaliland administration. The group said that it represented the interests of people in the regions of Sool, Sanaag, and Cayn (SSC).