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NewsEuro depreciates against dollar ahead of ECB meeting
USD/NGN₦1,550 0.45%
BREAKINGNigeria secures $2.25 billion World Bank loan
NewsForeign reserves hit $34.2 billion, highest in 2 years
NAS18,290.25 1.05%
NewsBrent crude approaches $75 amid Middle East tensions
NewsNigeria exits technical recession with 3.46% GDP growth
DOW42,850.22 0.32%
NewsNigerian banking sector assets grow by 45% year-on-year
EUR/USD1.0845 0.12%
NewsOil prices rally on OPEC+ production cuts extension
NewsBitcoin surges past $87,000 on ETF inflows
NewsDangote Refinery begins petrol production
NEWSNNPC reports 47% profit increase
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NewsFAAC disburses N1.1 trillion to federal, states, LGs
NewsGold hits record high as investors seek safe haven
NewsNGX All-Share Index hits new 2024 high as banking stocks surge
NewsCBN raises interest rate by 400 basis points to 22.75%
NewsNigeria's inflation rate drops to 24.48% in January
UPDATENDDC launches ₦2.5bn infrastructure bond
UPDATETinubu approves ₦3 trillion for power sector
NewsNaira stabilizes at N1,550/$1 in official market
NewsStock market capitalization crosses N55 trillion mark
BREAKINGSEC announces new rules for digital assets
ALERTAviation fuel prices drop by 8%
S&P5,776.65 0.15%
GOLD$2,890.5 0.85%
NewsEuro depreciates against dollar ahead of ECB meeting
USD/NGN₦1,550 0.45%
BREAKINGNigeria secures $2.25 billion World Bank loan
NewsForeign reserves hit $34.2 billion, highest in 2 years
NAS18,290.25 1.05%
NewsBrent crude approaches $75 amid Middle East tensions
NewsNigeria exits technical recession with 3.46% GDP growth
DOW42,850.22 0.32%
NewsNigerian banking sector assets grow by 45% year-on-year
EUR/USD1.0845 0.12%
NewsOil prices rally on OPEC+ production cuts extension
NewsBitcoin surges past $87,000 on ETF inflows
NewsDangote Refinery begins petrol production
NEWSNNPC reports 47% profit increase
WTI$68.92 1.80%
NGXASI98,575.68 1.25%
BRENT$72.45 2.10%
BTC$87,250 3.20%
NewsFAAC disburses N1.1 trillion to federal, states, LGs
NewsGold hits record high as investors seek safe haven
NewsNGX All-Share Index hits new 2024 high as banking stocks surge
NewsCBN raises interest rate by 400 basis points to 22.75%
NewsNigeria's inflation rate drops to 24.48% in January
UPDATENDDC launches ₦2.5bn infrastructure bond
UPDATETinubu approves ₦3 trillion for power sector
NewsNaira stabilizes at N1,550/$1 in official market
NewsStock market capitalization crosses N55 trillion mark
BREAKINGSEC announces new rules for digital assets
ALERTAviation fuel prices drop by 8%
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NewsNGX All-Share Index hits new 2024 high as banking stocks surge
NewsNaira stabilizes at N1,550/$1 in official market
NewsOil prices rally on OPEC+ production cuts extension
NewsNigeria's inflation rate drops to 24.48% in January
NewsCBN raises interest rate by 400 basis points to 22.75%
NewsForeign reserves hit $34.2 billion, highest in 2 years
NewsDangote Refinery begins petrol production
NewsBrent crude approaches $75 amid Middle East tensions
NewsNigerian banking sector assets grow by 45% year-on-year
NewsStock market capitalization crosses N55 trillion mark
NewsGold hits record high as investors seek safe haven
NewsBitcoin surges past $87,000 on ETF inflows
NewsNigeria exits technical recession with 3.46% GDP growth
NewsFAAC disburses N1.1 trillion to federal, states, LGs
NewsNGX All-Share Index hits new 2024 high as banking stocks surge
NewsNaira stabilizes at N1,550/$1 in official market
NewsOil prices rally on OPEC+ production cuts extension
NewsNigeria's inflation rate drops to 24.48% in January
NewsCBN raises interest rate by 400 basis points to 22.75%
NewsForeign reserves hit $34.2 billion, highest in 2 years
NewsDangote Refinery begins petrol production
NewsBrent crude approaches $75 amid Middle East tensions
NewsNigerian banking sector assets grow by 45% year-on-year
NewsStock market capitalization crosses N55 trillion mark
NewsGold hits record high as investors seek safe haven
NewsBitcoin surges past $87,000 on ETF inflows
NewsNigeria exits technical recession with 3.46% GDP growth
NewsFAAC disburses N1.1 trillion to federal, states, LGs
NewsNGX All-Share Index hits new 2024 high as banking stocks surge
NewsNaira stabilizes at N1,550/$1 in official market
NewsOil prices rally on OPEC+ production cuts extension
NewsNigeria's inflation rate drops to 24.48% in January
NewsCBN raises interest rate by 400 basis points to 22.75%
NewsForeign reserves hit $34.2 billion, highest in 2 years
NewsDangote Refinery begins petrol production
NewsBrent crude approaches $75 amid Middle East tensions
NewsNigerian banking sector assets grow by 45% year-on-year
NewsStock market capitalization crosses N55 trillion mark
NewsGold hits record high as investors seek safe haven
NewsBitcoin surges past $87,000 on ETF inflows
NewsNigeria exits technical recession with 3.46% GDP growth
NewsFAAC disburses N1.1 trillion to federal, states, LGs
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Financial EDGE

Abuja Court Strikes Out Fundamental Rights Suit Against ICPC - FinancialEDGE

By adminResearch Signal
Abuja Court Strikes Out Fundamental Rights Suit Against ICPC - FinancialEDGE
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A Federal High Court sitting in Abuja has struck out a fundamental rights suit brought against the Independent Corrupt Practices and Other Related Offences Commission (ICPC) by one Mr. James Ereboye.

The suit, which sought to question the ICPC’s power to place a ‘Post No Debit’ on the plaintiff’s account without a court order, was adjudged as lacking in merit.

The plaintiff had also sought the order of the court to compel the ICPC to pay him the sum of forty-million, two hundred and eighty-seven thousand, two-hundred and nine-naira (N40, 287, 209) and a cost of legal services of five million naira (N5,000,000).

In his ruling on the matter on Thursday, Justice Emeka Nwite said the suit itself was an abuse of court process and lacked merit.

The judge explained that the suit, which had earlier been decided by his learned colleague, Justice Babangida Hassan of a court of coordinate jurisdiction, and which has also been filed at the Court of Appeal, need not have been brought to his court.

Justice Nwite added that he found the suit “appalling” and described it as “judicial rascality” and an abuse of court process.

He therefore awarded damages against the plaintiff.

In his words, “It is a classical act of abuse of court process. I deliberately refuse this rascality. The court has the right to invoke its coercive power to punish the plaintiff, and I hereby order that the sum of Two Hundred Thousand naira be paid to each of the defendants (ICPC, Sterling Bank, and Polaris Bank).”

The judgment further upheld ICPC’s powers as contained in section 45 (1) of the Corrupt Practices and Other Related Offences Act 2000 to place a “post no debit” on any account suspected as fraudulent or which is the object of investigation without a court order; a law which the plaintiff believed infringed on his right and was seeking for the lifting of the clause on the account as well as payment of other damages.