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N620bn bailout suit: Court refuses CBN’s plea

By Innocent Anaba

LAGOS—A Federal High Court in Lagos,  yesterday overruled the Central Bank of Nigeria (CBN) and its governor, Mr. Lamido Sanusi’s  applications on the suit by House of Representatives member, Mr.  Femi Gbajabiamila.

They had urged the court to first hear and determine the preliminary objection they brought challenging Gbajabiamila who wants the court to declare as illegal, Sanusi’s decision to print N620 billion which was reportedly distributed as bailout to the eight troubled banks.

Justice Fatima Nyako, in a short ruling, upheld the argument by plaintiff’s counsel, Mr. Seni Adio, that it would save judicial resources if the applications by parties were heard alongside the substantive suit.

The court said it would hear the preliminary objection and application for interlocutory injunction together, but  first rule on the objection.

She then directed parties to file written addresses before November 19, when they would  adopt same,  preparatory to the court’s ruling.

Gbajabiamila wants the court to, among others, decide whether the 1999 Constitution empowers the defendants to raise money by printing and unilaterally spend it without the approval of the National Assembly.


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