Stephen Ukandu, Umuahia
Federal High Court sitting in Awka, Anambra State, has stopped the Incorporated Trustees of African Initiative Against Abuse of Public Trust, from restraining the Central Bank of Nigeria, CBN, from implementing the Naira redesign policy.
The Trustees had on 30th November, 2022, on behalf of over 50 million Nigerians in different rural areas without bank accounts, dragged the CBN, its Governor, Godwin Emefiele; and Attorney General of the Federation (AGF); to the Awka Division of the FHC as the 1st, 2nd and 3rd Defendants respectively in the suit marked Suit No: FHC/AWK/CS/195/22.
The originating summons read in part: “To restrain/ stop the Central Bank of Nigeria Nigeria (CBN), it’s Governor, Mr. Godwin Emefiele and Attorney General of the Federation (AGF) and their Agents/Assigns from taking any step to enforce the implementation of the policy on the redesign of the Naira notes and non-physical exchange of the old Naira Notes with the new notes without a clear policy on how to accommodate the over 50 million Nigerians without Bank Accounts.”
The court had directed the Plaintiff to put the Defendants on notice and adjourned the hearing of the motion on notice to the 19th January, 2023.
The Plaintiffs had N. D. Agu, Esq. as their Counsel, an Aba, Abia State-based lawyer, Chief Musa M.Tolani led the legal team for the Defendants.
At the resumed hearing of the suit on January 19, Counsel to the Plaintiff orally applied to discontinue the suit and withdraw same based on undisclosed instructions from his clients.
But while the 1st and 2nd Defendants’ lead Counsel, ( Chief Musa M.Tolani ) did not oppose the discontinuation of the suit and withdrawal of same, he, however, vehemently argued and applied for N50 million as punitive cost to be awarded against the Plaintiff.
The 1st and 2nd Defendants had filed copious processes in response to the Plaintiff’s Originating Summons.
According to the Ruling of the court contained in the Certified True Copy of the Enrolled Order dated 31st January, 2023, and obtained by Ikengaonline, the court presided over by Honourable Justice H. A. Nganjiwa, after considering the circumstances of the case and arguments of the Counsels to the parties, ordered that the suit be struck out.
The Honourable Court awarded the sum of N300, 000 as cost against the Plaintiff in favour of the Central Bank of Nigeria and Emefiele who are the 1st and 2nd Defendants respectively.
