By Innocent Anaba
A Federal High Court sitting Lagos will tomorrow, resume hearing in the suit challenging the right of the Central Bank of Nigeria (CBN) Governor, Mr. Lamido Sanusi, to unilaterally print and disburse money without recourse to the National Assembly. Trial judge in the matter is Justice Fatima Nyako.

House of Representatives member, Mr  Femi Gbajabiamila, who brought the suit, wants the court to declare as illegal, Sanusi’s decision to print the N620 billion, which he reportedly distributed as bailout funds to the eight troubled banks.

Defendants in the suit are the CBN and the Attorney-General of the Federation.

The court had last week, heard an ex-parte application by the plaintiff and directed that the defendants be served the court processes to enable them respond.

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

He wants the court to determine whether the CBN Act and the Banks and Financial Institutions Act (BOFIA) authorised the defendants to raise money and disburse same without the recourse or consent of the National Assembly.

He averred in the affidavit in support of the suit, that the CBN, between July and August this year, audited 10 of the nation’s banks, in which it found among others, that five of them “lacked adequate liquidity ratios compared to their obligations.”

According to him, based on the audit report, the apex bank removed the directors of the affected banks and decided it would infuse N420 billion in them to help improve their capital base.

He further averred that the apex bank also extended similar treatment to three other banks and pledged to give them N200 billion following another round of audit. Based on the audits, the CBN intends to unilaterally infuse N620b into eight banks.

According to him, the CBN did not obtain the National Assembly’s approval before deciding that it would spend the money which belongs to the country and the apex bank has take the position that it is not required “under the law to submit its planned expending of the N620 billion to the National Assembly before spending same.”

He wants the court to declare that defendants are not empowered by the 1999 constitution, the CBN Act and the BOFIA to raise money by printing and spending it without the approval of the National Assembly.