Since last week, some members of the Nigerian military have been going back and forth with the governor of Lagos state, Governor Babjide Sanwolu. It started when Governor Sanwolu ordered his aides to arrest and detain a fellow for driving against the traffic. The person to be arrested identified himself as a soldier but the governor still went ahead to order his arrest and embarrassed him. Some soldiers have protested and said that the governor, being a “bloody civilian” does not have the power to arrest a soldier. 

The law has been put to the test and that law is whether a civilian governor has the statutory right to order for the arrest and prosecution of a military personnel. 

The illegal conduct of the military personnel by driving “one way” is not an issue here, nobody is contesting the fact that driving against the traffic is a prosecutable criminal offence; what is the issue here is who has the capacity to punish the offender, him having identified himself as a military personnel; does a civilian governor or any other person whatsoever other than the Nigerian Armed Forces have the power to punish an erring military officer? 

There is this phrase that the military officers boast with which is; once a person identifies himself as a soldier, (even if such a person is not at the moment adorned in a military attire or in the possession of what could be used to identify him as a soldier) he therefore cannot be placed under civilian laws; he is to be subjected to military or martial laws only. This saying to some extent is not far from the truth as this is the argument the doctrine of compact puts forward. 

The doctrine of compact provides a due process to be followed when a military personnel is found wanting, to the effect, military personnel can not be placed in civilian detention as has been ordered by the governor. If a soldier is found wanting the procedure to follow is that a report is to be made to the cantonment commander of that officer, the cantonment commander based on the gravity of the offence will then order the trial of that officer according to martial laws in the martial court and then report back the punishment meted out to the governor, this to some extent is the provision of the Armed Forces Act, 2004. 

But there are exceptions to this rule. In Sections 104-114 of the Armed Forces Act, 2004, it has been provided that some offences committed by military personnel give both the civilian court and court-martial jurisdiction over such offences and a military officer could be tried in a civilian court in such a case. Civil authorities are only ousted if the serviceman has committed a military offence, but in this case, a traffic offence is not a military offence and the purported soldier cannot be said to have committed the offence in the course of carrying out his statutory provided military duties. 

In the case of MOHAMMED vs. EXECUTIVE CHAIRMAN, ECONOMIC AND FINANCIAL CRIMES COMMISSION & ANOR (2022)LPELR-58538(CA), the court of appeal in 2021 while trashing the argument that a military officer is above investigation by anybody or any law enforcement outfit other than the Nigerian military held that the Economic and Financial Crimes Commission has the jurisdiction to investigate a military officer and that the court also have the jurisdiction to entertain some civilian and even criminal suit against a serving or retired military officer. 

So the argument that Governor Sanwolu, a civilian governor, does not have the power to order the arrest and detention of an erring military officer is false and misleading. Despite the provisions of the compact principle and the provisions of the AFA 2004, placing military officers above civilian laws, there are clear-cut exceptions to them.

In a groundbreaking move set to transform Nigeria’s financial landscape, the Africa Stablecoin Consortium (ASC) has announced the imminent launch of the compliant Nigeria Naira (cNGN) stablecoin on February 27, 2024. This initiative brings together a coalition of Nigerian financial institutions, fintechs, and blockchain experts poised to revolutionize the country’s economic interactions.

The ASC made the pivotal announcement in a statement released last Friday, highlighting the cNGN’s launch as riding on the recent release of the Regulatory Sandbox by the Central Bank of Nigeria (CBN). This milestone marks a significant stride towards leveraging blockchain technology for enhanced financial transactions while ensuring compliance with regulatory frameworks.

The consortium expressed its vision for the cNGN, emphasizing its role in redefining financial interactions securely and seamlessly. They noted that the stablecoin is backed 1:1 by Naira reserves held in designated commercial banks, essentially transforming the Nigerian Naira into a dynamic instrument for global transactions.

“This (the cNGN) ushers in a new era of financial fluidity, bridging the Nigerian Naira with the global market through blockchain technology,” the ASC stated. They highlighted its potential to expedite settlements globally at minimal costs, mirroring the speed of text messages and offering unparalleled efficiency in both domestic and international financial transactions.

“More than just a currency, cNGN shortens settlement times, enabling payments that traverse the globe swiftly, mirroring the speed of a text message and at a fraction of the cost,” it said.

The consortium underlined the diverse utility of the cNGN, emphasizing its capacity to extend financial reach beyond Nigeria’s borders. Users will experience a seamless, cost-effective means to engage with the global marketplace while using their familiar Naira.

According to the ASC, the cNGN’s functionalities encompass various use cases, including swift remittances, enabling instantaneous fund transfers, facilitating international trade with reduced fees, and empowering freelancers to receive payments globally in minutes.

“This breakthrough paves the way for instantaneous financial transactions, seamlessly connecting Nigeria’s vibrant economy with international markets and offering unprecedented efficiency in both domestic and global financial interactions,” the consortium further noted.

This initiative echoes recent collaboration efforts among Nigerian banks and fintech firms to develop and manage the cNGN. It will be interoperable with multiple public blockchains, facilitating straightforward international transfers and widening its global applicability, akin to established stablecoins like USDT and USDC.

“Sending money home feels like sending a text message, effortless and instant: No more agonizing days waiting for remittances to clear. With cNGN, supporting your loved ones back home becomes as simple as a quick tap on your phone. No more standing in lines,” the consortium noted.

“With cNGN, funds land directly in their wallets within seconds, ready to fuel their dreams and brighten their days. No more distance, no more delays, just the magic of compliant virtual assets bridging the gap between hearts.

“Get paid, anywhere, instantly. Ditch the limitations of location and outdated payment systems. With cNGN, you can freelance for the world, right from your desk in Nigeria. Your talent knows no borders, so why should your income? Skip the bank queues and paperwork. Receive payments from clients across the globe, directly deposited into your cNGN wallet in minutes.”

As a distinguishing feature from the eNaira, which is solely developed by the apex bank, the cNGN is a consortium-driven stablecoin, compliant, and regulated. It will be pegged to the Naira in the Reserve Bank account, ensuring stability and oversight by the collective expertise of the consortium.

The ASC’s announcement marks a significant stride towards leveraging blockchain technology to enhance financial inclusion, reduce transactional barriers, and amplify Nigeria’s integration into the evolving global financial industry.

This initiative holds the promise of transforming not only the Nigerian economy but also setting a precedent for blockchain-based financial innovations across the African continent, redefining the future of financial transactions in the region.

On Feb 5, we will begin a new academic journey, for 12 weeks. It is a journey to Knowledge. At Tekedia Mini-MBA, we come together to master the fundamental components of business management and leadership, examining the constructs of operations, innovation, strategy, growth and more. We co-learn on what works in Oriendu Market at Ovim, Abia State, and what the zen-masters at Goldman Sachs do to deliver alpha-returns.

Tekedia Institute has become the temple where men and women come  to connect to higher business purposes, and unlock opportunities in markets. I will be the chief knowledge high priest, working with experts and professionals, across all key industrial sectors, from real estate to agriculture, fintech to insurance, technology to consulting, etc. The raw material at the altar is Knowledge – the uncommon type which transforms businesses and careers.

Come and let us co-learn for 12 weeks with me. We have won awards, and professionals from more than 41 countries have voted by attending our programs. Begin a knowledge journey, and register today for early bird discounts here.

Our fees remain uncommonly affordable and payment plans are available if requested.

Tekedia Mini-MBA is an innovation management 12-week program, optimized for business execution and growth, with digital operational overlay. It runs 100% online. The theme is Innovation, Growth & Digital Execution – Techniques for Building Category-King Companies. All contents are self-paced, recorded and archived which means participants do not have to be at any scheduled time to consume contents. Besides, programs are designed for ALL sectors, from fintech to construction, healthcare to manufacturing, agriculture to real estate, etc.