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

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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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AXA Mansard Empowers Female SMEs with Financial, Digital Skills

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AXA Mansard, a member of AXA has empowered 200 female Small and Medium Enterprises with financial literacy and digital business skills.

In collaboration with SME 100 Africa, the two-day training, which was held in Lagos, is part of AXA’s lined-up programmes to commemorate this year’s International Women’s Day.

Speaking, Olusesan Ogunyooye, Head of Marketing AXA Mansard, said the training was aimed to empower female SME owners with skills to improve business output and position them for the increasing economic opportunities available in an increasingly digital marketplace.

Ogunyooye noted that the move was in line with AXA Mansard’s sustainability agenda, explaining that the company was convinced that support for women through its inclusive protection programmes was pivotal to its purpose of acting for human progress by protecting what matters and its mission of moving from being a payer to a partner.

He further said that focusing on digital skills was important because the company realised the importance of digital skills to the growth of the SME sector in Nigeria and wants to ensure that women were empowered enough to be a consequential part of that growth.

“It’s almost trite to say that SMEs are the engine for economic growth, especially in developing countries like Nigeria, where over 45 million adults are business owners. What needs to be continually discussed is how Nigeria is going to unlock that potential for economic development and how much of that potential will be unlocked by women and for women.”

“For us at AXA Mansard, we are aware that digital will play a major role in unlocking these current opportunities and Nigeria’s economic future. So, to ensure that women are equally represented in unlocking these future potentials, that’s why we have collaborated with SME 100 Africa to support them in developing the required skills”.

“Our choice of digital and financial literacy skills is deliberate. We understand the power of the duo. We understand that helping these SMEs with the skills to attract more customers will be a faster means to empower them.

“We see that they have amazing products and services, but they need to understand how to attract value for themselves by attracting the right customers, and you will agree with me that virtually all customer segments are online in one way or another today.

“So, if we can empower them with digital business skills, we would have helped them with the heavy lifting of trying to find and attract customers”. Ogunyooye explained.

According to him, AXA Mansard believes that for the world to experience progress truly, there must be an equitable distribution of creation and access to opportunities for men and women. This quest for balance informed the SHE for Shield initiative, a women-centred inclusive protection programme of AXA Mansard.

SHE for Shield is a group of initiatives designed for the Nigerian woman. The goal is to see them grow, add value, and help them mitigate risks at every step.

According to the company, research has found that access to health care is one of the most important things to Nigerian women, regardless of their economic segment. They desire to be financially independent, secure, and respected in the community.

 


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IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa

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IFC is investing $10.5 million in a new fund by 4DX Ventures, a New York-based venture capital firm focused on supporting early-stage African technology companies across a broad set of sectors, including fintech, e-commerce, edtech, climate tech, and health tech.

IFC’s investment in 4DX Ventures Fund III will come from IFC’s $225 million venture capital platform, which was launched last year to strengthen emerging VC ecosystems and invest in early-stage companies in Africa, the Middle East, Central Asia, and Pakistan.

Africa is among the regions least served by venture capital, receiving just 2% of global venture deal volume in the third quarter of 2023. Access to capital on the continent has been further exacerbated by a slowdown in global venture capital investment.

Tech ecosystems are nascent, or even nonexistent, outside of more established markets such as Egypt, Kenya, Nigeria, Senegal, and South Africa.

“IFC and 4DX Ventures share the commitment to supporting tech entrepreneurs with innovations that will help Africa leapfrog in critical areas such as climate, health care, fintech, e-commerce, and education,” said Walter Baddoo, Co-Founder and General Partner of 4DX Ventures.

“We look forward to partnering with IFC to help promising tech startups build transformative businesses and realize sustainable development impact on the continent.”

4DX’s new fund will invest in companies with tech solutions that can improve productivity, efficiency and competitiveness across Africa. The firm’s first two funds invested in companies such as Egypt-based e-commerce platform MaxAB, an IFC portfolio company; Ghana-based health tech firm mPharma; and Kenya-based B2B e-commerce platform Wasoko, formerly known as Sokowatch.

“By supporting the development of tech ecosystems in emerging markets, IFC’s venture capital platform aims to improve access to key services, boost business competitiveness, and promote job creation through digital transformation,” said Mohamed Gouled, Vice President of Industries at IFC.

“Our investment in venture funds such as 4DX Ventures will help African entrepreneurs access more financing and resources they need to scale tech innovations and bolster sustainable growth across the continent.

In addition to providing capital, IFC will work with 4DX Ventures to implement their environmental and social management system.


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Climate Action Africa Announces CAAF24

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Climate Action Africa (CAA) has announced the inaugural convening of the Climate Action Africa Forum (CAAF24). This international event brings together stakeholders from across the world who drive thought leadership insights on how to encourage collaboration, catalyse actionable solutions, and urge governments, businesses, and individuals to invest in climate-smart initiatives.

The climate-focused event was announced at last week’s Friday international press conference held at the prestigious Transcorp Hilton Abuja. This marks a significant milestone in Africa’s journey towards a sustainable future. A precursor to the upcoming Climate Action Africa Forum scheduled for June 17-19, 2024, at the Landmark Events Centre in Lagos, Nigeria, this press conference brought together leaders, experts, and stakeholders from across the globe. The gathering’s main goal was to discuss the urgent need for sustainable development plans and climate-smart investments in Africa.

Framed by the theme “Green Economies, Brighter Futures: Innovating and Investing in Africa’s Climate-Smart Development,” the international press conference became a vibrant platform for insightful discussions, strategic collaborations, and impactful engagements. It convened an esteemed gathering of leaders, experts, and stakeholders to explore solutions for Africa’s pressing environmental challenges.

The event kicked off with a welcome address by the Executive Director and Co-founder of Climate Action Africa, Grace Mbah, who having announced the commencement of event registration as April 2nd, 2024, made the call for tech-driven solutions and innovations in the fields of emissions reduction, transportation, agriculture, energy, circularity and building and construction to apply to participate in the deal room.

Providing insights to attendees on how innovative approaches and collaborative action is at the heart of CAAF24, she extended an opportunity to like minded organisations who would like to partner by hosting side events and finally, a call for volunteers from across the continent.

“It’s no news that the world stands at a critical juncture, where decisive action is imperative to mitigate the adverse impacts of climate change. Against this backdrop, CAAF24 serves as a pivotal platform for key stakeholders to engage in meaningful discourse, and forge collaborative pathways towards a greener, more sustainable future.

The essence of CAAF lies in its commitment to shaping a climate-resilient Africa through co-creation, innovation, and sustainable investment. Through this initiative, we aim to catalyse solutions that enhance the sustainability and prosperity of the continent’s natural resources, people, and economies,” Grace stated.

During the International Press Conference, distinguished speakers and thought leaders emphasised the urgent need for collective action in tackling Africa’s climate challenges.

They delved into critical topics like renewable energy, sustainable agriculture, biodiversity conservation, and climate finance, offering practical insights and inspiring initiatives.

Jummai Vandu, representing the National Council on Climate Change, expressed optimism about the initiative’s outcomes. “Today’s discussions,” she said, “underscore the urgency of our collective efforts to combat climate change. The National Council believes working together is key to driving meaningful action and creating a more sustainable future for Africa and beyond.”

With the International Press Conference complete, the stage is set for CAAF24. Stakeholders will converge to translate ideas into action, forge partnerships, and drive progress towards a climate-smart Africa.

Mrs. Taiwo Fashipe, Head of Media for the Presidential CNG Initiative (P-CNGi), echoed similar sentiments, stating: “The theme of this year’s Climate Action Africa Forum aligns with our goals, vision, and mission at the Presidential CNG Initiative.

“We look forward to using this platform to advance interest in and investment in greener and cleaner energy sources like CNG.”

Standing at a crucial juncture in Africa’s quest for sustainable development, CAAF24, convened by Climate Action Africa in partnership with the National Council on Climate Change, Channels Media Group, and Founder Institute, emerges as a beacon.

It brings together the private and public sectors, guiding the continent towards a future marked by resilience, prosperity, and environmental stewardship.

 


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