Key developments in Nigeria’s judicial and socio-political landscape in 2024 

The 1999 Constitution (as amended), along with other associated laws and regulations, provides legal guidelines for implementing the rule of law and fulfilling constitutional responsibilities across politics, business, and the economy.

Here are notable developments from the justice and political sectors that impacted Nigeria’s economy:

Q1   

1) President Tinubu Signs N28.7 Trillion 2024 Budget into Law (January)   

On January 1, 2024, President Bola Tinubu signed the N28.7 trillion 2024 appropriation bill into law. Christened the ‘Budget of Renewed Hope,’ the President stated that the bill would ensure macroeconomic stability, poverty reduction, and greater access to social security, among other objectives.

Context: 

In late November 2023, President Tinubu presented the 2024 budget estimates of N27.5 trillion to the National Assembly. The Assembly subsequently passed the bill, raising its size by N1.2 trillion to N28.7 trillion.

Why It Matters:   

The constitution mandates every federal or state government to operate from an approved budget, which drives projects across all three arms of government.

 2) Supreme Court Grants Sole Control of All Inland Waterways to FG (January)   

In a landmark verdict on January 8, 2024, the Supreme Court ruled that the Federal Government has exclusive control over all waterways in Nigeria, including the authority to levy and license operators in the sector.

Context:   

The matter originated from a 2012 lawsuit, marked FHC/L/CS/543/2012, challenging multiple charges by both Federal and Lagos State agencies.

The Federal High Court in Lagos initially ruled in 2014 that all waterways fell under the Federal Government’s purview.

However, the Court of Appeal overturned this decision, granting Lagos State authority over waterways within its borders. The Supreme Court later reinstated federal control.

However, the Court of Appeal overturned this decision, granting Lagos State authority over waterways within its borders. The Supreme Court later reinstated federal control.

Why It Matters:   

This landmark ruling resolved a long-standing jurisdictional dispute, affirming federal authority over Nigeria’s waterways.

 3) Court Directs Binance to Release Nigerians’ Data to EFCC over Alleged Terrorism Financing (March)   

The Federal High Court in Abuja directed Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data on Nigerian users trading on its platform.

Context:

The EFCC filed an ex parte motion in February 2024, citing alleged criminal activities linked to Binance’s operations.

Nigeria has one of the highest crypto adoption rates globally, with over 22 million active users.

The investigation, led by the National Security Adviser’s office, classified cryptocurrency trading as a national security issue, drawing attention to Binance.

Why It Matters:   

The case marked the Federal Government’s intensified regulatory scrutiny of crypto platforms, a trading system heavily utilized by Nigerians.

 Q2 

4) Nigeria Air: EFCC Indicts Sirika for Awarding Multi-Billion Contracts to Daughter, In-Law, Others (May)   

On May 9, 2024, the EFCC indicted former Aviation Minister Hadi Sirika over alleged contract fraud involving his daughter, in-law, and other individuals in connection with the Nigeria Air project.

Context:   

The Nigeria Air deal, touted as another flagship national airline, faced cancellation in August 2023 after being revealed as a sham.

Following investigations, the EFCC arraigned Sirika on fraud charges.

He denies the allegations, and the case is pending .

Why It Matters:   

This development demonstrates the EFCC’s prosecutorial objectivity, even targeting officials from the ruling party.

 5) Judge Rules CBN Can Request Social Media Handles as Part of KYC (May)   

On May 16, 2024, the Federal High Court in Lagos upheld a CBN directive requiring banks to collect customers’ social media handles as part of their Know-Your-Customer (KYC) process.

Context:   

A Lagos-based lawyer had challenged the regulation, alleging it violated Section 37 of the 1999 Constitution, which protects citizens’ privacy.

However, the court ruled that social media handles are equivalent to other contact details like email addresses and phone numbers.