News

Court dismisses suit challenging FG on N23tn Ways and Means Loan

Published

2 weeks ago

May 9, 2024

A Federal High Court, Abuja, on Thursday dismissed a suit seeking to restrain the Federal Government (FG) from securitising the sum of N22.7 trillion Ways and Means Loan support it got from the Central Bank of Nigeria (CBN).

Justice James Omotosho, in a judgment, held that the plaintiffs lacked locus standi (legal right) to institute the case.

Justice Omotosho further held that where the plaintiffs had the locus standi to file the suit, they had failed to prove same

The plaintiffs; Justin Edim and Akinfewa Akinwunmi, had sued President Bola Tinubu, Federal Government of Nigeria, CBN and Ministry of Finance as 1st to 4th defendants.

Others in the suit marked: FHC/ABJ/CS/1286/2023, are Debt Management Office (DMO), National Assembly and Attorney General of the Federation (AGF) as 5th to 7th defendants respectively.

The plaintiffs, through their counsel, Victor Opatola, had said that they initiated the legal action on behalf of themselves and other Nigerian citizens.

They specifically asked the court to stop the conversion of the debt to a promissory note or any other promise to pay at a future date or securitisation by ways of issuance of treasury bills, bonds or other forms of security.

In December 2022, the FG had requested the 9th National Assembly for permission to securitise the debts they had incurred from the CBN over the years.

The plaintiffs, therefore, claimed that the series of loans secured from the CBN had amounted to N23.7 trillion, and that the FG was planning to restructure the loans to something that could be traded.

They further stated that the FG had over the years secured various loans from the CBN under the Ways and Means provision of Section 38 of the CBN Act in contravention of relevant laws which stipulated that the total amount the FG could borrow shall not at any time exceed five per cent of the previous year’s revenue of the FG.

They averred that recently, the Ways and Means debt of N22.7 trillion was decided to be converted into bond (promissory note) contrary to Section 38(3)(b) of the CBN Act.

The plaintiffs accordingly want the court to declare that the effect of securitising the Ways and Means debt would adversely affect the plaintiffs and millions of Nigerians, as well as rob them of the true worth of their savings and further drive Nigerians below poverty line.

“That by securing the Ways and Means Debt, the government will be putting too much money in the money market which naturally increases liquidity in the Nigerian economy which pen-ultimately skyrocket inflation in Nigeria.

“That unless the respondents are compelled by an injunction of this honourable court, it will continue to take steps in variance with the law and continue in its efforts to securitise the Ways and Means loan; which if completed and bought by Nigerians and investors might become irreversible,” they said.

Delivering the judgment, Justice Omotosho struck out the name of the National Assembly from the suit, the plaintiffs, having breached the condition precedence of filing a pre-action notice on the legislature three months before filing the suit.

On whether the plaintiffs had the legal right to have filed the suit, the judge said though the plaintiffs claimed that they filed the matter on behalf of the masses, he held that the instant case was not a fundamental enforcement rights suit.

He said the claim that the suit was brought on behalf of the public was, therefore, incomprehensible.

The judge then asked whether there was any public forum where the plaintiffs brought the people together or conducted a poll to gather their opinions and views before commencing the action.

He said the plaintiffs had not shown to the court how the Ways and Means bill affected their personal rights.

He said that having failed to show how this affected them personally, they had no right to file on Nigerians’ behalf.

“The need to have requisite locus standi is to prevent all kinds of suits.

“The case is hereby dismissed for lack of locus standi,” he declared.

Justice Omotosho further held that even if the plaintiffs had had locus, the exhibits attached to their court processes were not certified true copies (CTCs).

According to the judge, the plaintiffs only come with a printout of an online newspaper as evidence before the court.

He said that the only admissible copy of a newspaper printout would have been to certify the photocopy of same.

“You cannot just printout or buy a newspaper from a newspaper vendor and brought it to court.

“it must be certified by the National Library by virtue of Section 84 of Evidence Act, 2011.

“Where a public document is ought to be tendered, only the certified true copy will be admissible,” he said.

The judge, who said that the court cannot rely on downloaded documents as being genuine, said it is either the original copy or the CTC.

He restated that a public document must be certified to be admissible before a court.

Justice Omotosho, who said that the suit was full of speculation and rumour, expunged the exhibits from the court file.

According to him the court does not rely on speculation.

The judge, consequently, dismissed the suit for lack of locus standi.

Related Topics:court Ways and Means Loan

Up Next

We will deal squarely with land grabbers – Wike

Don't Miss

NASENI restates commitment to enhance production of Nigeria’s branded products

Click to comment

News

Step-by-step guide to applying for 2024 MTN scholarship

Published

4 hours ago

May 20, 2024

Anita Anyanwu

MTN Nigeria Foundation on Friday announced scholarship opportunities for Nigerian students to support education and empower the next generation of leaders.

MTN also announced that the online registration portal is now open for interested undergraduate and Postgraduate students.

It has also increased the annual award amount from N200,000 to N300,000 for eligible students.

The scholaship covers tuition fees, accommodation, and other academic expenses.

SPORTS EXTRA: Arsenal Keeps Tittle Hopes Alive After Crucial Win Against Man united0:05 / 1:01

The application deadline is June 12th, 2024.

The MTN scholarship types you can apply for

There are three main academic scholarships available from MTN that you can apply for. These are as follows:

MTN Science and Technology Scholarship (MTN STS): This flagship program, established in 2010, supports 300-level students in Nigerian public tertiary institutions (universities, polytechnics, and colleges of education) who are pursuing Science and Technology-related fields. Each year, 300 students maintaining good grades receive scholarships of N200,000.00, renewable annually until graduation.

MTN Scholarship for Blind Students (MTN SBS): The program began in 2012 for visually impaired students in 200 and 300-level programs enrolled in Nigerian public universities, polytechnics, and colleges of education. 100 high-achieving visually impaired students will each get a ₦ N300,000 scholarship each year until graduation if grade requirements are met.

Top 10 UTME Scholarship: The top 10 scoring candidates of UTME as announced by JAMB, automatically qualify for the top 10 UTME scholarship. The candidates are awarded scholarships from their 100 level through to graduation upon meeting grade requirements and each student will get an annual award amount of N300,000. The Top 10 UTME Scholarship is awarded irrespective of the successful candidates’ preferred course of study or Tertiary Institution – Public or Private in Nigeria.

Below is how to apply for an MTN scholarship:

Check Eligibility

Researching and understanding the eligibility criteria before applying for an MTN Scholarship is important. These scholarships are typically available to undergraduate students at accredited Nigerian higher institutions. Ensure you meet the minimum requirements, including age, educational background, and CGPA (Cumulative Grade Point Average). Review the specific criteria provided by the MTN Foundation to verify your eligibility.

The eligibility requirements for the MTN Scholarships are as follows:

Institution of study

Students enrolled in a Nigerian public tertiary institution (university, polytechnic, or college of education) can apply for either the MTN Science and Technology Scholarship (STS) or the MTN Scholarship for Blind Students (SBS).

Course of Study

The MTN Science and Technology Scholarship is available to undergraduates in Nigerian public universities, polytechnics, and colleges of education who are majoring in science or technology-related fields.

MTN recognises that the academic calendar varies across public tertiary institutions. Therefore, the MTN Science and Technology Scholarship is open to students who have completed their second semester of 200 level and are advancing to 300 level as well as those currently enrolled in 300 level.

The MTN Scholarship for Blind Students is available to blind students in their second or third year of study at any Nigerian public university, polytechnic, or college of education. For law students, whose program spans five years, the MTN Scholarship is available only to those in their third year of study.

News

Peter Obi visits Kano mosque attack victims

Published

4 hours ago

May 20, 2024

Anita Anyanwu

The presidential candidate of the Labour Party in the 2023 general election, Peter Obi, has visited the victims of a mosque attack in the Gezawa Local Government Area of Kano State.

Obi, who posted the pictures of the victims lying in the hospital beds with various degrees of injuries, made this known on his verified X handle on Monday.

He wrote, “Yesterday, Sunday the 19th, as a follow-up to my earlier condolence message regarding those who lost their lives in the horrific and devastating terror attack on May 16, 2024, in the Gezawa local government area of Kano State during the morning prayer session.

“I visited Murtala Mohammed Hospital in Kano to sympathize with those injured and receiving treatment at the hospital. The visit was to physically show solidarity with the wounded, offer support, and wish them a speedy recovery, as well as to thank and encourage the management

“And most importantly, it was to send a message to the victims that we stand together in condemnation of any senseless act of violence and killing in our country.

“Once again, I sincerely send my condolences to the Government of Kano State, the Emir of Kano, Alhaji Aminu Ado Bayero, and the people of Kano over this very sad incident. I extend my thoughts and prayers, especially to the families of the victims,” reports that the Kano State Police Command on Friday confirmed the death of 15 persons in the mosque attack in Gadan village in Gezawa Local Government Area of the state.

A man on Wednesday allegedly sprayed the mosque with petrol, locked its doors, and set it on fire, trapping worshippers.

The state Commissioner of Police, Usaini Gumel, told the News Agency of Nigeria in a telephone interview that so far, 15 out of the 24 victims of the incident died.

Initial reports said one worshipper had died from the attack but the death toll later rose after more victims died while receiving treatment at the Murtala Muhammad Specialist Hospital in Kano.

News

Stakeholders, Associates commend Governor Alia at 58th birthday

Published

7 hours ago

May 20, 2024

NewsDirect

By Titus Atondu, Makurdi

Stakeholders and Political associates of the Benue state Governor, Rev. Fr. Hyacinth Alia have commended the Governor for his performance in office within one year of his administration.

Speaking at the 58th birthday celebration of Governor Alia held at the New Banquet Hall in Government House Makurdi, Benue APC acting Chairman, Benjamin Omakolo described the Governor as a remarkable leader, extraordinary man whose journey in life has been that of passion for his people especially in improving their well being.

The All Progressives Congress (APC) National Working Committee led by the Deputy National Secretary, Barr. Festus Fuanter also eulogised the Governor as a man who is giving hope to Benue people in the area of infrastructural development.

“Do not be distracted. The party will stand by you for two reasons, generational and political so we can win the next election. Do not be afraid as nothing good comes easy. We shall stand by you and ensure you surmount every obstacle that comes your way,” he said.

Meanwhile, Senator Barnabas Gemade said that the Governor must have enemies to effectively deliver good governance to Benue people.

He said in politics where the governor has found himself, he cannot run away from political enemies if he wants to develop the State.

The former minister of works who was the Chairman of the occasion said, “In politics whatever you do or say people interpret it differently,” and added “that he must not be afraid of making enemies while bringing good governance to Benue people.”

”This business that you are in now is politics and governance, there are enemies you cannot run away from. People will be elevated and others brought down.

“If you are doing something bad, some will want you to do something good and vice versa but search your conscience and do good for the masses and you will have satisfaction,” Gemade stressed.

Responding, Governor Hyacinth Alia also revealed that the Benue State Government would soon build a flyover in Otukpo, the traditional headquarters of the Idoma nation.

Alia said his administration was determined to develop the state and appreciated the virtues of hard work and conscience of the poor masses.

He said the State was currently enjoying relative peace and most of the displaced farmers have returned to their farms adding that more effort would be made by his administration for more peace to be achieved.

The Governor again emphasised that security was not spoken but executed.