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N30bn bond: Guber aspirant sues Abia govt

By Innocent Anaba

ABUJA – A  Peoples Democratic Party (PDP) governorship aspirant for the 2011 general election in Abia state, Chief Nnamdi Nwokocha-Ahaaiwe, has dragged the Abia State Government and the National Assembly, before a Federal High Court sitting in Abuja, over plans by the Abia state government to borrow from the Nigeria Stock Exchange (NSE)N30bn bond without  recourse to the national lawmakers.

Other defendants in the suit are the Abia State Attorney General, Abia State House of Assembly and Nigeria Stock Exchange.

The plaintiff, also a lawyer and the Abia State PDP Auditor, is praying the court to declare the law by the Abia state House of Assembly which authorised the State to borrow the money as  unconstitutional, null, void and of no effect.

He is further praying the court to declare that having regard to Section 4, sub-sections (2), (3) & (7(a) and items 7 & 12 of the Exclusive Legislative List in Part 1 of the Second Schedule of the 1999 constitution, the National Assembly has Exclusive legislative competence, jurisdiction, powers and authority to legislate on borrowing of moneys or capital issues within or outside Nigeria for the purposes of any State of the Federation including Abia State to the exclusion of the Abia State House of Assembly or any other State House of Assembly.

* A declaration that having regard to Section 4, sub-sections (2), (3) & (7(a) and items 7 & 12 of the Exclusive Legislative List in Part 1 of the Second Schedule of the constitution, no State House of Assembly, including the Abia State House of Assembly has the jurisdiction, authority or powers to legislate on borrowing of moneys or capital issues within or outside Nigeria for the, purposes and benefit of Abia State of Nigeria or any State of the Federation.


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