The Supreme Court of Nigeria has fixed March 3 for judgment in the suits filed by ten States against the naira swap policy of the Federal ...
The Supreme Court of Nigeria has fixed March 3 for judgment in the suits filed by ten States against the naira swap policy of the Federal Government.
A nine-member panel led by Justice John Okoro announced the date after taking final arguments from lawyers to parties in the cases.
Earlier, the Supreme Court on Wednesday consolidated the suits instituted by the 10 state governments against the Federal Government challenging the implementation of the new naira redesign.
At the last hearing on February 15, seven states joined the three initial states as co-plaintiffs, while Edo and Bayelsa states joined the Federal Government as co-defendants.
The court, however, refused to join Abia State in the suit yesterday on the ground that it came late with its originating summons.
All efforts by Abia State Government to be joined in the suit, was turned down and was ordered to present its case at a later date.
Counsel for Rivers State, Emmanuel Ukala argued the motion for the consolidation of the case filed by the ten states.
Moving the motion on notice, Ukala premised the consolidation request on the need for the suit to be heard without any hinderance since the matter bothers on same issue.
The head of the seven-man panel, Justice John Okoro, granted the request and ordered consolidation of the ten suits into one.
The plaintiffs in the consolidated suit are the Attorneys General (AGs) of Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Sokoto, and Lagos states while the defendants are the Attorney General of the Federation, Abubakar Malami (SAN), as well as the AGs of Bayelsa and Edo states.
The Central Bank of Nigeria (CBN) had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court, after a suit filed by the states set aside the February 10 deadline for swapping of the old notes.
The apex court ordered that the old notes of N1,000, N500 and N200 should remain a legal tender pending the determination of a notice in respect of the issue on February 22.
President Muhammadu Buhari, in a national broadcast last Thursday, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for additional 60 days , ending April 10, 2023.
He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.
The President's broadcast generated a lot of reactions with most senior lawyers and Governors describing the President's directive in the national broadcast as a contempt of the order of the Supreme Court.
The Senior Advocate of Nigeria (SANs) who described the President's broadcast as contemptuous of the Supreme Court included Prof Itse Sagay, Dr Olisa Agbakoba, Femi Falana, Babatunde Fashanu, Wahab Shittu, Mike Ozekhome, Dr Wahab Shittu among others.
APC Governors who kicked against and issued counter directive included Nasir El-Rufai (Kaduna), Abubakar Badaru (Jigawa), Rotimi Akeredolu (Ondo), Umar Ganduje (Kano); Babajide Sanwo-Olu (Lagos), Dapo Abiodun (Ogun), Speaker of the House of Representatives, Femi Gbajabiamila; Minister of State for Labour and Employment, Festus Keyamo; and many stalwarts of the ruling APC .
They openly faulted the President’s directive, arguing that it has no basis because the case is before the apex court.
They all said the President cannot overrule the supreme court.
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