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Currency Collapse: Obi to be praised as CBN moves to save the Naira

July 22, 2022

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*To monitor politicians’ bank accounts

Aftermath of the dwindling National currency, the Naira, and the possible concerns recently expressed by the Labour Party Presidential Candidate, Mr Peter Obi on the continued spending of foreign currency by public officials, the Central Bank of Nigeria has moved to check the mopping up of dollars at forex market.

The CBN said it is monitoring the foreign Exchange Market to prevent politicians planning to buy dollar and other foreign currencies to fund their campaigns.

Recall that Presidential Candidate of the Labour Party, LP Mr Obi in some of his media interviews decried the brazen use of foreign currency particularly the dollar by politicians and government officials in our domestic affairs, warning that it is the root cause of dwindling value of the naira.

Obi had said that every country’s economy is measured by the strength of its currency and described as a deviation from international standard, government officials and politicians blatantly spending foreign currency boldly and without shame.

Read Obi’s earlier documented views on https://www.ripplesnigeria.com/if-im-president-any-govt-official-spending-foreign-currency-in-nigeria-will-be-jailed-peter-obi-video/?amp

Clearly in response to Obi’s public denouncing of the situation, the CBN Governor, Godwin Emefiele on Wednesday announced that the apex bank is monitoring forex and warned politicians mopping up dollars to fund their 2023 election to note its illegality.

According to Emefiele, such action is illegal and could warrant a clampdown from security agents as he warned “those who want to take naira from their account to buy dollars because of election should desist”

The CBN boss threatened to freeze any bank account found to be involved in illegal transaction of dollars and Post No Debt, (PND) will be placed on accounts caught in the act.

But economic watchers who welcomed the CBN move as a good development has the LP party Presidential Candidate to thank for crying out and drawing attention to such illicit act that is affecting the economy greatly.

“We have Obi to thank for raising the timely alarm, the CBN watched and even aided politicians in the two main political parties, the APC and PDP as they rained dollars freely during their National Conventions last month here in Abuja”

The declining currency is already taking a heavy toll on the nation’s economy with many industries in critical areas like the aviation shutting down.

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Opinion

Suspension of Mike Ozekhome SAN: A Hasty Decision By The LPPC And The Prejudicial Effect Of Same

by Newsdesk Africa

June 26, 2026

By Sheriff. C. ADELE, Esq On June 23, 2026, the Legal Practitioners’ Privileges Committee (LPPC), at its 173rd General Meeting, approved the suspension of Chief Mike Ozekhome from the rank of Senior Advocate of Nigeria (SAN). The suspension, announced pursuant to Paragraph 26(6) of the Guidelines for the Conferment of the Rank of Senior Advocate of Nigeria, is to remain in force pending the final determination of disciplinary proceedings before the LPPC’s Disciplinary and Ethics Sub-Committee. While the LPPC asserts that the suspension is intended to "safeguard the integrity, dignity and prestige of the rank of Senior Advocate of Nigeria", this decision raises profound concerns about procedural propriety, jurisdictional overreach, and the prejudicial effect it portends for both the legal profession and the administration of justice. This article critically examines the hasty decision of the LPPC, its implications, and why it constitutes a premature verdict that undermines the very principles of natural justice the legal profession is sworn to uphold. Chief Mike Ozekhome, a prominent constitutional lawyer and human rights advocate, is currently facing disciplinary proceedings before the LPPC’s Disciplinary and Ethics Sub-Committee. The proceedings relate to his involvement in a controversial property dispute in the United Kingdom concerning a property located at 79 Randall Avenue, London. Chief Ozekhome is also standing trial before an FCT High Court in Maitama, Abuja, on a 12-count charge, to which he has pleaded not guilty. What is particularly significant and troubling is that the same issues before the LPPC are also pending before the Legal Practitioners Disciplinary Committee (LPDC), the body statutorily charged with the responsibility of sanctioning legal practitioners for professional misconduct. The LPDC is yet to make any determination on the substantive allegations against chief Ozekhome. Yet, the LPPC has proceeded to impose a suspension that, in practical effect, constitutes a pre-determinative sanction. The Distinct Jurisdictions of the LPPC and LPDC To appreciate the gravity of the LPPC’s decision, it is essential to understand the distinct and separate roles of the LPPC and the LPDC under Nigerian law. The LPPC is a statutory body established under Section 5 of the Legal Practitioners Act. Its primary function is to consider and determine eligible applicants for the conferment of the rank of Senior Advocate of Nigeria. Chaired by the Chief Justice of Nigeria, the LPPC is also empowered to make rules as to the privileges to be accorded to Senior Advocates of Nigeria. While the LPPC has disciplinary powers over SAN holders, these powers are ancillary to its primary function of conferring and regulating the rank. The LPPC's disciplinary authority is derived from its guidelines, including Paragraph 26(6) of the Guidelines for the Conferment of the Rank of Senior Advocate of Nigeria. However, this authority is limited to matters pertaining to the rank itself and the privileges associated with it. The LPDC, by contrast, is a committee of the Body of Benchers established under Section 10 of the Legal Practitioners Act. Its mandate is far broader and more fundamental: it is the primary disciplinary body for all legal practitioners in Nigeria. The LPDC exercises jurisdiction over all lawyers called to the Nigerian Bar and is empowered to investigate allegations of professional misconduct and impose sanctions ranging from admonition to suspension and disbarment. The Critical Distinction The distinction between these two bodies is not merely academic, it is fundamental to the proper administration of justice in the legal profession. The LPPC is primarily a conferring and privilege-regulating body. The LPDC is the disciplinary body par excellence. While the LPPC may have incidental disciplinary powers over SAN holders, these powers cannot supplant or pre-empt the primary disciplinary jurisdiction of the LPDC. When the same issues are pending before both bodies, as they are in chief Ozekhome’s case, the LPDC’s determination on professional misconduct must logically precede any disciplinary sanction from the LPPC. The LPPC cannot independently determine facts of professional misconduct that are the exclusive province of the LPDC. The Hasty Decision: A Premature Verdict The LPPC’s decision to suspend chief Ozekhome from the rank of SAN pending the conclusion of disciplinary proceedings is, with respect, a hasty and premature verdict that suffers from several fundamental flaws. Procedural Impropriety ...