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You Can’t Resume as CBN Gov, Court Tells Sanusi

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Sanusi Lamido Sanusi, former Governor, CBN
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Sanusi Lamido Sanusi, suspended governor, Central Bank of Nigeria (CBN) has lost his bid to return to office as the Federal High Court‎, Abuja Division, yesterday rejected a request made by Sanusi to be restored to his position as the governor of the apex bank.

Ruling on the ex-parte motion brought before him by Sanusi, Justice Gabriel Kolawole declined on the ground that it would be unfair to grant such an application without hearing the other parties.

Sanusi had filed the application on February 24, 2014, praying the court to make an order of interlocutory injunction restraining the defendants from preventing him in any manner whatsoever from performing the functions of the governor of the CBN and enjoying in full, the statutory powers and privileges attached to the office.

He prayed the court to expeditiously grant his interlocutory application, and maintained that any delay might cause irreparable damage to him in the exercise of his statutory duties as the CBN governor.

But Justice Kolawole in refusing the application said he was of the view that the court had not only the judicial powers to declare the suspension unlawful but to order that the plaintiff be returned to perform his duties as the governor of the CBN.

He said that the court could also, even where the tenure had lapsed, order the defendants to pay the plaintiff’s remunerations and allowances on the basis that his suspension carried with it the stoppage of these.

According to the trial judge, it is unsafe, judicially speaking, to embark on far-reaching interim orders which have all the attributes of a mandatory injunction without giving the defendant a hearing.

Pondering on the reliefs sought, the trial judge said he felt hesitant and constrained to grant the plaintiff’s motion ex-parte.

The judge said that another issue he would like to raise when defendants had been duly served with the originating summons and motion on notice was whether in the light of the constitution of Nigeria 1999 as amended, the Federal High Court still has the jurisdiction to entertain issues dealing with employment, notwithstanding the questions the plaintiff had set down for determination in his originating summons.

In the light of the views expressed and the analysis, the court refused the plaintiff’s ex-parte motion and directed that it be served on the defendants.

The judge further ordered the plaintiff to effect service of the originating summons on the defendants together with the motion on notice. The court then adjourned the matter to March 12, 2014.

Sanusi’s application was supported by a nine-paragraph affidavit and two exhibits attached and marked Exhibit AA1 and AA2.

Exhibit AA1 was a copy of a letter dated June 2009, titled “Appointment as Governor of Central Bank of Nigeria.”

By Exhibit AA1, the plaintiff was advised on his office as the governor of CBN acknowledging that as the leader of the apex bank, he was governed by the Central Bank Act No. 7 of 2007 and other terms of service applicable in the apex bank.

Exhibit AA2 was a letter dated February 19, 2014 and addressed to the plaintiff by the office of the Secretary to the Government of the Federation (SGF), titled suspension from office advising the plaintiff on his suspension from office. The exhibit is pursuant to the relief being sought before the court.

In the suit filed by his lawyer led by Chief Kola Awodein (SAN), Sanusi told the court that his interlocutory application was necessary because of the issues raised in the suit and that delay might cause irreparable damage to him in the exercise of his statutory duties as the CBN governor.

He urged the court to exercise its discretion in his favour by granting the interlocutory injunction, saying that the President’s continuing unlawful interference with the management of the apex bank, unless arrested, posed a grave danger for the nation’s economy and justified the court granting his application which would result in maintaining status quo ante bellum, that is, for his return to his office as the governor of the CBN.

In the affidavit deposed to in support of his application, Sanusi said in the course of his duties as the CBN governor, he discovered certain discrepancies in respect of amounts repatriated to the Federation Account from the proceed of crude oil sales between January 2012 and July 2013 and that he expressed concern in respect of the said discrepancies and had cause to inform the National Assembly of the said discrepancies because they affected the revenue of the federation and the national economy.

He further stated that the action of President Goodluck Jonathan in purporting to suspend him from office was aimed at punishing him for these disclosures.

He also stated that he was challenging the President’s power to suspend him from office, noting that the President did not approach nor obtain the support of the Senate based on his discussions with several senators, including Senator Bukola Saraki.

He said: “I have been informed, and I verily believe the information given to me by Senator Bukola Saraki to be true and correct that the Senate did not give the President any support for my purported suspension and removal from office as the Governor of the Central Bank of Nigeria.”

Sanusi further stated that the action of the president in suspending him from office was contrary to the provisions of the Central Bank of Nigeria Act relating to the appointment and removal of the CBN governor and that his purported suspension amounted to unlawful interference in the administration of the apex bank and therefore is illegal, null and void.

He urged the court, in the interest of justice, to grant his reliefs.

 

 


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Cybervergent Expands to Three New Markets

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Cybervergent has launched version 3.0 of its artificial intelligence (AI)-native posture management platform and expanded operations into Kenya, Ghana, and SA.

The move, according to the company, introduces automated risk verification for enterprises and aims to position Africa as a force in digital governance technology.

It goes on to say the latest platform upgrade introduces continuous posture management, replacing traditional point-in-time governance, risk, and compliance reporting with real-time verification systems.

An AI engine independently verifies 99.9% of audit and monitoring findings before they appear on enterprise dashboards, according to Cybervergent.

It says risk management, compliance, audit, and data security operations are integrated into a unified system built for cloud and on-premise environments.

According to  Cybervergent, the platform maps more than 4 500 controls across frameworks, including the Nigeria Data Protection Act (NDPA), International Organisation for Standardisation (ISO) 27001, and System and Organisation Controls (SOC) 2.

Cybervergent says the rollout of its first South African customer validates the platform’s readiness for highly regulated enterprise markets and strengthens its expansion strategy across Africa’s leading technology and financial hubs.

The company is also adopting a channel-first deployment model, working with local partners and system integrators in Lagos, Accra and Johannesburg to scale verified security infrastructure for enterprises navigating increasingly complex regulatory demands.

“We built verification into the architecture,” said Ayomide Daniels, co-founder and chief scientist at Cybervergent. “If a finding is not traceable back to source documentation, it does not reach the dashboard.”

Cybervergent rebranded from Infoprivacy in late 2023 to reflect its shift towards AI-automated cybersecurity.

The start-up previously focused on data privacy compliance in the West African market before pivoting to its current integrated posture management model.


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FG Bans Honorary Degree Holders from Using ‘Dr’ Title, Warns of Academic Fraud

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Federal Government has directed recipients of honorary doctorate degrees to stop using the title “Dr.” before their names, as part of efforts to protect the integrity of academic qualifications and curb the misuse of honorary awards.

FG Bans Honorary Degree Holders from Using ‘Dr’ Title, Warns of Academic Fraud

Minister of Education, Tunji Alausa

Minister of Education, Tunji Alausa, announced the directive after the approval of the new policy by the Federal Executive Council (FEC).

Alausa said the measure was necessary to address the growing abuse, commercialisation and politicisation of honorary degrees in some tertiary institutions across the country.

He explained that honorary doctorates are symbolic recognitions of outstanding contributions to society and do not equate to earned academic qualifications obtained through rigorous study, research and examination.

“Recipients of honorary doctorate degrees are not entitled to use the title ‘Dr.’ as a prefix to their names in official, professional or academic engagements,” he said.

According to the minister, awardees may instead indicate the honorary distinction after their names using formats such as D.Litt (Honoris Causa), LL.D (Honoris Causa) or other approved honorary designations.

Under the revised policy, only universities with active doctoral programmes will be permitted to confer honorary doctorate awards.

The government also restricted recognised honorary awards to four categories: Doctor of Laws (LL.D), Doctor of Letters (D.Litt), Doctor of Science (D.Sc), and Doctor of Humanities (D.Arts).

In addition, all honorary degree certificates must clearly carry inscriptions such as “Honorary” or “Honoris Causa” to distinguish them from earned academic degrees.

The minister warned universities against indiscriminate conferment of honorary degrees, noting that institutions found violating the directive would face sanctions from the National Universities Commission and the Federal Ministry of Education.

He said the policy was part of broader reforms aimed at restoring credibility to Nigeria’s higher education system and ensuring academic titles are not misrepresented for personal, political or financial gains.

Observers say the development could reshape the long-standing culture where public office holders, business executives and celebrities often adopt the “Dr.” title after receiving honorary awards.


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Africa Fintech Revenues to Hit $65 billion by 2030 – Report

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African fintech revenues are projected to expand 13-fold to approximately $65 billion by 2030, marking the continent as the world’s fastest-growing digital finance market.

The “Beyond Payments: Unlocking Africa’s Second FinTech Wave ” report, released by Boston Consulting Group at the Inclusive FinTech Forum in Kigali, indicates the sector is shifting from transactional inclusion to scalable, infrastructure-driven systems.

While Sub-Saharan Africa accounts for 74% of global mobile money volume, more than 50% of lending still occurs through informal channels, representing a massive gap for B2B payments and data-driven underwriting.

The opportunity now is to convert scale into sustained, institutional-grade growth, says the report. Markets offering regulatory clarity and interoperable infrastructure are becoming increasingly attractive to long-term capital.

Rwanda is highlighted as an example of deliberate institutional coordination that lowers the cost to scale for financial institutions.

Forward-looking regulation and the License Passporting Memorandum of Understanding between Rwanda and Kenya are cited as practical steps toward easing regional expansion.

Financial centres like the Kigali International Financial Centre play a critical role in this next phase by reducing uncertainty for banks and investors.

By combining regulatory clarity and Pan-African integration, they reduce uncertainty for banks, fintechs, and investors, and help position markets as credible, long-term investment destinations.

Africa’s next fintech phase will be led by financial institutions, the report notes. It goes on to say banks and regulated entities are becoming the primary customers of digital financial infrastructure, demanding platforms that align with their risk frameworks.

The report identifies five institutional priorities to sustain momentum: interoperable infrastructure, data-driven credit, regulatory coherence, trust, and resilience.

Building seamless wallet-to-bank integration will enable more efficient value movement, while transforming transaction data into AI-enabled underwriting models will help bridge the gap in SME lending.

Proportional licensing frameworks and predictable supervisory practices will lower the cost to scale for innovators. Furthermore, expanding cybersecurity capabilities will ensure the ecosystem remains reliable as digital usage grows.

Africa has demonstrated that fintech scale is achievable, and the next decade will be shaped by those markets that strengthen their institutional foundations, the report concludes.

 


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