Introduction

Nigerians have taken up to the streets to protest against the policies of the present administration which has led to bad governance, fuel subsidy, high cost of living, food inflation and hunger, unemployment amongst other things.

The protest arose due to the reforms made by Nigeria’s current President, Bola Ahmed Tinubu’s administration in his one year in office which has seen the price of goods, fuel and services be on the high side due to inflation. 

The ten day protest started on the 1^st of August and ended on the 10th of August. However before the protest even began the President and also security agencies called for the protesters not to take to the streets to conduct the protest and the President through his advisors, ensured Nigerians that he was going to make reforms to checkmate and reduce the hardship in the country.

The protest made sway in the Federal Capital Territory, Abuja and Major cities like Lagos, Port Harcourt and Kano. On social media there were videos showing how it went in different states like the Governor of Rivers State spoke to the protesters and encouraged them that the government was working to ease their pain. It was also reported that the police used tear gas at protesters in Abuja, same was also reported in Kano. There was also report of looting by protesters. In Lagos, security forces were placed at Lekki toll gate and other strategic points.

Legal Implications

By Sec 40 of the Constitution of the Federal Republic of Nigeria, 1999 As Amended, every Person has the right to Peaceful Assembly and Association, every person shall be entitled to assemble freely and associate with other persons, and he may belong to any political party, trade union or any other association for the protection of his interests.

The right to protest is accruable to all citizens of the country especially where bad governance or bad policy is the order of the day. Stopping people from protest only shows one that the government may be tyrannical.

Pros and Cons

Pros

This protest has opened the eyes of Nigerians to always push against bad government policies and also allows for Nigerians to stop being docile when their rights are being trampled upon. Like our counterparts in Kenya who led a protest against their government for tax hikes and students protest in Bangladesh, there has been an awakening in the people that Government is answerable to the people and those who we voted in must act in the best interest of the electorates.

Policies and Reforms made must be done by putting into consideration the circumstances of the average man in the Nigerian Society.

Cons

Some government officials in Nigeria argue that protest is being sponsored by those who lost the previous election thereby making it look like a tool used by politicians to carry out their evil vendetta. Also some protesters who are illiterates or even thugs who don’t understand the idea behind the protest use it as an avenue to cause violence and also loot properties of innocent citizens. 

These persons should be educated about the aim of a protest and not just hijack the protest and go on the street without understanding what they are fighting for.

Central Bank of Nigeria Approves Merger between Unity Bank PLC and Providus Bank LTD.

On the 7^th of August 2024, the Central Bank of Nigeria (CBN), the apex bank in Nigeria, gave a directive that it has granted an approval for the proposed merger between Unity Bank Plc and Providus Bank Limited.

The apex bank granted a takeover of Unity Bank Plc by Providus Bank Ltd with an asset ownership of 80 – 20 percent for Providus and unity banks respectively. The CBN undertakes to financially support the proposed merger between the two banks by granting a N700 billion loan to the new entity, which is a 20 year term loan. This move aims to support and strengthen Nigeria’s Financial System and prevent potential risks in the banking sector. The merger will aid the two banks to form a stronger and healthier bank with an enormous branch network.

By the provisions of Section 92(1) of the Federal Competition and Consumer Protection Act, merger occurs when one or more undertakings directly or indirectly acquire or establish direct or indirect control over the whole or part of the business of another undertaking. 

Legal Implications

The CBN’s action is in accordance with the provisions of Section 42 (2) of the CBN Act, 2007 which states that CBN may grant loans and other accommodation facilities at such rate of interest and on such terms as the Bank may determine to any bank which may be having liquidity problems. The Central Bank of Nigeria has the power to promote a sound financial system in Nigeria.       

A merger is simply an agreement that unites two existing companies into one new company. 

Pros and Cons

Pros

The merger will help in financial inclusion and expanding the geographical reach of banking operations. It also allows for a new customer base and allows for a reach to its customers in different areas as well as increased market shares and advanced technology in the new bank. The merger will not only help in strengthening the presence of the banks both nationally and globally but also reduce operational costs which will reduce the lending costs of the banks.

Cons

The banking sector In Nigeria needs an overhaul as almost about two months ago, Heritage bank’s license was revoked. Stakeholders and shareholders alike would not want to open an account or invest in banks that have a weak financial system.

The act of merging banks in Nigeria is almost a norm and one may ask if our financial institutions will be able to stand the test of time in the nearest future.

Nigeria Calls for Establishment of a Special Maritime Court at the Gulf of Guinea Commission Summit

At the 6^th Ordinary Session of the Assembly of State and Government of the Gulf of Guinea Commission (GGC) held in Accra, Ghana, the theme of this year’s Summit is titled: “Building a Secure and Prosperous Gulf of Guinea Region for Sustainable Development”.

The Minister of Foreign Affairs, Yusuf Tuggar, represented Nigeria at the session. He reaffirmed that Nigeria was committed to the work and mandate of GGC and helping it in fighting and preventing piracy and maritime offences. He further stated that Nigeria’s National Assembly passed the Suppression of Piracy and Other Maritime Offences Act, 2019 to combat and suppress Piracy, Armed Robbery and any other unlawful acts against any vessels which operates in the Gulf Region.

The Minister added that there was need for exploration of natural resources of our deep waters and that the GGC needed a constructive approach to build relationships with international, regional and sub-regional partners. He charged the Commission to safeguard the environment and prevent it from environmental degradation and also tasked the GGC to fight against dumping of radioactive material and nuclear waste in our waters.

The Minister on behalf of Nigeria proposed the establishment of a specialized regional court to try maritime piracy cases in the Gulf of Guinea.

Legal Implication

The Gulf of Guinea Commission was created from a treaty in Libreville, Gabon on the 3^rd of July 2001 by 5 member states; Angola, Congo, Gabon, Nigeria, Sao Tome and Principe. Cameroon, Equatorial Guinea, and Democratic Republic of Congo have now joined. 

The initial objective of the GGC was to create conditions of mutual confidence, peace and security conducive to the harmonious development of member states and to promote close consultation in the exploitation of natural resources of the Gulf of Guinea. In recent times the organization has been more focused on building regional maritime security architecture. 

Suppression of Piracy and other Maritime Offences Act, 2019

In Nigeria, the Suppression of Piracy and other Maritime Offences Act was passed in 2019 to give effect to the United Nations Convention on the Law of the Sea (UNCLOS) and other international convention in order to combat Piracy and other Maritime Offences in the Internal and territorial waters of Nigeria and suppression against the safety of Maritime Operation.

It provides for acts that constitutes Piracy and Maritime Crimes, the offences and the punishments.

Primary Objective of the Act

The primary objective of the Act is to prevent and suppress piracy, armed robbery and other unlawful acts against a ship, aircraft and any other maritime craft, however propelled, including fixed or floating platforms.

Application of the Act

The Act applies to a person, ship or aircraft in, on, or above international waters involved in piracy or other offences recognized by the Act and such defaulter is in the territory of a member of the SUA Convention.

The SUA Convention is a Convention for the Suppression of Unlawful Acts Against the Safety of Maritime Navigation, Protocol for the Suppression of Unlawful Acts Against the Safety of Fixed Platforms Located on the Continental Shelf

Pros and Cons

Pros

By Section 251 of the 1999 Constitution as Amended, the Federal High Court has the Jurisdiction over Admiralty and Maritime matters. This is exclusive to the Nigerian State. It will be a good step in the right direction if the GGC takes constructive steps to establish a Maritime or Admiralty Court to sit and hear cases on Piracy and Maritime Crimes that take place in the Gulf of Guinea. This will help to foster peace and unity and build relationships among member states of the Gulf of Guinea Commission.

Cons

In Nigeria, the Suppression of Piracy and other Maritime Offences Act guides the Federal High Court on how to handle maritime crimes. This may also be the same as that of the member states as they may have laws in their country to kick against Maritime Offences. When the GGC creates a specialized court what then will be the extent of the Jurisdiction of its Specialized Maritime Court? Will it have jurisdiction on only waters along the Gulf of Guinea or extend to the territorial or internal waters of these countries?

In establishing the court for the Gulf of Guinea Commission, funds will be needed to set up the Specialized Maritime Court and also judges who are vast in the Maritime and Admiralty Jurisdiction/Laws may be hard to come by. There is nevertheless a room for constant training of the Judges and those who will oversee the affairs of the Maritime Court.