Economy
SERAP asks court to stop Buhari from using ‘draconian CAMA 2020 to target activists’
Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit asking the Federal High Court, Abuja to “stop President Muhammadu Buhari from implementing draconian and unlawful provisions of the Companies and Allied Matters Act, 2020 which allow the Federal Government to arbitrarily merge a new association with an already registered association; to suspend and remove trustees of any association; and to take over funds belonging to any association, and transfer such funds to another association on the pretext that the account is dormant.”
SERAP
Joined in the suit as Defendants are the Attorney General of the Federation and Minister of Justice Mr Abubakar Malami, SAN, and the Corporate Affairs Commission [CAC].
In the suit number FHC/ABJ/CS/172/2021 filed last Friday, SERAP is seeking: “an order stopping President Buhari, Mr Malami and the CAC from implementing the unconstitutional provisions of CAMA 2020 which allow the Federal Government to arbitrarily and unilaterally cancel or revoke the certificate of registration of any association on flimsy grounds. These provisions may be used as a pretext for rights violations.”
The suit followed SERAP’s letter to President Buhari in August, 2020 requesting him to “revoke his assent to CAMA 2020 and return it to the National Assembly for repeal of the repressive provisions, particularly sections 839, 842, 843, 844 and 850 contained in Part F of the Act, and any other similar provisions.”
SERAP is arguing that: “The right to freely associate with others works both ways. The others you want to associate with must be prepared to associate with you. None can be imposed on the other. The right to freedom of association also connotes the right of the others to freely associate with or dissociate from whosoever.”
SERAP is also arguing that: “The Nigerian Constitution of 1999 [as amended], the International Covenant on Civil and Political Rights, and the African Charter on Human and Peoples’ Rights guarantee to everyone the right to freedom of association, to belong to any association of their choice. By allowing the Defendants to arbitrarily merge two or more private associations, religious associations, charities, NGOs or professional bodies, CAMA 2020 blatantly violates this fundamental human right.”
According to SERAP: “Section 842(2)(a)(b)(5)(6) of CAMA 2020 violates the right of these associations and other Nigerians to property including the right to operate their bank accounts and use their funds the way they choose to subject to already existing banking regulations and practices.”
SERAP is also seeking an order of injunction “restraining the Corporate Affairs Commission or persons acting on its instructions from further implementing, applying and enforcing the offensive and unlawful provisions of sections 831; 839; 842; and 850 of CAMA 2020 and any regulations made pursuant to these provisions pending the hearing and determination of the suit.”
The suit filed on behalf of SERAP by its lawyers Kolawole Oluwadare and Opeyemi Owolabi, read in part: “The power under section 831[i][ii] to merge associations without their consent is manifestly unwarranted and serves no purpose, and yet most likely to be abused to violate the rights of individuals to associate with other people of like minds, particularly given the growing restriction on civic space and crushing of peaceful protests in the country.”
“The Defendants do not have the constitutional and legal power to suspend or remove a trustee of any registered association on a mere belief or suspicion the association is engaged in fraud, and without due process of law, and fair hearing.”
“There is no provision in Section 839(7) of CAMA 2020 to the effect that a person or trustee affected can make representations and defend themselves as stipulated by the Nigerian Constitution and international standards. This provision does not provide for any administrative or quasi-judicial review or appeal process, which means the decision by the Corporate Affairs Commission is final.”
“The power to arbitrarily and unilaterally suspend and remove trustees of any legally registered association, and to appoint an interim manager or managers to run the affairs of any such association on the basis of undefined public interest is unlawful, and contrary to the Nigerian Constitution and international human rights treaties to which the country is a state party. The exercise of this arbitrary power is subject only to the approval of the supervisory Minister, a political appointee.”
“Section 842(2)(a)(b) of CAMA 2020 which allows the taking over and transfer of funds belonging to a registered association such as private associations, religious associations, charities, NGOs or professional bodies registered under Part F, to another association is in clear violation of Section 44(1) of the Nigerian Constitution, as it does not provide for payment of compensation and the opportunity for the determination of the interests of the association before a court of law.”
“In Nigeria, everyone has a right to their property, and this right cannot be arbitrarily taken away. A recognized and acceptable canon of interpretation is that statutes such as CAMA 2020 which purport to deprive citizens of their proprietary interest and acquired rights, are always interpreted strictly.”
“Section 850(3) of CAMA 2020 which provides for notice of hearing of the petition to be given to association is of no consequence, as the subject matter of the suit for dissolution would have been dealt with by the act of the Corporate Affairs Commission alone without recourse to due process of law.”
SERAP is seeking the following reliefs:
1. A DECLARATION that Section 831(i)(ii) of CAMA 2020 which empowers the 3rd Defendant to treat an association as forming part of an already registered association and treating two or more associations as one is null, void and of no effect under Section 1(1)(3) of the Nigerian Constitution, for being inconsistent with Section 40 of the Constitution, Article 22 of the International Covenant on Civil and Political Rights, and Article 10 of the African Charter on Human and Peoples’ Rights
2. A DECLARATION that Section 839(1) and (7) of CAMA 2020 which empowers the 3rd Defendant to suspend and/or remove trustees of a legally registered trusties is null, void and of no effect under Section 1(1)(3) of the Nigerian Constitution, for being inconsistent with Sections 36(1)(2) and 40 of the Constitution, Article 14 of the International Covenant on Civil and Political Rights and Article 7 of the African Charter on Human and Peoples’ Rights
3. A DECLARATION that Section 842(2)(a)(b), and (5)(6); 850(1)(d) and (2)(e) of CAMA 2020 is null, void and of no effect under Section 1(1)(3) of the Nigerian Constitution, for being inconsistent with Sections 36(1)(2); 40 and 44(1) of the Constitution, Articles 22 and 10 of the International Covenant on Civil and Political Rights and Articles 7 and 14 of the African Charter on Human and Peoples’ Rights
4. AN ORDER OF COURT declaring Sections 831(i)(ii); 839(1)(7); 842(2)(a)(b), (5) and (6) and 850(1)(d)(2)(e) of CAMA 2020 as null, void and of no effect under Section 1(1)(3) of the Constitution, for being inconsistent with Sections 36(1)(2); 40 and 44(1) of the Constitution
5. AN ORDER OF COURT setting aside portions of Company Regulations and other directives and regulations made by the Defendants [particularly the 3rd Defendant] pursuant to, and specifically relating to Sections 831(i)(ii); 839(1) & (7); 842(2)(a)(b), (5)(6) and 850(1)(d)(2)(e) of CAMA 2020
6. AND any other ancillary or consequential orders as the Honourable Court may deem fit to make in the circumstance of this case.
No date has been fixed for the hearing of the suit.
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Tier-one Lender, Fidelity Bank Plc., has announced the resumption of international transactions on its Naira Debit Cards.
This recommencement gives customers the freedom to make seamless payments abroad, online, and at ATMs outside the country.
The Divisional Head of eBanking, Fidelity Bank, Ifeoma Onibuje, shed light on the development.
Onibuje said: “We are delighted to inform the public that Fidelity Naira Cards are now enabled for global use.
“This means that our travelling customers can now utilize their Naira Debit cards outside the country to shop, spend and withdraw internationally without hassles.”
“Consequently, our customers can now spend up to $1,000 quarterly for international POS and online transactions; and withdraw up to $500 quarterly on international ATMs.”
The announcement offers Fidelity Bank customers another way to complete international transactions, in addition to the Bank’s existing foreign currency debit and credit cards.
The bank stated that it further reinforces its commitment to delivering solutions that fit seamlessly into customers’ lifestyles.
With Fidelity Bank’s VISA and Mastercard Naira Debit Cards, Nigerians can now enjoy effortless global access.
Beyond payments, Fidelity VISA cardholders, one of the variants of the bank’s card offerings, also enjoy premium travel and lifestyle benefits.
The benefits range from airport lounge and spa access via the Visa Airport Companion App, to fast-track immigration lanes and 20% discounts on SIXT car rentals worldwide.
This move, the bank said, also reflects its commitment to provide secure, convenient, and reliable banking services that empower customers in Nigeria and beyond.
The bank noted that it has deliberately made the process of getting a Fidelity Naira card seamless.
It stressed that customers can easily apply for their Fidelity VISA or Mastercard Naira Debit card via the Fidelity Mobile App or simply visit the nearest Fidelity bank branch to request for one and they can start transacting globally with ease.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
A Nigerian TikTok sensation known as “Geh Geh” has stunned the internet after pulling in over $30,000 from a single live session that attracted more than 177,000 viewers.
The young entertainer, who calls his platform the “University of Wisdom and Understanding,” has quickly built a cult following with his raw and unfiltered lectures about women, money, and survival in Nigeria.
During the live broadcast on Thursday, August 21, viewers showered him with virtual gifts that he later calculated to be worth over $30,000.
The milestone instantly pushed him into the spotlight as one of Nigeria’s fastest-rising online personalities.
Reacting in disbelief after the stream, Geh Geh said:
“More than 177,000 people watch my lectures today. Jesus! University of wisdom and understanding, the only university where once you graduate, woman go fear to ask you for money.”
Despite not having a formal education, Geh Geh proudly calls himself “the first illiterate to find a university in the history of Nigeria.” In a video after the viral live, he reminded fans of his humble background:
“I no be graduate too, but by the grace of God, I don find school. I be orphan, but now Nigerians don show me love.”
The TikTok star admitted he was overwhelmed by the generosity of his supporters.
“See gift I made over… more gift when they give me today is worth about $30,000. I no go take this love for granted, because I no really do anything for am.”
His rise has been hailed as proof of how social media is transforming lives in Nigeria. With no degree, no rich background, and no industry connection, Geh Geh has managed to build a fanbase that now calls themselves “students” of his unusual university.
Still, his controversial views on women and relationships continue to spark heated debates. While some dismiss his advice as reckless, others insist his boldness speaks directly to Nigeria’s frustrated youth.
Reflecting on his sudden fame, Geh Geh compared himself to great thinkers:
“If Nigeria be country wey value great people, by now them suppose dey compare people like me with Aristotle, Wole Soyinka, Einstein… but I thank God say people dey see my head and my own difference.”
From an orphan with no prospects to a viral star earning in dollars, Geh Geh’s story has become one of digital empowerment.
His journey shows how platforms like TikTok are creating new forms of fame, money, and influence for Nigerians especially those once written off by society.
The United Kingdom has once again cemented its position as Nigeria’s leading source of foreign capital, accounting for more than N5.5 trillion in inflows during the first quarter of 2025, according to the latest data from the National Bureau of Statistics (NBS).
Figures from the Capital Importation Report show that capital from the UK rose to $3.68bn (N5.52tn) in Q1 2025, representing 65.26% of Nigeria’s total $5.64bn inflows for the quarter.
This marked a 29.2% rise from the $2.85bn recorded in Q4 2024 and more than double the $1.81bn inflows seen in Q1 2024.
This underscores Britain’s dominance in Nigeria’s external financing profile and highlights the strong bilateral financial ties between both nations.
Breakdown of Q1 2025 Capital Inflows by Country
United Kingdom: $3.68bn (65.26%)
South Africa: $501.29m (8.88%)
Mauritius: $394.51m (6.99%)
United States: $368.92m (6.54%)
United Arab Emirates: $301.72m (5.35%)
Together, these top five countries accounted for over 92% of Nigeria’s capital inflows, reflecting both the concentration of Nigeria’s foreign investments and the risks of over-dependence on limited markets.
Other contributors included:
Cayman Islands: $114.76m (up sharply from $0.64m in Q4 2024)
Belgium: $70.54m
France: $47.33m
Netherlands: $42.68m (down significantly from $425.61m in Q4 2024)
Singapore: $36.79m
Overall, capital importation into Nigeria stood at $5.64bn in Q1 2025, up 10.9% from Q4 2024’s $5.09bn, and a remarkable 67.1% higher than the $3.38bn recorded in Q1 2024.
The NBS noted:
“Capital Importation during the reference period originated largely from the United Kingdom with $3,681.96m, showing 65.26 per cent of the total capital imported.”
A separate survey by Strategy Management Partners (UK) reveals that British companies are increasingly targeting Africa as a strategic growth frontier.
50% of UK firms with annual turnover above £20m are already operational in Africa and planning expansions.
Another 28% of executives said they are interested but remain cautious about entry strategies.
Africa’s appeal lies in its resource wealth and demographic potential:
30% of the world’s mineral reserves
8% of natural gas reserves
12% of oil reserves
65% of the world’s arable land
Projected to host 25% of the global workforce by 2035
Seven key sectors remain magnets for foreign capital inflows into Nigeria and Africa at large:
1. Technology
2. Oil & Gas
3. Power and Renewable Energy
4. Agriculture
5. Manufacturing
6. Infrastructure
7. Strategic Minerals
Analysts warn that while Nigeria’s reliance on UK-driven inflows reflects strong global confidence, the concentration of sources exposes the economy to external shocks if investor sentiment shifts in these countries.
Diversification of investment partnerships particularly within Asi
a, the Americas, and intra-African trade will be crucial to ensuring long-term resilience in capital inflows.
The United States government has said that Nigeria’s new N70,000 minimum wage has lost real value due to the sharp fall of the naira, leaving millions of workers trapped in poverty.
According to the 2024 Country Reports on Human Rights Practices, released by the U.S. Department of State’s Bureau of Democracy, Human Rights, and Labour, the wage translates to just $47.90 per month.
The report noted that currency devaluation and weak enforcement have undermined the wage increase.
The report also revealed that many states are yet to implement the new wage law. Several governors cited financial challenges as the main excuse.
Even where the law exists, compliance remains poor because of limited labor inspectors and weak oversight from authorities.
Wage Devaluation and Exclusion
The report highlighted that firms with fewer than 25 workers are excluded from the minimum wage law, leaving millions of employees without protection.
This also explained that about 70 to 80 percent of Nigeria’s workforce operates in the informal sector, where wage and labor rights are almost never enforced.
This means a majority of Nigerians continue to earn far below the national benchmark, despite the government’s approval of N70,000 as the new minimum wage.
The U.S. report stressed that the naira’s sharp decline, trading above N1,500 to the dollar, had worsened the wage erosion. This has left workers unable to afford basic needs, pushing many deeper into poverty.
Human Rights and Labor Challenges
The document pointed out that weak enforcement of labor laws contributes to worsening poverty levels in the country.
Workers in the informal sector, such as street vendors, artisans, and small traders, rarely benefit from labor protections.
The report also noted that Nigeria’s minimum wage is rarely sufficient to cover basic food, housing, and transport needs.
This has further exposed structural gaps in the government’s approach to economic reforms and poverty reduction.
Governors Push Investment Platform
Meanwhile, the Nigeria Governors’ Forum (NGF) has launched a new investment initiative called NGF Investopedia.
The platform seeks to attract capital flows into bankable projects across all 36 states, with the goal of tackling Nigeria’s annual $100 billion infrastructure financing deficit.
The launch event in Abuja gathered governors, international partners, and investors. The forum described the platform as a long-term strategy to unlock growth opportunities across states and strengthen Nigeria’s subnational economies.
NGF Chairman and Kwara State Governor, Abdulrahman AbdulRazaq, said Nigeria must urgently leverage its human and natural resources to address poverty and joblessness.
“Here is Africa’s largest economy, endowed with abundant human and natural resources,” he said, stressing that state governments must play a bigger role in attracting investments and supporting local industries.
A Widening Gap
The contrast between the U.S. report on wage decline and the governors’ push for investment highlights Nigeria’s economic paradox.
While authorities promote foreign capital inflow, millions of workers continue to survive on wages that have lost most of their value.
With inflation rising, food prices soaring, and the naira weakening, the gap between earnings and cost of living keeps widening.
Unless enforcement improves and the informal sector is integrated into wage protections, the N70,000 benchmark may remain symbolic rather than effective.
Fidelity Bank may have hit another milestone the Fidelity Naira Card is now accepted globally.
This was disclosed in a message sent to Diaspora Digital Media (DDM) via email on Monday.
According to the statement entitled “Your Fidelity Naira Card Now Works Globally; Shop, Pay and Withdraw with Ease!“, customers can buy favourite global brands online using their Fidelity Naira Card.
The band also stated that they can equally pay at POS terminals abroad and make cash withdrawals at ATMs as they travel.
The message reads:
“We’re excited to let you know that your Fidelity Naira Card is now enabled for global use — so you can shop, spend and withdraw internationally with confidence.
“Here’s what you now enjoy every quarter:
|
Channel |
Transaction Limit |
| ATM Withdrawal abroad | $500 |
| Online/Web & POS Payments | $ 1,000 |
“What does this mean for you?
- Shop your favourite global brands online
- Pay at POS terminals abroad with ease
- Withdraw cash at ATMs when you travel.”
The statement, however, noted that the $1,000 quarterly limit applies to all international transactions combined, including ATM withdrawals, online purchases, and POS payments.
The bank urged customers who may need assistance with setting card limits or activating their cards for global use, to contact the bank’s customers care “Centre Trueserve”, which is available round the clock, whether in Nigeria, or outside the country.
“Your world, your card — spend smart, spend globally with Fidelity,” the message concludes.
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