Contempt of Supreme Court: Gbajabiamila, Falana, Adegboruwa others blast Buhari, CBN
…Lament Buhari’s broadcast throws Nigerians into deeper confusion
…As Emefiele orders Banks to comply with Buhari’s directives
…Labour Party VP candidate accuses ‘mighty men’ of prevailing on President’s decision
…Falana urges FG to comply with order
…Abia State joins suit challenging policy
By Ibiyemi Mathew and Moses Adeniyi
For attempting to overrule the Supreme Court Order, the Speaker, House of Representatives Rt Hon Femi Gbajabiamila, Human Rights activist, a Senior Advocate of Nigeria(SAN), Femi Falana and Activist Lawyer Ebun-Olu Adegboruwa have blasted President Muhammadu Buhari and the Central Bank of Nigeria (CBN) Governor, Mr Gidwin Emefiele
Recall that the Supreme Court on Wednesday February 15 had upheld its February 8 order barring the Federal Government and its agencies from enforcing the February 10 deadline for the use of old N200, N500, and N1000 naira. The order became necessary as adequate currency notes have not been printed by the Central Bank of Nigeria (CBN).
However, in a national address delivered yesterday morning, President Muhammadu Buhari announced that he had given “approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1,000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.”
The directive of President Buhari was subsequently enforced by the CBN Governor despite its autonomy.
Thus, the President has ruled out old N500 and N1,000 notes as legal tender in Nigeria contrary to the clear and unambiguous order of the Supreme Court.
Adegboruwa said by purporting to vary the Supreme Court’s order that all the old notes should continue to be legal lender, the President committed “executive rascality.”
Adegboruwa noted that despite touting his administration’s “respect” for the rule of law and admitting in his speech that “the subject matter is before the courts and some pronouncements have been made,” the President still disregarded the apex court’s order in part.
Emefiele orders Banks to comply with President’s directives
The Governor of the CBN, Mr. Godwin Emefiele, on Thursday, directed the leadership of all commercial banks to comply with the latest directive on the New Naira policy issued by President Muhammadu Buhari.
The CBN Governor stated this when he visited presidential villa hours after the nationwide televised broadcast where the President announced that only the old N200 note will remain a legal tender until April 10, 2023.
He said the meeting with the bank executives earlier on Thursday was to ensure ample supply of the old N200 notes to alleviate the sufferings of Nigerians.
Gbajabiamila faults Buhari, CBN on disregard for Supreme Court order
The Speaker of the House of Representatives Rep. Femi Gbajabiamila on Thursday faulted the decision of the Federal Government to disregard the Supreme Court order on the issue of currency swap.
Reacting in a statement he personally signed in Abuja on Thursday, Gbajabiamila said though the President’s directive was a step in the right direction, the Federal Government could not afford situations that “suggest a wanton disregard for the rule of law.”
“This morning, President Muhammadu Buhari, GCFR, announced that he has authorised the Central Bank of Nigeria (CBN) to reintroduce the old N200 notes into circulation, pending when the Bank can make sufficient amounts of the new currency available. This is a step in the right direction, and I hope it helps curb Nigerians’ suffering.”
“However, the decision still falls short of the order of the Supreme Court that the old currencies remain legal tender pending the adjudication of a pending suit brought by state governments on the legality of the policy and its implementation.
“It is not to the benefit of our country for the Federal Government to act in ways that suggest a wanton disregard for the rule of law. It will be better for us to strictly adhere to the court’s order in this matter pending the adjudication of the substantive suit,” he said.
Gbajabiamila however urged the citizens to “bear this moment with equanimity.”
He also urged the people to desist from actions capable of causing the break down of law and order.
“For the sake of our country, we must work together to resist actions that escalate tensions and endanger our democracy at this crucial moment of national awakening and rebirth.
“In all things, let the well-being of our fellow citizens and the survival of our nation be foremost in our hearts and guide all the decisions we make in this historic moment,” the Speaker said.
“This situation is a consequence of the flawed implementation of the naira redesign policy by the Central Bank of Nigeria (CBN). It is also the result of decisions made by the CBN Governor, Mr Godwin Emefiele, to refuse counsel, be guided by precedent or abide by the decisions of superior courts.”
He said Section 20(3) of the CBN Act, 2007 provided the statutory authority for the apex bank to initiate and implement policies for the recall of Nigerian currency, stressing that based on the provisions of the law, there were three conditions precedent for the CBN to recall existing Naira notes.
“The first is that the permission of the President must be obtained, and the second is that reasonable notice shall be given. The third is that the Central Bank of Nigeria shall pay the face value of the recalled currency upon receipt.
“Whereas reasonable people may disagree as to whether sufficient notice was given for the implementation of this policy, it is evident that the Central Bank of Nigeria (CBN) has failed woefully in its statutory obligation to pay the face value of the recalled currency in the form that is useful to the citizens whose current suffering could have been avoided.
“The current scarcity of cash is happening because the Central Bank of Nigeria (CBN) did not sufficiently replace the old currency it pulled out of circulation across the country. This created an artificial scarcity that put significant additional pressure on the already epileptic electronic banking channels, resulting in a near-complete collapse of trade in the country.
“It is disheartening that the Central Bank of Nigeria (CBN) has resolutely refused to admit error and change course in the face of mounting evidence that the implementation of this policy has been a devastating failure.
“It is deeply troubling that neither the intervention of the National Council of State nor an order of the Supreme Court is sufficient to cause the Governor of the Central Bank of Nigeria (CBN) to review the decisions that have brought us to this entirely avoidable moment,” Gbajabiamila said.
Labour Party vice Presidential candidate accuses ‘mighty men’ of prevailing on President’s decision
Speaking during a courtesy call on the Obi of Onitsha, Igwe Nnaemeka Achebe, the Labour Party Vice Presidential candidate, Senator Yusuf Datti Baba-Ahmed has accused ‘mighty people’ of prevailing on President Buhari to change his stance on the extension of the deadline for the old notes in circulation.
He said, “For the President to shift ground twice already, there is the possibility that he would extend the deadline again.
“When you see a President bulge once, however small, those mighty people that prevailed on him to bulge will see a reason to press further. So, it is a lot of concern for us for the President to change his position literally nine days to the election.
“However, we have recognised the fact that no state governor, especially those who don’t respect court judgements, can force the federal government to change the policy.
“It has been done and it stays, although it was poorly implemented, just like everything about this government, including our economy, security, as well as the level of corruption which we have been living with.
“We pray that the election would go well so that it can open the space for good governance,” Daitti said.
Falana urges FG to comply with order
Human rights activist and Senior Advocate of Nigeria, SAN, Femi Falana, has advised the Federal Government of Nigeria to comply with the order of the Supreme Court.
Falana noted that Buhari lacks power to overrule Supreme Court.
Accusing the President of not being serious in solving the financial crisis, Falana in a statement titled ‘FG must end the suffering of Nigerians,’ noted that the April 10th issued by the president was too close.
His words, “The suffering of the Nigerian people is getting worse by the day. President Buhari in his message to the nation gave no hope that this suffering will end anytime soon. We need action now to reverse the fuel price increases and to make money available again. Our suffering cannot continue – we cannot live like this. After 13 days (rather than seven) President Buhari eventually announced a decision this morning. But it is not enough to end the crisis. There are not enough old 200 naira notes to replace all the old N1,000 and N500 notes. In addition, the new deadline of 10th of April is too close.
“If the government was serious, the crisis could be ended in a few days. All the old currency notes could be made legal tender until the end of the year. In addition, all the old currency notes could be changed at the banks as well as at the CBN until the end of next year. This would give confidence back in the markets and the old currency would again be accepted.
“The problem is that the corrupt elite think that increased suffering and deaths of the common people is a price worth paying if they defeat their opponents. Hungry people can no longer buy food and so they are in more danger of dying from common diseases. People cannot afford to travel to hospital. If they get there they cannot afford tests. If they take the tests they cannot afford the medicine.
“This crisis was created by the government. It is only the government that can end the crisis. The government could end this crisis in a matter of days. The CBN could issue old currency notes to the banks to issue to the public in a matter of days. That is all that is needed to end the crisis. The untold crisis across the country, the misery, suffering and deaths are a result of a fight between different clans of the corrupt elite. The common people are suffering as a result of disputes over who will loot for the next four years or more.
“Unless firm action is taken, this crisis will get worse in the days to come. The suffering and anger is likely to make violence around the election worse. Then we still have to suffer the Buhari Government for at least another three months. Any alternative to this will only make the situation worse,” Falana wrote.
Abia State joins suit challenging Naira redesign policy
Abia state Governor, Dr. Okezie Ikpeazu, has directed the Attorney General of the State, Chief Uche Ihediwa, SAN, to put all necessary legal processes to join the suit over the new policy of the Central Bank of Nigeria, CBN, to change old Naira notes to new ones.
Commissioner for Information, Barr. Eze Chikamnayo, in a statement, explained that the state government decided to join the suit challenging the policy at the Supreme Court as a result of the untold hardship being experienced by Abia citizens due to the unavailability and poor distribution of the newly redesigned notes.
He further stated that the state government wants the Naira redesign policy to be implemented in a way that it will not continue to threaten the peace and economic well-being of Nigerian citizens.
