• Contact Us
  • About Us
Wednesday, October 7, 2026
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home News

Naira Redesign: Supreme Court To Deliver Judgement Friday

metro by metro
March 3, 2023
in News
0
Naira Redesign: Supreme Court To Deliver Judgement Friday
0
SHARES
0
VIEWS

Read Also

Senators From Both Parties Ask Trump To Release Emergency Heating Oil As Prices Surge

Ghana Accuses Western Countries Of Increasing Support For Slavery Reparations

Extended Vacation: Tinubu Can’t Interminably Run Nigeria Like Paul Biya Runs Cameroon- Chidi Odinkalu

The Supreme Court will today, March 3, 2023 deliver judgment in the suit brought before it by the governments of Kaduna, Kogi, Zamfara and thirteen other state governments challenging the naira redesign policy of the Federal Government.

During last week’s proceedings, a seven-member panel of Justices of the apex court, presided by Justice John Okoro, which insisted on hearing all the applications filed in the matter same day to a void a situation where the judiciary will be made a scapegoat, fixed the date for judgement after all the parties adopted their various processes in the matter.

A total of sixteen states are now plaintiffs in the suit against the federal government, while the Edo and Bayelsa state governments joined the federal government as defendants in the matter.

The Kaduna, Kogi and Zamfara state governments were the first set of states that challenged the naira redesign policy of the Federal Government, but were latter joined by Katsina, Lagos, Cross River, Ogun, Ekiti, Ondo, Sokoto, Niger, Abia, Rivers, Nasarawa, Jigawa and Kano states in a consolidated amended Originating Summons, in praying the Apex Court to void and set aside the policy on the ground that, it is inflicting hardships on innocent Nigerians.

The states had accused Buhari of usurping the function of the Central Bank o Nigerians (CBN), and asked that the directive issued by President Muhammadu Buhari be voided.

While adopting the briefs of Lagos state, the Attorney General of the state, Mayosore Onigbanjo (SAN) drew the court’s attention to an application the state filed seeking an order of the court stopping the appearance of the AGF in the matter until the president comply with the order of the court to the effect that N200, N500 and N1000 notes be used together with the new naira notes.

The Zamfara state government, represented by Abidun Owonikoko (SAN), in an application, prayed the apex court to make an order setting aside the directive of the President in his February 16, broadcast, which limits the 15th February order of the court to only N200 notes.

The Attorney General of the Federation represented by Chief Kanu Agabi (SAN), in his objection, claimed that the Apex Court lacked the jurisdiction to entertain the suit because the dispute that arose over the naira re-design was not between it and the sixteen states that can lead to invocation of the Supreme Court’s direct intervention.

He further pleaded with the Apex Court to void and set aside the contempt charges initiated against the AGF, on the ground that such charges should be directed at the CBN, being the body responsible for the acts that led to the dispute, adding that even though the plaintiffs made reference to the apex bank 32 times in their processes, they did not deem it fit to join the bank as defendant in the matter.

He said that the anger of the plaintiffs should have been directed at the CBN, responsible solely for the naira re-design.

The senior lawyer also informed the Court that seven of the reliefs being sought are against CBN, adding that it would be a great injustice to make order against a party not before the court.

Agabi, while urging the court to dismiss the case of the plaintiffs, maintained that the plaintiffs are crying against the naira re-design at the wrong court and argued that the Supreme Court should direct the states to the Federal High Court.
ALSO READ:CBN’s Directive On Tenure Limits Claims Another Casuality As Zenith Bank’s DMD, Adaora Umeoji Retires
He said that section 20 (2) of the CBN Act being attacked by the states can only be challenged at the Federal High Court and not the Supreme Court.

The preliminary objection of Edo State was presented by its counsel, Chief Kenneth Mozia (SAN) while that of Bayelsa State against the suit was argued by Mr Audu Anuga, (SAN).

The states joined the Federal Government in urging the court to dismiss the suit of the plaintiffs for want of jurisdiction.

Previous Post

CBN’s Directive On Tenure Limits Claims Another Casuality As Zenith Bank’s DMD, Adaora Umeoji Retires 

Next Post

Jeremy Awori leads Ecobank Group as the new Chief Executive Officer

Related Posts

US Excludes Nigeria, 17 Other Countries From 2025 Visa Lottery Scheme
News

Senators From Both Parties Ask Trump To Release Emergency Heating Oil As Prices Surge

September 24, 2026
Ghana May Lose $3.8Bn World Bank Funding Over Anti-LGBTQ+ Bill
News

Ghana Accuses Western Countries Of Increasing Support For Slavery Reparations

September 24, 2026
Extended Vacation: Tinubu Can’t Interminably Run Nigeria Like Paul Biya Runs Cameroon- Chidi Odinkalu
News

Extended Vacation: Tinubu Can’t Interminably Run Nigeria Like Paul Biya Runs Cameroon- Chidi Odinkalu

September 24, 2026
Iranian Delegation Lands In Islamabad Ahead Of  ‘Make-or-Break’ Talks 
News

Pezeshkian Says Iran Won’t Surrender, After Trump’s Annihilation Threat

September 23, 2026
Next Post

Jeremy Awori leads Ecobank Group as the new Chief Executive Officer

WFP strongly condemns attack on trucks in South Kordofan, killing one driver

October 6, 2026

Investing in Better Jobs, Faster Growth: New World Bank Group Report Helps Chart a Path to Poverty Reduction in Tanzania

October 5, 2026

Invest Qatar, Aurion Capital and LG NOVA engage to advance technology investments and venture building in Qatar

October 2, 2026
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Go to mobile version