A federal high court in Lagos has granted an interim order restraining the Advertising Regulatory Council of Nigeria (ARCON) or its agents from demanding N60 billion from Facebook Nigeria over an alleged violation.

Yellim Bogoro, the presiding judge, gave the order in suit FHC/L/CS/2205/2024, following a November 29, 2024, motion ex-parte application filed by Facebook through its counsel Mofesomo Tayo-Oyetibo.

“I have considered the ex parte application made, the reliefs sought particularly relief number two of the ex parte application, the affidavit in support, the facts deposed thereto in the affidavit,” Bogoro said.

“I find merit in the application. I shall grant the reliefs in part. I make this Order.

“It is hereby ordered as follows: That an Interim order of Injunction is hereby made pending the determination of the motion on notice herein filed for interlocutory injunction restraining the defendant whether by itself or through its officers, agents, servants and any other person acting under its authority from enforcing or further enforcing in any manner whatsoever the notice of violation/demand for compliance dated 21 October 2024 issued by the defendant to the applicant.

“I strongly feel the second relief sought is subsumed in the first relief.”

Bogoro, therefore, adjourned the matter to February 20, 2025, for a hearing.

Facebook had sought two reliefs, with the first being an interim order of injunction, pending the determination of the motion on notice for interlocutory injunction, restraining the defendant, “whether by itself or through any person acting under its authority from enforcing or further enforcing in any manner whatsoever the Notice of Violation/Demand for Compliance dated 21st October 2024 issued by the Defendant to the applicant”.

The second relief sought an interim order of injunction restraining ARCON, whether by itself or through its prosecutors or anyone acting under its authority, “from instituting or commencing criminal proceedings in the Advertising Offences Tribunal to prosecute the Applicant, its officers, agents or representatives, with respect to the allegations and/or decisions made by the Defendant and/or subject matter of the Notice of Violation/Demand for Compliance dated 21st October 2024 issued by the Defendant to the Applicant”.

In seeking the reliefs, the applicant filed 11 grounds for the application.

The microblogging company had said ARCON issued it a notice of violation and demand for compliance dated October 21, 2024, making certain allegations and decisions against Facebook, including imposing the N60 billion fine.

However, Facebook challenged “the constitutionality of the ARCON Notice based on grounds of denial of fair hearing, its unlawfulness under the Advertising Regulatory Council of Nigeria Act 2022 (ARCON Act) and as an ultra vires act of the Defendant”.

“The defendant threatened that it will enforce the ARCON Notice against the Applicant by criminal prosecution in the advertising offences tribunal if the Applicant does not satisfy its demands,” the application reads.

“The applicant issued a statutory pre-action notice demanding the Defendant to withdraw the threat of enforcement, yet the Defendant has not done so.

“Order Vill Rule I of the Advertising Offences Tribunal Practice Direction mandates that a hearing in the Tribunal must be completed within 180 days of filing the charge.

“Section 306 of the Administration of Criminal Justice Act 2015, which applies in the Tribunal, prohibits the grant of an order for a stay of proceedings in a criminal matter.

“The Defendant appoints the prosecutor in the Tribunal, while the Chairman and other members of the Tribunal were appointed on the recommendation of the defendant.”

Facebook also said it would be vexatious and oppressive to the applicant and unconscionable for the defendant to initiate criminal proceedings against the applicant based on the allegations and decisions made by the defendant in the notice.

Also, the applicant’s suit challenging the constitutionality and legality of the ARCON Notice is pending in the court.

On July 19, a federal high court in Abuja struck out a suit filed by the ARCON against Meta Platforms Incorporated, owners of Facebook, Instagram, and WhatsApp social media channels.

The Central Bank of Nigeria (CBN) has reassured the public that both the old and redesigned naira notes will continue to serve as legal tender without any deadline.

In a statement on Friday, Hakama Sidi Ali, CBN’s acting director of corporate communications, addressed the ongoing misinformation concerning the validity of the old N1000, N500, and N200 banknotes currently in circulation.

Ali said the supreme court ruling of November 29, 2023, permits the concurrent use of all versions of the affected denominations indefinitely, dismissing any claims suggesting an expiration date.

“In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the #1000, #500, and #200 denominations of the Naira indefinitely,” CBN said.

“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadline.

“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024.”

She urged Nigerians to continue accepting all naira banknotes for daily transactions and to handle them with care to ensure their longevity.

Ali also advised the public to adopt alternative payment channels such as electronic banking channels to reduce the reliance on physical cash.

Seplat Energy says it has completed the acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil.

In a statement on Thursday, Seplat Energy described the transaction as transformative.

Seplat said it will more than double production and position the company to foster growth and profitability, whilst contributing significantly to Nigeria’s future prosperity.

“MPNU adds substantial reserves and production to Seplat Energy; 409 MMboe 2P reserves and 670 MMboe 2P + 2C reserves and resources as at 30 June 2024 and 6M 2024 average daily production of 71.4 kboepd,” Seplat said.

“As operator, Seplat’s immediate tasks are to ensure smooth transition of MPNU staff into Seplat, and on the operations, to swiftly target numerous opportunities that exist to organically grow production and further enhance the value of the assets for all stakeholders.”

Seplat said detailed guidance for the enlarged group in 2025 would be provided with Seplat’s full-year 2024 results, expected to be filed in February 2025.

‘READMISSION OF SHARES TO TRADING’

As regards the completion of the acquisition of MPNU, Seplat said the listing of its existing ordinary shares on the official list of the Financial Conduct Authority (FCA) of the United Kingdom is expected to be cancelled with effect from the close of trading later today.

Afterwards, Seplat said the shares would be readmitted to the equity shares (international commercial companies secondary listing) segment of the official list of the FCA and to trading on the main market for listed securities of the London Stock Exchange (LSE).

Seplat said the readmission is expected to occur at 8:00am on December 13.

“No new shares will be issued in connection with Re-admission,” the company said.

“The Company’s ordinary shares will continue to trade under the name Seplat Energy plc with the ticker symbol “SEPL” and ISIN NGSEPLAT0008.”

Commenting on the transaction, Udoma Udoma, chairman of Seplat Energy, commended President Bola Tinubu for supporting the transaction, appreciating the support and diligence of the various ministries and regulators for all the efforts to reach a successful conclusion.

“We are delighted to welcome the MPNU employees to Seplat Energy. We are excited to begin our journey in a new region of the country, and we look forward to replicating the positive impacts we have achieved within our communities in our current areas of operations,” he said.

“Seplat’s mission is to deliver value to all our stakeholders, and we treasure the good relationships we have developed with the Government, regulators, communities and our staff.”