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Nnamdi Kanu’s Lawyer Accuses Supreme Court Of “False Interpretation” In Detained IPOB Leader’s Case

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The lawyer pointed out that Section 36(9) of the Constitution clearly prohibits a person who has been acquitted from being tried again “save upon the order of a superior court.”

Barrister Njoku Jude Njoku, one of the lawyers representing the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, has accused the Supreme Court of Nigeria of “false interpretation” in the IPOB leader’s case.

Njoku strongly criticised the apex court’s handling of Kanu’s case, describing the Supreme Court’s position on Kanu’s retrial as a “false interpretation” of the principle of double jeopardy and the meaning of “superior court” under Nigeria’s Constitution.

In a statement issued on Monday, Njoku said that Nigerian courts have long relied on outdated authorities to hold that if a trial is declared a nullity, it is as though no trial ever occurred.

This, he explained, has been used to justify retrials despite the constitutional bar against double jeopardy in Section 36(9) of the 1999 Constitution.

“Judges wrongly equate “superior court” with a higher court in hierarchy. This position is rooted in older authorities such as Orakunnure v. State (1969) and Erekannure v. State (1973),” Njoku said.

The lawyer pointed out that Section 36(9) of the Constitution clearly prohibits a person who has been acquitted from being tried again “save upon the order of a superior court.”

He argued that “superior court” does not mean a higher court in hierarchy, but instead refers to the class of superior courts of record listed under Section 6(5), which include the Supreme Court, Court of Appeal, Federal High Court, and State High Courts.

“This is the same logic applied in Section 46(1) cases, where both Federal and State High Courts are recognised as equal superior courts of record. They are not hierarchically superior to one another,” he stated.

Quoting the case of Madukolu v. Nkemdilim (1962), Njoku noted that Nigerian judges often describe jurisdiction as the “lifeblood of adjudication.”

Yet, he argued, courts have contradicted themselves by nullifying trials for want of jurisdiction while still ordering retrials.

“This is the judicial equivalent of speaking from both sides of the mouth. If jurisdiction is truly lifeblood, then once absent, the body is dead, it cannot be revived by decree,” he said.

Njoku recalled that in Dikko v. The State (2016), the Supreme Court held that once a trial is declared a nullity, the accused stands discharged and acquitted, and the matter cannot be reopened to his detriment.

“This is decisive. A declaration of nullity ends the trial entirely. The accused is not merely discharged procedurally, he is acquitted as a matter of law,” he stressed.

He added that the option of filing fresh charges against Kanu was barred since the Terrorism Prevention (Amendment) Act 2013, under which he was charged, had been repealed by the 2022 Act.

Njoku insisted that the Court of Appeal’s October 2022 discharge of Kanu marked the end of his legal jeopardy.

“Any retrial after this point is unconstitutional and amounts to erasing Section 36(9),” he stated.

The lawyer warned that interpreting “superior court” to mean only a higher court in hierarchy would leave most Nigerians without the constitutional protection against double jeopardy unless their cases reached the Supreme Court.

“That cannot be the law. Section 36(9) guarantees equal protection for all Nigerians, not just those whose cases get to the apex court,” Njoku said.

Njoku described the apex court’s December 2023 ruling in FRN v. Kanu as “judicial self-contradiction.”

“The court declared jurisdiction lacking but still ordered a retrial, equated ‘superior court’ with ‘higher court,’ and ignored its own precedent in Dikko v. State. This is an attempt to square a circle, and it undermines the Constitution itself,” he argued.

Njoku urged a judicial rethink, calling for a “declaration that “superior court” in Section 36(9) refers to the class of superior courts of record in Section 6(5), not hierarchical superiority.

“A declaration that once a superior court of record has discharged an accused, jeopardy ends and retrial is unconstitutional.

“A recognition that under Dikko v. State (2016), once a trial is declared a nullity the accused is discharged and acquitted, and the case cannot be reopened.

“A finding that the Supreme Court’s ruling of December 2023 in FRN v. Kanu was per incuriam, unconstitutional, and void ab initio.”

Njoku argued that Nigerian courts cannot say in Section 46 that the High Court includes both Federal and State High Courts, and turn around to say that Section 36(9) means a higher court in the hierarchy.

“They cannot say jurisdiction is lifeblood, and then conjure it from thin air. They cannot ignore their own authority in Dikko v. State (2016),” he said.

Njoku stressed, “The Constitution guarantees double jeopardy protection to all Nigerians. Once the Court of Appeal discharged Kanu, jeopardy ended. Any retrial is unconstitutional.”

He warned that unless corrected, the judiciary’s contradictory stance would further erode public confidence in Nigerian courts.

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National Pension Commission (PenCom) changes price disclosure rule

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National Pension Commission (PenCom) has directed Pension Fund Administrators (PFAs) to discontinue the publication of daily unit prices for Retirement Savings Account (RSA) and Retiree Funds on their websites, replacing the requirement with a six-month disclosure of returns based on a three-year rolling average.

The directive was contained in a circular issued by the commission.

Under the new guideline, PFAs must stop implementing Section 2.0 (iv) of the Commission’s March 23, 2013 circular, which required them to display daily unit prices for the last seven days.

Instead, they are to publish on their websites the last six months’ rate of return — calculated as a 36-month compounded rolling average in line with the Circular for the Calculation and Reporting of Rate of Returns by Licensed Pension Fund Operators (LPFOs).

According to the commission, the rate of return must be clearly displayed on the homepage of each PFA’s website.

For instance, the six-month disclosure covering April to September 2025 would reflect the 36-month compounded returns ending in each of those months.

This has however raised transparency concerns in the pension industry.

The 2013 circular on Minimum Information to be displayed on PFA Websites formed part of PenCom’s transparency framework for the Contributory Pension Scheme.

The latest addendum modifies that requirement but does not remove PFAs’ obligation to disclose performance information.

Industry watchers say the development may reignite debate over the balance between long-term investment reporting and real-time transparency in Nigeria’s pension industry.

All enquiries on the addendum, the Commission said, should be directed to its Surveillance Department.

An industry analyst who does not want her name mentioned said the move could reduce contributors’ access to real-time performance data.

She said: “Daily unit prices allowed RSA holders to independently track short-term movements and detect fluctuations in fund valuation.

“With only a three-year rolling average now required, contributors will no longer see recent performance in isolation”, she noted.

The analyst added that while pension funds are long-term vehicles, removing daily disclosure raises concerns about information asymmetry.

“PFAs will still compute daily valuations internally. The issue is whether contributors should be denied access to data that already exists,” the analyst said.

However, another pension expert defended the directive, noting that pensions are structured for long-term accumulation and should be assessed over extended periods.

“A 36-month rolling average smooth’s out short-term volatility and provides a more accurate reflection of sustained performance,” the expert said, warning that excessive focus on daily fluctuations could encourage reactionary fund switching.

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Dollar rises in black market on Monday, traders quote new exchange rate

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Dollar edges higher against the naira in black market trading Dollar edges higher against the naira in black market trading

The United States dollar at the parallel market increased in value on Monday, Febuary 23 with traders quote at N1,375/$ as the new selling exchange rate.

The new rate is a slight depreciation for the naira when compared to N1,343 a dollar market closed on Friday, February 20, 2026.

Abdulahhi, a forex dealer, told Legit.ng that the new exchange rate follows renew demand in the market.

“I am currently selling dollars at N1,375/$1 and buying at N1,355/$1. The pound is trading at N1,845 to sell and N1,805 to buy, while the euro is also moving steadily in the market.

“It seems this week the dollar will return to over N1,400. I have been getting a lot of request.”

The fall of the naira comes as BDC operators continue to face difficulties in accessing dollars from commercial banks.

BDCs can get dollar

The apex bank had previously issued a circular allowing licensed BDCs to access foreign exchange through authorised dealers at the prevailing market rate.

Under the directive, each BDC is permitted to purchase up to $150,000 weekly, subject to Know Your Customer (KYC) requirements and due diligence checks, Punch reports.

Leadership reported that despite a policy announcement, some operators disclosed that no transactions have been completed under the new arrangement.

A BDC operator, who requested anonymity, said the directive remains largely unimplemented. According to him, the circular provides that disbursements will be made through settlement accounts, a provision that has raised operational concerns.

He questioned the feasibility of seamless, real-time transfers between domiciliary accounts across different banks, noting that such infrastructure may not yet be fully in place.

The operator added that while commercial banks appear supportive of the policy, many are still developing internal processes to align with the CBN’s directive.

He explained that BDCs are required to submit bid orders through their banks, which would then access the market on their behalf.

Naira in the official market

Meanwhile, in the Nigerian Foreign Exchange Market (NAFEM), the naira closed against the US dollar on Friday, February 20 at N1,346.32/$1 from N1,341.35/$1 a day earlier.

At the GTBank FX desk, the naira weakened by N7 against the dollar to quote N1,356/$1.

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