Naira Redesign: You’re Bound To Obey Supreme Court Judgement – Falana Warns CBN

Femi Falana SAN

Foremost human rights activist, Femi Falana, SAN, has disclosed why the Central Bank of Nigeria, CBN, must comply with the Supreme Court order regarding the currency swap crisis.

Falana, in a statement on Thursday, said the apex bank should not fall for the reports and opinions indicating that it could ignore the Supreme Court’s judgement restraining it from enforcing the ban on the old Naira notes.

In his statement titled, “Why CBN Must Obey Ex Parte Order Of Supreme Court”, he highlighted many cases supporting the court’s decision.

The reason adduced for the contemptuous disregard for the rule of law is that the Central Bank of Nigeria is not a party to the case of Attorney-General of Kaduna State & 2 Ors. v. Attorney-General of the Federation (Suit No: SC/CV/162/2023) pending at the Supreme Court,” the statement reads.

ASCAB cited cases to provide context to the matter on ground.

“It is pertinent to remind the Management of the Central Bank of the case of Nkwo Augustine Eddiego v. Board of Central Bank of Nigeria (Suit No: HCIK/38/2022), where the Delta State High Court granted an ex parte order which restrained the Defendants from preventing the Governor of the Central Bank of Nigeria from seeking political offices pending the hearing and determination of the motion on notice in the case,” the statement reads.

Even though Mr. Emefiele was not a party to the suit he took advantage of the ex parte order to join the APC to contest the presidential primary of the APC before he was stopped by President Buhari.

“Similarly, in the case of Incorporated Trustees of the Forum for Accountability and Good Leadership v. Attorney-General of the Federation & Ors. (Suit No: FCT/HC/GAR/CV/41/2022) the High Court of the Federal Capital Territory granted an injunction restraining the State Security Services from arresting, investigating and prosecuting Mr. Emefiele for terrorism financing.

“Although he was not a party to the suit Mr. Emefiele has not been arrested by the State Security Services on the basis of the court order.”

ASCAB said it would be the “height of arrogance of power” for Godwin Emefiele, CBN governor, to treat the ex parte order of the supreme court with provocative contempt.

It is public knowledge that the Federal Government has filed a preliminary objection challenging the jurisdiction of the Supreme Court to hear and determine the case of the Attorney-General of Kaduna State & 2 Ors v Attorney-General of the Federation (supra),” the statement adds.

“In the interim, the Federal Government
Of Nigeria and its agencies including the Central Bank of Nigeria are bound by the valid and subsisting ex parte order of the Supreme Court of Nigeria until it is set aside by the same court.

“The alternative is to compound the ongoing anarchy and chaos in the land.”
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