Federal High Court terminates Group’s quest to restrain CBN, others, from implementing the Naira Re-design policy.


The Federal High Court has terminated the quest by the  Incorporated Trustees of African Initiative Against Abuse of Public Trust ( Trustees)  to restrain/ stop the Central Bank of Nigeria Nigeria ( CBN), it’s Governor, Mr. Godwin Emefiele and Attorney General of the Federation ( AGF)  and their Agents/Assigns from taking any step to enforce the implementation of the policy on the redesign of the  Naira notes and non-physical exchange of the old Naira Notes with  the new notes without a clear policy on how to accommodate the over 50 million Nigerians without Bank Accounts.

The Trustees had on 30th November, 2022 on behalf of over 50 million Nigerians in different Rural Areas without Bank Accounts,  dragged the Central Bank of Nigeria ,Godwin Emefiele and Attorney General of the Federation (AGF)  to the Awka division of the FHC Court as the  1st, 2nd and 3rd Defendants respectively  in the Suit marked Suit No: FHC/AWK/CS/195/22.

The court had  directed the Plaintiff to put the Defendants on Notice and adjourned the hearing of the Motion on Notice to the 19th January, 2023.

While the Plaintiff  had N. D. Agu, Esquire  as their Counsel, an Aba, Abia State  based   Lawyer, Chief Musa M.Tolani  led the team of lawyers namely  Charles Nwabulu, Henry Opurum and Gideon Umeh for  the 1st and 2nd Defendants.

At the resumed hearing of the Suit on 19th January, 2023, Counsel for the Plaintiff /Trustees, N. D.  Agu orally applied to discontinue the suit and withdraw same  based on  undisclosed  instructions from his clients.

But while the 1st and 2nd Defendants’ lead Counsel, ( Chief Musa M.Tolani ) did not oppose the discontinuation of the suit and withdrawal of same, he  however, vehemently argued and applied for N50,000,000,00(Fifty Million Naira) as punitive cost  to be awarded against the Plaintiff hence  the 1st and 2nd Defendants had filed cupious processes in response to the Plaintiff’s ‘ Originating Summons.

According to the Ruling of the court contained in the Certified True  Copy of the  Enrolled Order dated 31st January, 2023  obtained yesterday,   the Court presided over by Honourable Justice H. A. Nganjiwa,  after considering the circumstances of the case and arguments of the  Counsels  to the parties, ordered that the suit be struck out.

The Honourable Court, in acceeding to argument of Chief Musa M.Tolani, also awarded the sum of N300,000.00 ( Three Hundred Thousand Naira ) as cost against the Plaintiff in favour of the Central Bank of Nigeria and Mr. Godwin Emefiele who are the 1st and 2nd Defendants respectively.