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IGP Egbetokun’s Trumped Up Charges Against Sowore Stalled Again As Defence Team Challenges Jurisdictional Competence

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No fewer than fifteen (15) human rights lawyers were in court to defend Sowore. Justice Emeka Nwite of the Federal High Court Abuja has again adjourned to October 23, the bogus and trumped up charges bordering on alleged terrorism financing, forgery of police wireless message and Cybercrime levelled against human rights activist, Omoyele Sowore by the Inspector-General of Police (IGP), Kayode Egbetokun.

The trial took a dramatic turn on Monday following legal fireworks display that rented the court room as the presiding judge adjourned the proceedings to enable him study and review the preliminary objections filed by both the 1st and 2nd defendants, Omoyele Sowore and SaharaReporters respectively.

The adjournment followed the presentation of preliminary objections by Sowore and SaharaReporters’s legal team, challenging the jurisdictional competence of the charges and the jurisdiction of the court to entertain the matter.

During the heated session, the lead counsel to the 1st defendant, Abubakar Marshal argued that the prosecution’s case was personally motivated and riddled with procedural irregularities, urging the court to hear their preliminary objections which he said was fundamental.

He argued that the charges were defective and it was an attempt to shrink the civil space adding that the Police Act prohibited the filing of the charge by the complaint and that the Act forbids any police officers to use any instruments of his office to prosecute personal vendetta.

He insisted that the charges before the court are incompetent and they should not be allowed to see the light of the day adding that arraignment of his client would amount to abuse of court processes and double jeopardy.

In the same vein counsel to the 2nd defendant, Barrister Tope Temokun told the court that they filed a preliminary objection on the ground that SaharaReporters is not a legal entity and it is impossible to arraign a non-existent entity.

No fewer than fifteen (15) human rights lawyers were in court to defend Sowore.

Earlier the prosecution counsel, Wisdom Madaki, had insisted that the case was for the arraignment following the service of the second defendant by substituted service through an ex parte order which was hurriedly granted by the court.

The presiding judge, Justice Emeka Nwite who was towing the line of the prosecution could not hide his bias when he practically assumed the role of prosecution insisting that the charge had no element of personal vendetta.

The heated legal fireworks from the defence team eventually forced the judge to adjourn the case as he backed down on the plot to make the 1st defendant take his plea.

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The judge therefore adjourned the case to October 23, 2025 to enable him have a comprehensive review of the processes and the preliminary objections raised by the 1st and 2nd defendants in the case.

Sowore had earlier in August urged Justice Emeka Nwite to strike out the charges, arguing through his counsel, Abubakar Marshal, that they were “defective, incompetent, and an abuse of prosecutorial powers” in violation of the Nigeria Police Act and Section 174(3) of the 1999 Constitution (as amended).

He is facing allegations of criminal defamation, forgery of a police wireless message, and cybercrime.

In the August proceedings, prosecution counsel, Barrister Madaki, had informed the court that efforts to serve the second defendant, SaharaReporters, had been unsuccessful.

Defence counsel Marshal, however, told the court that he had filed a preliminary objection challenging the competence of the charges.

He stressed that the objection must be determined before any arraignment could take place, describing the case as a “charade” lacking legal merit.

The prosecution acknowledged receipt of the objection but maintained its call for Sowore’s arraignment.

Speaking to journalists outside the courtroom, Marshal had accused the police of wasting public resources, saying, “As usual, the police, the Inspector General, came to court today to waste our time, taxpayers’ money, and to embark on privileges and waste of public resources. Since 1989, they have continued this charade against Mr. Sowore. They filed a three-count amended charge, accusing him of publishing a police wireless report.

“But principally, the police and the IGP are aggrieved because of a protest Sowore and some retired police officers organized to demand better welfare for the police. They also accused him of publications concerning ‘the mistress.’ Three different charges were filed by officers in the IGP’s office. We have informed the court that those charges are incompetent, unlawful, and frivolous.”

Marshal further alleged that the charges were rooted in personal interests rather than public justice.

“The petitioner, Yemisi Kuti, the alleged mistress of the IGP, is his principal staff officer. The Police Act forbids serving or retired officers from using the Force to pursue personal vendettas. Section 174(3) of the Constitution requires that every charge must serve equity and the interest of justice. This charge does not,” he said.

“This is an attempt to shrink the civic space in Nigeria. We insist there is no basis for Sowore to take a plea on such a defective charge. The court must strike it out without further wasting taxpayers’ money.”

He had also called for disciplinary measures against police officers involved in filing the charges.

“The Police Regulations and the Police Act prohibit the use of official powers for personal grievances. Any officer who does so must face sanctions. We urge the court to direct the police lawyer, who is also a serving officer, to recommend disciplinary action against the IGP and others involved,” he said.

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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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