Nigeria is vying to become the headquarters of the Africa Energy Bank, and is set to launch an initial capital of $5bn, aimed at expanding its asset base to $120bn within four years.

The announcement was made by Minister of State for Petroleum Resources, Heineken Lokpobiri, during the plenary session of the Nigerian Bar Association’s Law Week in Yenagoa.

An asset base is the underlying value of assets that constitute the basis for the valuation of a firm, loan, or derivative security.

Lokpobiri argued that fossil fuels remain essential, noting that developed countries continue to issue licenses for fossil fuel production while advising against their use in developing nations.

The session, themed “The Legal Profession in a Time of Socio-Economic Uncertainty,” provided a platform for legal experts to discuss and propose solutions to the public’s declining trust in the judiciary and legal profession.

Gathered in the hall were leading legal professionals, convened to address the challenges facing judicial practice amidst widespread socio-economic uncertainty affecting all sectors and professions.

In her address, the Chief Judge of Bayelsa State, Justice Matilda Abrakasa, highlighted the judiciary’s crucial role in society.

On his part, former President Goodluck Jonathan, represented by the Ola-Ebu of Aburemi clan, King Collins Daniels, emphasised the session as a moment for reflection on governance issues and the need for reform. The keynote speaker provided recommendations for the legal profession’s resilience in these challenging times.

Justice Obande Festus of the Supreme Court and other distinguished speakers also offered insights into improving the legal system.

Chairman of the Nigerian Bar Association’s Yenagoa branch, Barrister Somina Johnbull, assured the public that the session would lead to a cleanup of the legal practice, and tackle unethical behaviour among lawyers and judges.

A key recommendation was the expulsion of unethical lawyers to purify the legal profession. (Channels TV)

Update news