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Olumide Akpata defeats two SANs to emerge NBA President

Olumide Akpata won with a landslide.

Published

4 months ago

on

#EndSARS: We are working to secure the release of protesters - NBA

Olumide Akpata has emerged winner of the Nigerian Bar Association’s (NBA) national elections, after defeating two other contestants who are Senior Advocates of Nigeria (SANs). This victorious win makes him the NBA’s first non-SAN President in years.

Akpata won the election with a total of 9,891 votes of the total 18,256 ballots cast, while his closest rival, Babatunde Ajibade (SAN) polled 4,328 votes and Dele Adesina (SAN) polled 3,982 votes.

The election commenced at exactly 11 am on Wednesday, July 29, and ended at 11 pm on Thursday, July 30. It was a virtual voting process where registered members of the association logged into the National Officers Election webpage with their Supreme court numbers and cast their votes.

Right from Wednesday night when the elections started, Akpata maintained the lead with more than 50% of the votes at every quarter-hourly update, and he maintained the lead up to the close of the election at 11pm on Thursday.

About 29,636 eligible voters were registered, and the election committee sent the voting link to the registered members via emails and sms.

GTBank 728 x 90

Announcing the winner at 12:50am on Friday, Chairman of the Electoral Committee of the NBA, Tawo Tawo (SAN) said;

“I, Tawo Tawo, the Chairman, Electoral Committee of the Nigerian Bar Association (ECNBA), as the electoral officer for the 2020 National Officers’ Election, hereby declare Akpata Olumide Anthony, having scored the highest number of votes cast and satisfied the provisions of the constitution of the NBA 2015 (as amended), the winner of the election into the office of the President of the Nigerian Bar Association”.

What this means

This result represents a sudden change in the order, as Akpata is now the first non-SAN to lead the Nigerian Bar Association in years. Feedback from members of the NBA indicates that there has been a long-standing hunger for a paradigm shift. And now it appears many of the association’s members have a good reason to be excited.

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An early victory tweet read, “Dear Young Lawyers, Our Champions League Trophy is finally coming home. Lets continue to score (vote) and keep a clean sheet (defend) till 90+4′ #OluForAll“.

Nairametrics understands that Akpata’s decision to contest for the position was initially met with mixed reactions. However, tweets and other posts seen across various social media platforms suggest that he has managed to meaningfully captivate/appeal to the conscience of the young lawyers who, interestingly, make up the majority of NBA membership.

About Olumide Akpata

Olumide Akpata was born on 7 October 1972 and attended the prestigious King’s College in Lagos. He was called to the Nigerian bar on 15 December 1993 after obtaining his law degree from the University of Benin the previous year.

His law career started under the late Dr Mudiaga Odje (SAN) during his National Youth Service Corps (NYSC), before joining Templars shortly after it was established.

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He has spent over two decades practicing with Templars, and is currently Senior Partner and Head of the Corporate and Commercial practice of Templars. He advises on various aspects of Nigerian Corporate and Commercial Law, including Mergers and Acquisitions, Capital Markets, Corporate Law, Labour and Employment, Media entertainment, technology, and regulatory compliance.

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He was elected as Secretary of the Nigerian Bar Association (NBA) Section on Business Law (SBL) council in January 2012, and subsequently as the Vice-chairman in August 2014, before emerging as the Chairman in August 2016.

After handing over to his successor, he still sits on the Council of the NBA-SBL and is also the Vice-Chair (West-Africa) of the International Bar Association’s Africa Regional Forum.

Back to the NBA elections: Other positions

Out of six candidates, John O Aikpokpo-Martins emerged as the first vice president with 6,010 votes, and Adeyemo Kazeem Debo emerged 2nd Vice President with 8,794 votes defeating his only contender.

Other elected officers include Oduah Joyce, General Secretary; Nwadialo Esther Uchenna, Assistant Secretary; Mercy Ijato Agada, treasurer; and Edun Olukunle, welfare secretary.

More so, Anagor Raphael Nnamdi is the new Financial Secretary; Nduka Rapuluchukwu Ernest (PhD) is Publicity Secretary; while Naza Ferdinand Afam is Assistant Publicity Secretary.

 

Related Topics:

Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career. As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

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Currencies

Daily Parallel Market Exchange Rate – ₦480/$1

The US dollar stands at ₦480/US$1 in the parallel market.

Published

20 mins ago

on

November 24, 2020

By

Forex, NIGERIA: Daily Parallel Market, Exchange Rate

The exchange rate between the naira and the US dollar for today (Tuesday, November 24th 2020), stands at ₦480/US$1 in the parallel market. The rate had also closed at ₦480/US$1 on Monday, November 23rd 2020.

  • Naira: ₦480
  • Dollar: $1
  • Date: November 24th, 2020

The exchange rate between the naira and the British pound sterling stands at ₦605/₤1 on Tuesday,  November 24th 2020. The rate had also closed at ₦605/₤1 on Monday, November 23rd 2020.

  • Naira: ₦605
  • Pounds Sterling: ₤1
  • Date: November 24th, 2020

Explore Economic Research Data From Nairametrics on Nairalytics

The exchange rate between the naira and the European euro stands at ₦560/€1 on Tuesday November 24th 2020. The rate had also closed at ₦560/€1 on Monday, November 23rd 2020.

  • Naira: ₦560
  • Euro: €1
  • Date: November 24th, 2020

Activity: US Dollar stands at ₦480/US$1 in the parallel market

GTBank 728 x 90

READ ALSO: The risk of buying Forex at black market rate of N460/$1 

DateCurrencyBuy(AM)Sell(AM)Buy(PM)Sell(PM)Volatility
11/24/2020Dollar475480
11/24/2020Pounds600605
11/24/2020Euro555560
11/23/2020Dollar475480475480Low
11/23/2020Pounds600605600605Low
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11/17/2020Pounds600605600605Low
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11/16/2020Dollar455460455460Low
11/16/2020Pounds585590585590Low
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09/03/2020Euro520535505515High
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09/01/2020Dollar462465435440High
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8/31/2020Dollar463470460465High
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8/28/2020Dollar472477472477Low
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7/31/2020Dollar470480470485High
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Data is collated from various black market dealers on the mainland and island parts of Lagos State where forex is sold. The price quoted daily on this page represents the average price obtained by our Research Team. Our prices are a guide and could be slightly different from the price you get when you eventually decide to buy or sell. This is a daily tracker and updated close of business. See table below for parallel market exchange rate dating to 2019.

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Around the World

Trump administration acknowledges likely election loss, agrees to transition with Biden

Trump administration seems to have officially commenced the transition to Biden after weeks of delay and law suits.

Published

6 hours ago

on

November 24, 2020

By

President Trump leaves Walter Reed Hospital

The Donald Trump administration seems to have acknowledged the loss of the presidential election as the General Services Administration (GSA), after weeks of non-cooperation has informed President-elect, Joe Biden that the administration is ready to begin the formal transition process.

According to a report from CNN, this was disclosed in a letter from the Administrator of DSA, Emily Murphy on Monday afternoon, November 23, 2020.

READ: Donald Trump bans American investments in companies linked to Chinese military

The letter is the first major step taken by the Trump administration to acknowledge its defeat in the presidential election after over 2 weeks that Joe Biden was declared the winner.

Monday’s letter is coming hours after Michigan formally certified the election results and some Republican senators had called for the transition process to start. This is also as more lawsuits from Trump’s legal team were dismissed, and Georgia election earlier certified on Friday and Pennsylvania set to be certified as well.

GTBank 728 x 90

READ: U.S. budget suffers a deficit of $3.1 trillion in 2020, as pandemic slams the economy

While making the decision to cooperate with the President-elect, Murphy said she had not been pressured by the White House to delay the formal transition and did not make a decision out of fear or favoritism.

She said, “Please know that I came to my decision independently, based on the law and available facts. I was never directly or indirectly pressured by any Executive Branch official, including those who work at the White House or GSA, with regard to the substance or timing of my decision. To be clear, I did not receive any direction to delay my determination.”

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READ: Why Gold prices are skyrocketing after a Joe Biden win

The letter signifies Murphy’s formal acknowledgment of Joe Biden’s victory, a normally perfunctory process known as ascertainment. This action will allow the transition process, which has been delayed for some weeks, to officially commence, ensuring that current administration agency officials cooperate with the incoming Biden team, and providing millions in government funding for the transition.

For some weeks after his announcement as the winner of the presidential election, the Biden team who have been denied access to government information and agencies by the Trump administration, had worked informally to kick start the transition process with some actions which include setting up a coronavirus task force, consulting with public health officials outside the government, meeting with top corporate leaders, amongst others.

READ: US Election: China congratulates Joe Biden

The delay in ascertainment meant that Biden’s team was denied access to government data and could not make contact with federal agencies, nor spend $6.3 million in government funding now available for the transition. A Biden official said the most urgent need was for the transition to be given access to Covid-19 data and the vaccine distribution plans.

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The Biden team is expected to have access to additional office space inside the agencies and the ability to use federal resources for background checks on Biden’s White House staff appointments and Cabinet appointments.

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Moments after the letter was sent, Donald Trump tweeted thanking Murphy for her work and affirming the decision to start the transition.

READ: How the United States plans to control the African Development Bank

His tweet reads, “I want to thank Emily Murphy at GSA for her steadfast dedication and loyalty to our Country. She has been harassed, threatened, and abused — and I do not want to see this happen to her, her family, or employees of GSA. Our case STRONGLY continues, we will keep up the good fight, and I believe we will prevail!” Trump tweeted. “Nevertheless, in the best interest of our Country, I am recommending that Emily and her team do what needs to be done with regard to initial protocols, and have told my team to do the same.”

This letter from GSA now means that the Biden team will now have access to government agency staff with regular briefings in addition to details of administrative issues that need to be addressed immediately.

The President-elect and his vice will also be receiving classified intelligence briefings as white house officials will start to cooperate.

It can be recalled that Murphy, who was appointed by Donald Trump, had refused to go ahead with the ascertainment process, despite Biden’s clear victory. She has faced intense scrutiny and political pressure from Democrats and, in recent days, Republicans calling for the start of a smooth transition.

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Currencies

Naira falls at NAFEX market as dollar supply drops further despite demand pressure

The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Monday, closing at N386/$1.

Published

6 hours ago

on

November 24, 2020

By

Dollar, Exchange rate, FOREX, NAFEX market turnover drop by 59%, Naira crashes to N470/$1 as currency uncertainty worsens 

Forex turnover dropped by 31.5%, as Nigeria’s exchange rate at the NAFEX window depreciated against the dollar to close at N386/$1 during intra-day trading on Monday, November 23.

Also, the naira appreciated marginally against the dollar, closing at N483/$1 at the parallel market on Monday, November 23, 2020, as ABCON warns forex speculators against forcefully pushing for the devaluation of the naira to aid their illegal activities.

This is also as demand pressure increases as importers stock up goods ahead of Christmas sales.

The CBN, a few days ago relaxed its earlier policy on banning third parties from having access to foreign exchange routed through Form M.

Parallel market: According to information from Abokifx – a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira appreciated against the dollar to close at N483/$1 on Monday.

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This represents an N1 gain when compared to the N484/$1 that it exchanged for on Friday, November 20.

  • The local currency had strengthened by about 7.8% within one week in September at the black market, as the CBN introduced some measures targeted at exporters and importers.
  • This is to boost the supply of dollars in the foreign exchange market and reduce the high demand for forex by traders.
  • The CBN has sold about $1 billion to BDCs since they resumed forex sales on Monday, September 7, 2020.
  • This was expected to inject more liquidity into the retail end of the foreign exchange market and discourage hoarding and speculation.
  • However, the exchange rate against the dollar has remained volatile after the initial gains made, following the CBN’s resumption of sales of dollars to the BDCs.
  • The President of the Association of Bureau De Change Operators, Aminu Gwadebe, said he expects the impact of the extra liquidity in the market to be gradual.
  • Despite the drop in speculative buying of foreign exchange, the huge demand backlog by manufacturers and foreign investors still puts pressure and creates a volatile situation in the foreign exchange market.

NAFEX: The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Monday, closing at N386/$1.

  • This represents a 17 kobo drop when compared to the N385.83/$1 that it exchanged for on Friday, November 20.
  • The opening indicative rate was N386.05 to a dollar on Monday. This represents an 18 kobo gain when compared to the N386.23 that was recorded on Friday.
  • The N394.83 to a dollar was the highest rate during intra-day trading before it still closed at N386 to a dollar. It also sold for as low as N383/$1 during intra-day trading.
  • Forex turnover: Forex turnover at the Investor and Exporters (I&E) window declined by 31.5% on Thursday, November 19, 2020.
  • According to the data tracked by Nairametrics from FMDQ, forex turnover dropped from $66.89 million on Friday, November 20, 2020, to $45.84 million on Monday, November 23, 2020.
  • The CBN is still struggling to clear the backlog of foreign exchange demand, especially by foreign investors wishing to repatriate their funds.
  • The drop in dollar supply after some trading days of improvement reinforces the volatility of the foreign exchange market. The supply of dollars has been on a decline for months due to low oil prices and the absence of foreign capital inflow into the country.
  • The average daily forex sale for last week was about $169.93 million, which represents a huge increase from the $34.5 million that was recorded the previous week.
  • Total forex trading at the NAFEX window in the month of September was about $1.98 billion, compared to $843.97 million in August.
  • The exchange rate is still being affected by low oil prices, dollar scarcity, a backlog of forex demand, and a shaky economy that has been hit by the coronavirus pandemic.
  • A financial expert and Managing Director of Financial Derivatives had stated that he expects the exchange rate at the parallel market to likely depreciate to N470-N475/$1 in November and December due to low oil prices that will further limit foreign exchange supply.
  • Some members of MPC of the CBN have expressed serious concerns over the increasing demand pressure in the country’s foreign exchange market. This is an obligation of manufacturers to their foreign suppliers that continues to increase in the face of dollar shortages.

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