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Naira Among Sub-Saharan Africa’s Weakest Currencies in 2024, Depreciates by 43%

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The Nigerian naira has been named one of the weakest currencies in Sub-Saharan Africa in 2024, depreciating by 43% year-to-date, according to the World Bank’s Africa’s Pulse report.

This decline is due to high demand for U.S. dollars, limited inflows, and slow forex disbursements from the central bank. Despite reforms, broader economic challenges, including low reserves and inflation, continue to weigh on the naira.

However, the currency saw some recovery on October 14, appreciating by 5.69%. The World Bank projects Nigeria’s economy will grow by 3.3% in 2024.


 

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Supreme Court Dismisses States’ Challenge Against EFCC Act

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The Supreme Court has dismissed a lawsuit filed by Attorneys General of several states seeking to abolish the Economic and Financial Crimes Commission (EFCC) Act.

The suit, initially brought by Attorneys General from 16 states, aimed to challenge the legal establishment of the anti-graft agency. Over time, some states, including Anambra, Ebonyi, and Adamawa, withdrew from the case, while others, such as Imo, Bauchi, and Osun, joined as co-plaintiffs during the October 22 hearing.

The apex court subsequently struck out the suits of the withdrawing states and dismissed the broader case, upholding the EFCC Act.


 

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Suleja Prison Struggles to Feed Overcrowded Inmates Amid Economic Challenges

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The Deputy Comptroller of Corrections at the Suleja Custodial Facility in Niger State, Ibrahim Yau, has expressed concern over the difficulties in providing decent meals for inmates due to Nigeria’s harsh economic situation.

Speaking during a visit by Legal Aid Council officials, Yau highlighted the inadequacy of the daily feeding allowance and the overcrowding in the facility, which now houses 405 inmates despite a capacity of 250.

He commended NGOs for their support, acknowledging the government’s inability to fully address the welfare needs of the inmates. The visit aimed to improve prison conditions and provide free legal services to inmates.


 

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Peter Obi Mourns the Passing of Justice Emmanuel Ogwuegbu

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Peter Obi, the former governor of Anambra State and a prominent political figure, has expressed deep sorrow following the passing of Justice Emmanuel Ogwuegbu, a respected former Supreme Court Justice.

In a message, Obi described Justice Ogwuegbu as a beacon of integrity whose legacy of truth, justice, and fairness has left an indelible mark on Nigeria’s judiciary.

Justice Ogwuegbu served in the Nigerian judiciary for several decades, with a distinguished 11-year tenure at the Supreme Court.

During his time on the bench, he earned a reputation for his unwavering commitment to justice and truth, holding fast to the principles of fairness, no matter the case or the parties involved.

His tenure was marked by a resolute dedication to ensuring that the rule of law prevailed in all matters, and his decisions were often seen as beacons of impartiality and reason.

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Obi took a moment to reflect on the challenges facing Nigeria’s judiciary today, noting that it has come under pressure, much like the country’s political landscape.

In recent times, justice has sometimes been perceived as transactional, with fairness often compromised.

However, Justice Ogwuegbu stood as an example of what the judiciary should represent—an unwavering pillar of integrity that serves the common man, ensuring that the law applies equally to all.

As Obi mourned the loss, he praised the legacy left behind by Justice Ogwuegbu.

His career was a testament to the values of honesty, dedication, and fairness.

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Obi encouraged current members of the judiciary to follow in Ogwuegbu’s footsteps, upholding the same high standards of justice and integrity.

He stressed that the judiciary’s role as a protector of fairness and truth is crucial, especially in today’s challenging times.

On behalf of his family and the Obidient family, Obi extended his heartfelt condolences to the Ogwuegbu family and the entire legal community.

He expressed sympathy for the loss, acknowledging the profound impact Justice Ogwuegbu had on the legal profession.

Obi prayed that God would grant strength to the Ogwuegbu family and the legal community in this difficult time, and that the late justice would be granted eternal peace.

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