February 22, (THEWILL) – The Supreme Court of Nigeria, on Wednesday, fixed March 3, for judgment in the consolidated suit filed against the Federal Government from implementing the February 10 deadline to phase out the old naira notes.
THEWILL reported that the apex court had earlier granted an ex parte motion filed by the governments of Kaduna, Kogi and Zamfara states, seeking “an interim Injunction restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for an interlocutory injunction.”
But, the Attorney-General of the Federation (AGF), Abubakar Malami (SAN), had filed a preliminary objection against the suit, urging the apex court to decline jurisdiction.
At the last sitting of the apex court on February 15, more states had joined Kaduna, Zamfara and Kogi States as co-plaintiffs, while Edo and Bayelsa States joined on the part of the Federal Government as co-defendants.
Justice Okoro, who duly granted the request, ordered the consolidation of the 10 suits into one, with the joint plaintiffs being Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Sokoto, and Lagos States.
At the resumed hearing of the suit on Wednesday, the first and second plaintiff’s (Kaduna and Kogi states) counsel, Abdulakim Mustapha (SAN), urged the court to dismiss the preliminary objection of the defendants.
The third plaintiff, Zamfara State, also asked the panel to set aside a directive issued by the President on the old N200 notes on 16th February after the court’s last sitting amid its ruling.
For Lagos State, its AG, Moyosore J. Onibanjo SAN, argued that he filed a motion on notice seeking an order of the court prohibiting the AGF from being granted audience before this court until his principal, the President, complies with the order made on 8 February, which directed that old notes remain legal tender pending the determination of the case.
He contended that the policy being implemented by the CBN and commercial banks have affected the government’s ability to carry out its constitutional functions in the state.
In a separate application, the AG of Rivers State, Emmanuel Ukala (SAN), urged the court to set aside the entire naira swap policy of the Federal Government for being allegedly unconstitutional.
However, Counsel to the AGF, T.A Gazali (SAN), disagreed with the notion put forward by Rivers State, insisting that it should be dismissed.
The Kano State Government’s lawyer, Sanusi Musa (SAN), accused the President of sidelining the National Economic Council, which includes Governors and members of the Federal Executive Council (FEC), before arriving at his decision on the policy.
He added that it was unconstitutional for the policy to be framed by Buhari and the CBN alone without alleged consultations with State Governors.
Again, Gazali urged the court to dismiss the claim.
However, the seven-man panel of the apex court, led by Justice John Okoro, fixed March 3 for judgement.
