The National Assembly, on Monday, asked the National Industrial Court, NIC, in Abuja to allow an out of court settlement in a suit instituted against it and three others, challenging poor salaries of Judicial Officers in the country.
The NASS through its counsel, Mr. Charles Yoila told Justice Osatohanmwen Obaseki-Osagie that the institution is interested in an out of court settlement policy because of the nature of the matter.
The counsel pleaded with the court to grant an adjournment so as to enable parties in the matter sit on a round table for discussion on an amicable resolution.
He told the Judge that the NASS would have opted for an early resolution of the matter but for the strike embarked upon by workers of the organization, adding that at the moment, the main gate of the Assembly is under lock and key.
At Monday’s proceeding, Chief Adegboyega Awomolo, SAN, who led 33 other Senior Advocates, had sought to argue the originating summons in the suit that was filed by another senior lawyer, Sebastian Hon, SAN, in line with the practice direction of the court.
However, hearing could not proceed because of the absence of the Revenue Mobilization, Allocation and Fiscal Commission RMAFC, Attorney-General of the Federation AGF and the National Judicial Council NJC, who were not represented by legal practitioners.
Awomolo, however, conceded to the request for out of court settlement sought by the National Assembly but on ground that an early be granted.
In a short ruling, Justice Obaseki-Osagie adjourned the matter to June 22 for report of settlement by the parties in the matter.
Prominent among Senior Advocates in attendance were Chief Kanu Agabi, Mike Ozekhome, Sebastian Hon, Godwin Obla, Emeka Ngige, Hassan Liman, Tawo Tawo, Emeka Etiaba, Paul Ogbole, Chief Henry Akunebu, Audu Anuga and John Asoluka.
Chief Sebastine Hon, who instituted the case is praying the court to compel the defendants to increase the salaries and allowances of judges in the country.
In a supporting affidavit to the originating summons, Hon stated that as a legal practitioner, “who has practiced in all the levels of courts in Nigeria, I know that poor pay for judicial officers is seriously affecting the quality of judgments and rulings those officers are delivering and the discharge of other functions associated with their offices.”
He argued that the current economic reality in the country requires that the salaries and allowances of the nation’s judges be urgently improved upon.
The plaintiff noted that the highest-paid judicial officer in the country – the Chief Justice of Nigeria (CJN) – currently earns about N3.4 million per annum, far below what is earned by such an officer in other countries.
Hon, who quoted what all judicial officers currently earn as provided under Part IIB of the Schedule to the Certain Political, Public and Judicial Office Holders (Salaries and Allowances, etc.) Amendment Act 2008, said the paltry sums have discouraged him from aspiring to become a judge.
He noted that it is about 14 years now since the salaries and allowances of judges were last reviewed upward in 2008 despite the loss of value of the naira vis-à-vis other global currencies like the US dollars, the British pound sterling and the European Union (EU) euro, etc.
“As of November 2008 when the amended Act was in force, the exchange rate between the naira and the US dollar was N117.74 to USD1.
“The naira has considerably lost its value over time; but judicial officers in Nigeria have been placed on the same salary scale for up to 12 years, namely since 2008,” he said.
Sebastine Hon added that “even foreigners who have been hired from time to time to coach Nigeria’s national football teams earn higher than Nigeria’s judicial officers.”
He is praying the court for among others, a declaration that by a combined reading of the provisions of section 6(1)(b) and (d) and Parts A and B of the First Schedule to the Revenue Allocation Mobilization and Fiscal Commission Act, Cap. R7, Laws of the Federation of Nigeria, 2004, it is unconstitutional for the 2nd defendant (RMAFC) to refuse or neglect to upwardly review the salaries and allowances of the judicial officers notwithstanding the changing local and international socio-economic realities.
The plaintiff wants an order compelling the defendants to forthwith activate measures to urgently review judicial officers’ pay, raising that of the CJN to a minimum of N12m monthly, N11m for other Justices of the Supreme Court and Court of Appeal President; N10m for other Justice of the Appeal Court, the Chief Judge of the Federal High Court and President of the National Industrial Court (NIC).
Hon also wants the court to compel the defendants to raise the monthly minimum take-home of a judge of the NIC to N9m; N8m for Chief Judges of High Court of state sand the Federal Capital Territory, while the other judges are entitled to N7m.
He also seeks an order compelling the RMAFC or any other body assigned its responsibilities, “to, in perpetuity, review and continue to embark upon and carry out, in conjunction with the 3rd defendant (AGF), a yearly or at most a two-yearly review of the salaries and allowances of the judicial officers listed above, with a view to making the said salaries and emolument realistic and befitting of the offices and duties attached to/exercised by such offices.”
Investors in Panic Sell Off of Wema Bank Shares amid Risk of N1.8Bn Fine Published 5 hours agoon June 7, 2022By COMM’s Week
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Investors in the capital market are selling off their shares in Wema Bank to exit their investment in the financial institution amid allegation of illegal practice involving the company, according to Ripples Nigeria.
Investors in Panic Sell Off of Wema Bank Shares amid Risk of N1.8Bn Fine
The alleged illegal banking practices attract a fine of N1.8 billion.
It was alleged that agents of Wema Bank were abusing personal data of Nigerians, in order to profit from it, against the regulation of the National Information Technology Development Agency (NITDA).
The bank had been opening accounts in the names of persons, whose personal information Wema Bank was in possession of, without approval. The data was believed to consist of the firm’s former customers and persons not banking with the lender.
In an email shared with Ripples Nigeria by one of the affected individuals, it was discovered that the unauthorized accounts were opened in a bid to achieve one million new accounts within one day, to celebrate ALAT, its digital platform, which clocked 5 years on May 2, 2022.
Checks showed that NITDA regulation frowns against the abuse of personal information or usage of private data without consent from owners of the information. This action is sanctionable by the deduction of 2% in annual turnover from the firm involved or fine of N10 million, depending on which is higher, and if the data in their possession is above 10,000.
Ripples Nigeria understands from findings, that Wema Bank reported N93.63 billion as revenue for twelve months of last year, which translate to the company risking N1.87 billion, if the NITDA probes the data breach allegation.
The regulation clearly states, “Breach of the privacy rights of any Data Subject under the NITDA Regulation shall, apart from other criminal liability, attract, with respect to Data Controllers dealing with more than 10,000 Data Subjects, payment of a fine of 2% of annual gross revenue of the preceding year or payment of N10 million, whichever is greater, with respect to Data Controllers dealing with less than 10,000 Data Subjects, a fine of 1% of the annual gross revenue of the preceding year or payment of N2 million, whichever is greater.”
Amid this N1.8 billion fine looming, investors are exiting their investment by selling off Wema Bank shares in a massive way that has caused the stock to fall 12.3% within two weeks of the Ripples Nigeria report from N3.65kobo per share to N3.2kobo per share as of Friday.
Demand for the share has dropped, as the capital market’s confidence in Wema Bank turned bearish, reflecting fear of further share depreciation, which has wiped off N5.78 billion from the value of investment held by current shareholders.
