Nigeria: Press zooms in on Supreme Court’s hearing of appeal against Tinubu’s election, others

APA – Lagos (Nigeria)
The report that the Supreme Court, yesterday, reserved judgment in the appeal filed by Peoples Democratic Party (PDP) and Labour Party (LP) challenging judgment of the Court of Appeal, which affirmed the victory of President Bola Tinubu in the 2023 presidential election dominates the headlines of Nigerian newspapers on Tuesday.
The Guardian reports that the Supreme Court, yesterday, reserved judgment in the appeal filed by Peoples Democratic Party (PDP) and Labour Party (LP) challenging judgment of the Court of Appeal, which affirmed the victory of President Bola Tinubu in the 2023 presidential election.
John Inyang Okoro, the lead justice of the panel hearing the appeal by both parties reserved judgment after taking their submissions.
This came as All Progressives Congress (APC) ruled out possibility of the presidential candidate of PDP emerging victorious at the Supreme Court.
“Court cases are won on the strength of cogent, credible, compelling or substantial evidence, not on hollow, implausible, capricious tales and fabrications of the kind that Atiku Abubakar dumped on the court, in the guise of a ‘body of evidence’, evidencing nothing,” APC said in a statement by National Publicity Secretary, Felix Morka.
It added: “PDP must also be thoroughly deluded to imagine that it can get through the court what it deservedly failed to get through the polls. Its claim that the election was ‘manipulated’ against its candidate is both ridiculous and insulting to millions of Nigerians who voted massively for the APC and its candidate, now President Bola Ahmed Tinubu.”
At the sitting, a Senior Advocate of Nigeria (SAN), Chief Chris Uche, appeared for the appellants; Abubakar Mahmoud (SAN) announced appearance for Independent National Electoral Commission (1st respondent); Chief Wole Olanipekun (SAN) represented the 2nd respondent, President Bola Tinubu; while Chief Akin Olujimi (SAN) announced legal representation for APC (3rd respondent).
Uche said: “We are praying for an order of leave to present fresh evidence on appeal, pursuant to the powers of the Supreme Court, particularly the depositions on oath from the Chicago State University.”
The newspaper says that after a long, tortuous legal battle, it was a ‘sweet’ win for Nigeria yesterday, and a narrow escape from a hefty penalty over a failed 2010 deal to develop a gas processing plant in the country.
Justice Robin Knowles of the Commercial Courts of England and Wales halted enforcement of a $11 billion Process & Industrial Developments (P&ID) Limited arbitration award against Nigeria.
According to the judge, the company’s award against Nigeria was obtained by fraud.
“In the circumstances and for the reasons I have sought to describe and explain, Nigeria succeeds on its challenge under section 68. I have not accepted all of Nigeria’s allegations, but the awards were obtained by fraud and the way in which they were procured was contrary to public policy,” Justice Knowles ruled.
In January 2010, a Virgin Islands-registered company founded by two Irish business partners, P&ID, signed a Gas Supply and Processing Agreement (GSPA) with Nigeria to develop a processing plant in Calabar, Cross River State capital, but the deal failed in August 2012 and the company sought a $5.96 billion compensation from Nigeria with arbitration proceedings against the country at the London Court of International Arbitration.
In January 2017, the arbitration said Nigeria breached the contract and ordered the country to pay the company $6.6 billion with interest starting from May 2013. Before the verdict, the interest fixed at seven per cent ($1 million daily) had accumulated to $9.6 billion, but which has now accrued interests to $11 billion.
According to the firm, the alleged violation frustrated the construction of the gas project agreed to during the government of former president Umaru Yar’Adua and deprived P&ID the potential benefits expected from 20 years’ worth of gas supplies with “anticipated profits of $5 to $6 billion.”
The Punch reports that President Bola Tinubu has assured Nigerians and investors that there is an ongoing plan to boost the country’s foreign exchange liquidity.
This was as the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said that the country was expecting about $10bn inflows in the nearest term, which would help to clear foreign exchange backlog and stabilise the naira.
Speaking at the 29th Nigerian Economic Summit in Abuja on Monday, Tinubu acknowledged the challenges faced by the business community in the financial markets and assured them of additional foreign exchange liquidity to restore market confidence.
He also emphasized his administration’s commitment to strengthening governance by establishing a performance and result-oriented public and civil service culture and structure.
Tinubu called on the private sector to support his vision for a greater Nigeria and urged them to bring their ideas, leadership, capital, and collective will to build a future of renewed hope.
He emphasized the importance of a collaborative relationship between the government and the private sector, citing the success of public-private partnerships in transforming Lagos State.
The President expressed his readiness to deliver on his promises to Nigerians and called on the private sector to join him in this endeavor.
On clearing the FX backlog which has drained investor confidence, the president said, “All foreign exchange future contracts will be honoured by this government.”
“I assure you we have a line of sight to the foreign exchange we need to refloat this economy. And we will get it,” he added.
The newspaper says that the Federal Executive Council on Monday approved the application for a $3.45bn loan to finance five items.
They include projects in the power sector, renewable energy, states’ resource mobilisation programme, adolescent girls’ initiative for learning and empowerment and a women’s empowerment project.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, told State House Correspondents that the FG would proceed to receive the $3.5bn “zero-interest” loan payable within 40 years with a 10-year moratorium, meaning payments would begin from 2033.
Edun explained, “Today at the Federal Executive Council, I presented five memos which were gracefully approved by the Council. They had to do with concessional and, in many cases, zero-interest financing by the World Bank and the International Development Association, which is the very concessional financing arm.
“The projects that were approved for funding were in the power sector and then the renewable energy sector. There was funding for states for resource mobilisation programmes to help them with the internally-generated revenue efforts.
“There was a project for adolescent girls’ initiative for learning and empowerment. And then finally the fifth financing that was approved was for Women project.”
The Finance Minister explained that the girls’ programme worth $700m would support young girls within secondary school age to equip them with marketable skills in addition to their academic achievements.
Putting a figure to the project, Edun said, “$700m is the size of the current project.
“So those were five loans totalling $3.45bn. And as you know, the tenure is all around 40 years, with a moratorium period of around 10 years and interest very low, or in the cases of either loans, zero interest. However, some fees would be incurred.”
GIK/APA