#EndSARS promoters: CBN should stop freezing bank accounts of activists Falana
On
…It’s not over yet, CSOs warn FG
…As CAN says freezing of the accounts uncalled for, Nigeria can’t nurture democracy by stifling freedom of expression
By Ikechukwu Nnochiri & Luminous Jannamike
The Federal High Court sitting in Abuja yesterday vacated an order it made on November 4, 2020, which directed banks to freeze accounts that were linked to 20 alleged promoters of the #EndSARS protest that rocked the nation last year.
The court, in a ruling by Justice Ahmed Mohammed, ordered all the commercial banks affected by the order, to “immediately” unfreeze the accounts, even as it struck out the suit that was filed against the alleged #EndSARS promoters by the Central Bank of Nigeria, CBN, and its govenor, Mr. Godwin Emiefele.
Why court ordered banks to unfreeze accounts of 20 alleged #EndSARS promoters
On
By Ikechukwu Nnochiri, ABUJA
The Federal High Court sitting in Abuja, on Wednesday, vacated an order is made on November 4, 2020, which directed banks to freeze accounts that were linked to 20 alleged promoters of the #EndSARS protest that rocked the nation last year.
The court, in a ruling by Justice Ahmed Mohammed, ordered all the commercial banks affected by the order, to “immediately” unfreeze the accounts, even as it struck out the suit that was filed against the alleged #EndSARS promoters by the Central Bank of Nigeria, CBN, and its governor, Mr Godwin Emiefele.
Nigerian Court Ends Freeze on Accounts Linked to Protests
Bloomberg 2/10/2021 William Clowes
(Bloomberg) A Nigerian court ordered an end to blocks placed on 20 bank accounts linked to protests against police brutality that rocked Africa’s most populous country in October.
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The order, which was granted to the central bank and expired on Feb. 4, was vacated by the Federal High Court on Wednesday, Femi Falana, a lawyer representing most of the account holders, said by telephone from the nation’s capital, Abuja.
A federal judge in November allowed the Central Bank of Nigeria to direct six commercial banks to freeze the accounts for 90 days pending an investigation into potential terrorism financing offenses. The 19 individuals and one company impacted were prominently involved in the largely leaderless demonstrations that began in October and swept through Africa’s most populous nation for several weeks.
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’Femi Asu
Investors lost N20bn on Wednesday as the nation’s stock market extended its decline to the third consecutive trading session amid profit-taking.
Five insurance stocks were among the top six losers at the end of trading on Wednesday.
The market had on Monday started the month on a negative note, ending a five-day gaining streak.
The market capitalisation of equities listed on the Nigerian Stock Exchange had risen by 3.44 per cent last week as the market continued its upward trend for five consecutive trading sessions.
Investors gained over N1tn in January as the market capitalisation rose to N22.19tn on Friday from N21.06tn at the start of the month.
Goddy Egene
Vetiva Capital Management Limited has unveiled its annual list of 10 High Conviction Stocks, that present strong fundamentals and are forecasted to outperform the market in 2021.
According to Vetiva Research, while equity market’s gains in 2020 largely benefitted from global expansionary monetary policies orchestrated by central banks, the support factors for equities remain strong in 2021.
The report noted that equity markets are projected to benefit from still-low interest rates, resurgence in business activity and crude price recovery. It added that even as broad-based equity demand was anticipated, investors would continue to cherry pick fundamentally sound stocks with dividend payment potential.