Friday, 29th March 2024
To guardian.ng
Search

Naira swap: Ondo, Kano join Kaduna, Zamfara, Kogi suit against FG at Supreme Court

By Jimisayo Opanuga and Murtala Adewale, Kano
10 February 2023   |   12:49 pm
Kano State and Ondo State have joined the suit at the Supreme Court against the Federal Government of Nigeria over the Central Bank of Nigeria (CBN) deadline on the new naira swap. Kano and Ondo State have now joined Kaduna, Kogi, and Zamfara state governments on the substantive suit already reserved for Wednesday, February 15,…

APC – Kaduna State Governor, Nasir El-Rufai (left); Senate President, Ahmad Lawan; Kano State Governor/co-chairman, APC National Campaign Council for Osun governorship election, Dr. Abdullahi Ganduje; Osun State Governor/party’s candidate, Gboyega Oyetola; Governor Rotimi Akeredolu of Ondo State; presidential candidate, Asiwaju Bola Tinubu; former interim national chairman, Chief Bisi Akande; vice presidential candidate, Senator Kashim Shettima; Ekiti State Governor Kayode Fayemi; his Kebbi counterpart Governor/Chairman of Progressive Governors’ Forum, Atiku Bagudu; Lagos State Governor/Chairman of the party’s National Campaign Council for Osun governorship election, Babajide Sanwo-Olu and his co-chair, Governor Abubakar Sani Bello of Niger State, at the final mega rally for Oyetola’s re-election in Osogbo… yesterday. 

Kano State and Ondo State have joined the suit at the Supreme Court against the Federal Government of Nigeria over the Central Bank of Nigeria (CBN) deadline on the new naira swap.

Kano and Ondo State have now joined Kaduna, Kogi, and Zamfara state governments on the substantive suit already reserved for Wednesday, February 15, 2023 by the Supreme Court for hearing and determination.

Supreme Court has issued an exparte order restraining the Federal government and CBN from enforcing the Friday, February 10 deadline for outdating the old news as legal tender, the Federal government in a counter attempt has approached the apex court to vacate the order.

In a Suit Number: SC/CS/200/2023, filed Thursday evening and slighted by The Guardian, the Kano State Attorney General, through his Counsel, Sunusi Musa (SAN) is seeking the Apex court to declare that the President of Nigeria, cannot unilaterally direct the Central Bank of Nigeria to recall the now N200, N500 and N500 old Bank notes without recourse to the Federal Executive Council and National Economic Council, respectively.

Applicant is also seeking for mandatory order, compelling the Federal Government of Nigeria to reverse the Naira redesign policy for alleged failure to comply with 1999 (as amended) constitution of the Federal Republic of Nigeria.

The Kano state Government is praying a mandatory order seeking for a reversal of the Federal Government policy to recall the N200, N500 and N1,000 notes from circulation, for affecting the economic well-being of over 20 million of Kano citizens.

In an originating summon filed and signed by the Attorney-General of Ondo State, Charles Titiloye, the state government prayed the Supreme Court to stop the implementation of the directive issued by federal government through the Central Bank of Nigeria on limitation of daily cash withdrawals from banks.

Mr Titiloye said the policy has totally paralysed and brought to a standstill the activities of Ondo State Government and adversely affected economic and commercial activities in the state.

The suit contended that the guideline on daily maximum cash withdrawal was an infraction on the legal rights of Ondo State Government and its citizens to access funds for execution of developmental projects, small credit facilities to petty traders (who have no account in banks) and is highly detrimental to daily commercial activities in the state.

The Ondo state Government is also asking the Supreme Court to decide whether the guidelines issued by the federal government on maximum daily cash withdrawal and the continuous suffering and hardship caused by the implementation of the said policy is not in conflict with the express provision of section 2 of the Money Laundering Act, Sections 20, 39 and 42 of the Central Bank of Nigeria Act.

It also averred that while it had more than 149 ministries, departments and agencies to run on daily basis in a state with more than three million people, less than five hundred thousand people had bank accounts through which bank transfers could be made.

“Consequently the policy of the Federal Government has totally paralysed the economy of the state,” the state government said.

0 Comments