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China expands cross-border use of RMB

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By Wang Junling, People’s Daily

The Ministry of Commerce and the People’s Bank of China recently jointly released a notice on further supporting foreign economic and trade enterprises in expanding the cross-border use of RMB to facilitate trade and investment.
The notice made deployment in supporting RMB settlement for trading in bulk commodities, supporting foreign investors to invest and reinvest in China with RMB, and expanding the use of RMB in overseas economic and trade cooperation zones, so as to nurture a sound environment for the cross-border use of RMB.
Market participants generally believe that RMB cross-border investment and financing, as well as settlement, are becoming more stable and convenient as China gains an increasingly closer economic relationship with the world.
To further improve the fundamental institutional system for the cross-border use of RMB helps promote a virtuous circulation of the currency in both onshore and offshore markets, and will enable Chinese and foreign market entities to launch more efficient cooperation for win-win outcomes.
Today’s China is dubbed the “world factory” because it ranks first in the world in the production of 220 types of industrial products. It is also a “world market” that boasts 1.4 billion people and the world’s largest middle-income group. Besides, the country remains the biggest or most important trading partner for more than 120 countries and regions.
For many economies, RMB settlement will not only save conversion costs of foreign exchange but
A message released by the Argentine Embassy in China on Jan. 9 excited Wang Shicheng, general manager of a foreign trade company in Shanghai. According to the message, Argentina’s central bank announced to expand a currency swap deal with China, which included a special activation of 35 billion yuan to compensate operations on the foreign exchange market.
It is learned that Wang and his Argentine partners used to settle in U.S. dollars. However, the high and frequent fluctuations in the exchange rate of the U.S. dollar against the Chinese yuan and the Argentine peso in recent years have put huge pressure on him and his partners.
Therefore, the Chinese businessman and his Argentine partners have always hoped to settle with RMB for their cross-border trade.
“At the fifth China International Import Expo held last November, we agreed to import 20 containers of wine from Argentine and French wineries. The further expansion of the use of RMB is definitely good news to us,” Wang told People’s Daily.
According to the latest statistics released by China’s State Administration of Foreign Exchange (SAFE), RMB receipts and payments accounted for nearly 50 percent of the country’s cross-border receipts and payments in 2022, up more than 20 percentage points from 2016.
Due to high inflation and tight monetary policy in major economies, the U.S. dollar index vaulted to a 20-year high last year while major currencies, including the euro, yen, and British pound plunged to new lows in the past 20 to 30 years, said SAFE spokesperson Wang Chunying.
The increasing ratio of the use of RMB in cross-border settlement will help reduce currency mismatch risks in cross-border trade, Wang added.
Accroding to Liu Cheng, an associate professor at China’s Nankai University, cross-border RMB settlements related to real economy have kept growing rapidly in recent years, with bulk commodities and cross-border e-commerce sectors emerging as new areas of growth. Two-way cross-border investment activities were dynamic, Liu added.
As the exchange rate of the RMB maintains general stability and bi-directional volatility, the internal demand of market entities for using RMB to avoid exchange rate risks is gradually growing, Liu told People’s Daily.
“The notice will help improve the quality of the supply of financial services in the cross-border use of RMB, better meet the demand of market entities under multiple scenarios such as foreign trade, foreign investment, and contracting overseas engineering projects. It will make the ‘cross-border stage’ of RMB much bigger,” Liu said.
Today, RMB cross-border settlement has become a choice for more and more enterprises. Tang Hongxia with the international site of Alibaba.com, a Chinese online B2B marketplace, said the new measures raised by the notice will further improve the willingness of overseas clients to settle in RMB.
“As a matter of fact, compared with the share of RMB in international payment under the Society for Worldwide Interbank Financial Telecommunications and the weighing of the currency in the International Monetary Fund’s currency basket, known as Special Drawing Rights, the proportion of RMB in the global exchange market is still low. It means enterprises still enjoy a huge potential in the cross-border use of RMB,” Liu said.

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The Most Shocking A/Court ‘Judgment’ in Nigerian History: An unfortunate precedent that should not be allowed to stand

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The last is yet to be heard of wide ranging ex-parte orders as this time around, the charade has moved to the Court of Appeal, Lagos Division. In the case of FBN Quest & Another vs. Nestoil & Others, the Court of Appeal’s ex parte orders are not only egregious but a chilling sign of judicial capture, smacking of dirty practices at best and corruption at worst.

On Thursday, 27th November 2025, at exactly 2:00pm, Justice Yargata Nimpar delivered a ‘ruling ’ that appeared like a thief in the night, a ghost and unscheduled, the said decision came upon a Motion Ex-parte which was not heard not argued in open court, yet it surfaced, fully written, signed, stamped, and delivered as though it had lived a full life on the Court of Appeal docket.

For many Nigerians, the judiciary has again weathered the storms. Veterans of the legal system describe this episode as “a daylight heist… a judicial armed robbery without guns.”

The controversies over wide ranging ex-parte applications, it would seem, has found its way to the Court of appeal, an intermediate court with limited original jurisdiction as donated to it by statute.

In this instance, barely two weeks ago, we reported the ex-parte orders against NESTOIL and the other defendants listed in the suit before the Federal High Court which led to the transfer of the suit to another judge.

The said interim orders were vacated by effluxion of time, being that ex-parte orders last for only 14 days.

The court however ordered parties to maintain status quo and adjourned the Motion on Notice for hearing by the consent of the parties. That Motion is still pending before the Federal High Court.

It would seem that in order to frustrate that pending Motion, the Plaintiffs somehow filed a similar application to the Court of Appeal which was granted an order ex-parte directing the Lower Court not to take any further steps, including determining the pending application filed by Plaintiffs (now Appellants).

This magically resurrected, fast-tracked application seem to have been rubber-stamped at the fictional “Appeal Bench of Shadows,” as insiders have begun calling it.

A CASE THAT NEVER EXISTED — YET RECEIVED A JUDGMENT

Our Judiciary correspondent gathered that when the court’s official list for the day was released, nothing seemed amiss. No controversial cases. No unexpected hearings.

But somewhere inside the dusty chambers of bureaucracy, a secret file was already being prepared and by 2pm, a judgment carrying the signatures of an entire appeal panel had surfaced — even though none of them had appeared in open court and when the case itself had never been argued before any High Court, making an appellate ruling legally impossible.

By evening, whispers had turned into rumblings. Court workers who handled the mysterious document reported unusual instructions: No public sitting; No mention on the court list; No access to case filings; No digital record and No audio recording of proceedings. Yet an order was made retrospectively to undo a completed act! which is yet another impossibility in law, because the exparte order cannot restore what has been already executed.

“It was like dealing with a ghost file,” one clerk said. “It appeared from nowhere and disappeared into official archives as though it had always existed.”

This judgment, once delivered, spread like wildfire, with legal scholars calling it “a constitutional impossibility.” Veterans said they had never seen anything similar since the 1970s.

Enquiries from our judiciary correspondents indicate that an application can only be hinged upon a valid Notice of Appeal against a decision of a lower court before any application can be entertained at the Court of Appeal.

Further Investigations by our judiciary correspondent reveals that no such Notice of Appeal has been filed nor served on the respondents; no parties have been invited to Settle Records and no Records of Appeal have been transmitted.

One wonders the platform or upon which grounds the ex-parte order was made, observed one senior lawyer, especially as a similar pending application filed by the Appellants has been adjourned for Hearing by the Federal High Court.

Furthermore, the case at the trial court before Justice Osiagor has not been heard on its merits, which documents was placed before the appellate court and all applications before the judge has not been heard or is the court of appeal now a trial court.

A JUDICIARY AT A CROSSROADS

Public outrage rose quickly. Lawyers described the situation as “a hijacking of justice by shadowy interests.” Civil society groups demanded explanations.

A Judiciary where justice can be manufactured behind closed doors…a legal system where influence not merit, decides outcomes…and an institution tested by the weight of powerful external forces, et cetera should not be allowed to thrive.

AN ERA-DEFINING SCANDAL

This judgement will stand as one of the most dramatic challenges ever faced by Nigeria’s justice system. The shockwaves has rippled far beyond the courtroom — touching politics, business, security agencies, and public trust.

One thing is clear: This is the kind of judicial earthquake that rewrites history, shakes institutions, and forces a nation to confront the truths it fears the most. Our judicial correspondences were able to get an incline of the ex-parte orders made by the Court of Appeal as follows:

  1. AN ORDER of interim restorative injunction reversing all steps taken by the Respondents and/or persons purporting to act on the instructions of the Respondents and which steps or actions were taken pursuant to the order of the Federal High Court coram Osiagor, J made on the 20th day of November 2025 pending the hearing and determination of the Appellants’ Motion on Notice filed on the 26th day of November 2025.
  2. AN ORDER of interim injunction restraining the Respondents, their agents, servants, affiliates, and privies from interfering with and interrupting the Receiver/Manager in the performance of his duties pending the hearing and determination of the Appellants’ Motion on Notice filed on 26th November 2025.
  3. AN ORDER staying further proceedings at the lower court pending the hearing and determination of the Appellants’ Motion on Notice filed on the 26th November 2025.

A SHOCKING DEPARTURE FROM JUDICIAL NORMS

Therefore, the Lagos Court of Appeal’s decision to grant ex parte orders in FBN Quest & Another vs. Nestoil & Others stunned the legal community as ex-parte rulings are meant for rare emergencies and hardly exercised by appellate courts. By acting without hearing both sides, while the matter was already before the Federal High Court, the Court of Appeal has undermined the principle of natural justice and distorted its own role.

NIGERIAN IMAGE AT RISK

At a time when Nigeria is striving to reposition its global reputation, this case sends the wrong message. It portrays the country as one where courts can be hijacked by private interests, where fairness is discarded, and where corruption lurks behind judicial robes. For investors and international partners, it reinforces damaging stereotypes of weak institutions and compromised justice.

AN URGENT CALL FOR INVESTIGATION

These orders are not just irregular — they are evidence of judicial capture. They must be investigated urgently. The Chief Justice of Nigeria, the National Judicial Council, the President of the Court of Appeal and the Nigerian Bar Association cannot remain silent. If appellate courts become arenas for ex-parte adventures, Nigeria’s justice system risks collapse under the weight of manipulation.

CLOSING NOTE

The Court of Appeal’s conduct in FBN Quest & Another vs. Nestoil & Others is more than a misstep, it is a warning sign of judicial capture. If Nigeria is serious about restoring its image and strengthening democracy, this case must be investigated, accountability enforced, and reforms implemented. Anything less would be an abdication of the judiciary’s sacred duty to uphold justice. We must not allow that to happen.
A very Senior lawyer emphasize that the exparte order of the court of appeal lagos division in Nestoil has the possibility of eroding administrative control of Heads of superior Court from assigning or re assigning matters within their respective courts. Furthermore both the President of the Court of Appeal and the Chief Justice of Nigeria may not have the authority to disband a panel and re- constitute another panel over any matter in their respective courts. This decision is a total anarchy to the judiciary and urgent steps must be taken to vacate the strange Court of appeal exparte order.

The conduct of the court of appeal justices is not excusable anywhere in the world and it’s indeed has brought the court of Appeal justices who constituted the panel to ridicule

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Pius Akutah’s Alleged Fraud at Nigerian Shippers Council Uncovered

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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.

According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.

Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.

Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.

Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.

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Pius Akutah’s Alleged Fraud at Nigerian Shippers Council Uncovered

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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.

According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.

Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.

Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.

Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.

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