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Economy

Supreme Court Declares Rivers Owners of 17 Disputed Oil Wells

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Rivers State floored Imo State at the Supreme Court on Friday over the disputed 17 oil wells.

The court in its judgement also ended the political arrangement on the sharing of revenue from the oil wells.

The apex court ruled that the oil wells located in Ndoni and Egbema communities belong to Rivers in its verdict.

The Supreme Court, had February 2022 fixed May 6 for judgment in the legal battle between Rivers and Imo states over the ownership of 17 oil wells in their territories.

The apex court fixed the date after taking arguments from lawyers to the parties.

Justice Olukayode Ariwoola, who led a panel of justices of the apex court, fixed the date after the adoption of the final written addresses by the lawyers.

The plaintiff in the matter, represented by a former President of the Nigerian Bar Association, Joseph Daudu (SAN), while adopting his final address, asked the apex court to give judgment in favour of Rivers State on the grounds that historical evidence right from 1927 till date clearly indicated that the oil wells belongs to the state.

Daudu drew the attention of the Supreme Court to the boundary adjustment paper of 1976, where Ndoni and Egbema were confirmed to belong to Rivers State.

He disagreed with the Attorney-General of the Federation in his claim that adjudication in the suit ought not to have originated from the Supreme Court but a Federal High Court, because oral evidence ought to be taken from the people of the area.

Daudu said the Supreme Court had original jurisdiction and could conveniently use all available sufficient historical documents right from the colonial era to determine the real owners of the oil wells.

In his own arguments, counsel for Imo State, Chief Olusola Oke (SAN), asked the apex court to dismiss the suit on the grounds that it ought to have originated from the Federal High Court.

Oke claimed that because of the nature of the matter, oral evidence ought to be called from the people of the area to confirm where they actually belong.

According to him, Rivers State ought not to have started the suit from the Supreme Court and he prayed the court to dismiss it.

In the same vein, counsel for the AGF, Dr Remi Olatubora (SAN), aligned himself with the position of Imo State to the effect that proper procedure for such a suit was not adopted by Rivers State.

He insisted that witnesses, including officials of the National Boundary Commission, the Surveyor-General of the Federation and indigenes of the disputed areas ought to be heard for the court to make appreciable and acceptable findings.

Although Olatubora claimed that the AGF was neutral in the matter, he, however, said scientific evidence must be considered along with open court hearing for the Supreme Court to make good findings.

Justice Ariwoola announced May 6, 2022 for judgment in the matter.

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Economy

Naira Makes More Recovery, Sells at N1,453/$1

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The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

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Economy

Naira Gains Against Dollar, Trades at N1,603/$1

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The Naira, Tuesday continued its recovery against the American dollar as it traded at N1,603.38/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.48 when compared to the N1,617.96/$1 it closed on, on Monday, March 11, 2024.

The intraday high was N1,637/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N211.65/$1.

Meanwhile, the Naira gained N12 against the dollar at the parallel market as the local currency appreciated to N1,603/$1 as against the N1,615 /$1 it traded the previous day. As it stands, the naira is trading at the same rate at both official and parallel windows.

The Naira, however, slumped against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N20 for the local currency.

After about two weeks of closing flat against the Canadian dollar, the naira slumped massively to trade at N1,300/CA$1 on Tuesday, representing a decline of N150 when compared to the N1,150/CA$1 it traded the previous day.

The Naira lost N35 against the Euro to trade at N1,740/€1 as against the previous closing price of N1,705/€1 representing a loss of N35 for the local currency.

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Economy

Binance to Close Shop in Nigeria, Stops Transaction, Trading in Naira

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By Reuters – Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.

They were still in custody, their local lawyer said before a parliamentary committee on Monday.

Source: Reuters

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