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N620bn bank bailout: Rep drags Sanusi, Aondoakaa to court

By Tordue Salem

ABUJA -The Minority Whip of the House of Repreentatives, Rep. Femi Gajabiamila, has filed a suit at a Federal High Court challenging the decision by the Central Bank to inject N620 billion into the 8 banks declared unhealthy. Also joined in the suit are the Attorney General and Minister of Justice, Mr. Michael Aondoakaa.

In an originating summons instituted at the Federal High Court, Lagos on October 12, the plaintiff is praying the court to determine whether the 1999 Constitution authorizes or otherwise empowers the 1st and or/2nd  defendants/ respondents or their privies, including the 3rd defendant/ respondent to raise money by printing and unilaterally spending the money so raised in their exclusive discretion without submitting the same to the National Assembly for Appropriation or otherwise obtaining the approval of the National Assembly.

The applicant also wants the court to determine whether the CBN Act authorizes or otherwise empowers the 1st and or/2nd defendants/ respondents or their privies, including the 3rd defendant/ respondent to raise money by printing and unilaterally spending the money so raised in their exclusive discretion without submitting the same to the National Assembly for Appropriation or otherwise obtaining the approval of the National Assembly.

He prayed the court to determine whether the Banks and other Financial Institutions Act authorizes or otherwise empowers the defendants or their privies to raise money by printing and unilaterally spending the money so raised in their exclusive discretion without submitting the same to the National Assembly for Appropriation or otherwise obtaining the approval of the National Assembly.


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