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Why Supreme Court Paused Ban On Old Naira Notes —Ozekhome

A lawyer and Senior Advocate of Nigeria, Mike Ozekhome, has explained the judgement of the Supreme Court restraining the Federal Government from implementing the Central Bank of Nigeria’s February 10 ultimatum for the old N200, N500 and N1,000 banknotes to cease being legal tender in the country.
Ozekhome, who featured on Channels Television on Wednesday night said the Supreme Court only paused the implementation of the deadline saying the apex court had not decided on the matter.
He further explained that the apex court gave the judgement so as to prevent the subject matter of the suit from being truncated.
Explaining the development, Ozekhome said, “The Supreme Court has not decided the matter. All it has done is to fall back to a decision like Kotoye vs CBN, that in matters of extreme urgency, you can grant an interim order, even if it be an ex-parte, to prevent the subject matter of the suit being truncated.
“If, for example, the Supreme Court, did not make that order, and the only order existing is that of the High Court, it means that the CBN, by 10th of this month, will stop the use of all old notes.
“But what the Supreme Court has said is, ‘Just wait, let us listen to you people,’ not that it has decided that Zamfara, Kogi and Kaduna states have any valid case that is actionable because the action is already being challenged with a preliminary objection.
“It is another way of saying, ‘Let us first drive away the fox before we blame the fowl for wandering too far into the forest,’” he said.
READ ALSO: New Naira: Things To Know About Supreme Court Judgement
A seven-man panel of the Supreme Court on Wednesday, led by Justice John Okoro in a unanimous ruling granted an interim injunction restraining the Federal Government from implementing the CBN’s February 10 deadline for the swapping of the old naira notes with the new ones.
A judgement that followed a motion ex-parte on behalf of three northern states Kaduna, Kogi and Zamfara , who on February 3rd filed a suit seeking to halt the implementation of the CBN’s policy.
The PUNCH reported on Monday that a Federal High Court in Abuja stopped President Muhammadu Buahri alongside the CBN and commercial banks from interfering, suspending or extending the terminal date of February 10 for the expiration of the old naira notes.
Again, Ozekhome explained that other lower courts could not interfere when decisions were being debated at the apex court.
“Notwithstanding the fact that a high court or Federal High Court had granted an order telling the CBN, ‘You can stop this naira swap policy on the 10th of February as you have decided to do’, the Supreme Court today said, ‘Hello? Don’t do that! Allow it to continue. Come back on the 15th of February and let us hear you people,’” he added.
He explained that the apex court’s judgement allows the old and new naira to be in the same position, adding that any decision arrived at by the Supreme Court, will not only affect the three state governments that dragged the FG to court, but all the states of the federation and their attorney-generals.
Ozekhome therefore submitted that, “this is the type of matter in which the Supreme Court should also suo motu, even if they did not apply to be joined, join all the attorneys-general of the federation, so that the matter could be decided once and for all.”
PUNCH
News
Okpebholo, Idahosa Bag UNIBEN Distinguished Service, Leadership Awards

Governor Monday Okpebholo of Edo and his deputy, Hon Dennis Idahosa have been awarded the University of Benin Distinguished Service and Leadership Awards, respectively, for their exemplary leadership styles since assumption of office on November 12, 2024.
The awards, which were conferred on them by the university’s Vice Chairman, Prof. Edoba Omoregie, is part of the activities lined up for the institution’s Faculty of Social Sciences golden jubilee celebration.
The deputy governor who received the awards said expressed delight for the recognition by the university as an alumnus.
“It is an honour to be part of this historic occasion marking the 50th anniversary of the Faculty of Social Sciences.
READ ALSO:Idahosa Hails Insurance 1-0 Thrashing Of Niger Tornadoes
“For five decades, this faculty has produced outstanding scholars and change-makers who have contributed immensely to national and global development,” he said.
The deputy governor commended the faculty’s legacy of excellence, describing it as “a beacon of research, critical thinking, and civic engagement.”
He praised the university for its role in shaping generations of leaders who continue to influence public policy and nation-building.
Reflecting on the governor Okpebholo-led administration’s priorities, Idahosa reiterated the governor’s commitment to revitalising education in the state.
READ ALSO:Idahosa Lauds Edo Specialist Hospital Facilities
“The administration of Senator Monday Okpebholo is committed to strengthening the education sector, with a particular focus on inclusivity and infrastructure.
“We are determined to guarantee access to quality education for all, including children with special needs,” he stated.
Idahosa concluded with an appeal to students to steer clear of vices, particularly cultism, stressing that the government would deal decisively with anyone found engaging in such acts.
“You are our most precious assets and the hope of a prosperous Nigeria. Shun all forms of vices and violence. Focus on your studies and become agents of positive change,” he pleaded.
READ ALSO:Idahosa Optimistic Shaibu Will Perform As National Sports Institute DG
Speaking on a lecture titled: ‘We Will all Be Consumed Unless,’ Prof. Brownwell Amadasun, sparked lively reactions among attendees as the academic delved into Nigeria’s foundational challenges and their lingering impact on national development.
Amadasun critiqued the ideological roots of the Nigerian state, asserting that the nation’s founding fathers laid a framework deeply entrenched in ethnic and religious divisions.
“Our national leaders were ethnic leaders. They laid the foundation we are struggling with today. Ethnicity and religious allegiance continue to hinder national growth. We must move away from it or we will all be consumed,” he said.
He called for a fundamental shift in leadership philosophy and collective mindset to foster unity and sustainable progress.
The Faculty’s 50th anniversary celebrations continue throughout the week with lectures, exhibitions, and alumni engagements celebrating five decades of scholarship, service, and societal impact.
News
Reps Move To Regulate Cryptocurrency, POS Operations

Concerned about the growing cases of cybercrime, money laundering, and terrorism financing linked to digital finance platforms, the House of Representatives has set up an ad hoc committee to review the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale (POS) operations in Nigeria.
Speaker of the House, Abbas Tajudeen, who inaugurated the committee on Monday in Abuja, said the move became necessary amid increasing concerns over fraud and consumer exploitation in the country’s rapidly expanding digital finance ecosystem.
He noted that while Nigeria’s resilient economy has the potential to support cryptocurrency growth, the risks associated with its unregulated operations, including its use for illicit financial flows, cannot be overlooked.
Abbas explained that the absence of clear regulatory guidelines, coupled with the volatility and complexity of digital assets, compelled the House to intervene and establish a regulatory and consumer protection framework for Virtual Asset Service Providers (VASPs), including cryptocurrencies and crypto-assets.
READ ALSO:NNPP Expels Reps Member, Drags Him To Court
He said Nigeria’s economy has consistently demonstrated resilience, often recovering from recessions and recording growth in non-oil sectors, making it a potentially strong environment for cryptocurrency trade. However, he cautioned that the vulnerabilities inherent in digital currency operations must not be underestimated.
“It is because of this absence of clear rules, coupled with the volatility and complexity of the technology, that the House of Representatives found it imperative to establish regulations and consumer protection measures that will regulate the activities of Virtual Assets Service Providers, including cryptocurrencies and crypto assets,” Abbas said.
He added that the committee’s mandate includes conducting public hearings to gather input from stakeholders that would guide the House in developing legislation for a comprehensive regulatory framework governing cryptocurrency and other digital finance platforms.
READ ALSO:Court Case Stalls Reps Hearing On Takeover Of Benue, Zamfara Houses Of Assembly
The Speaker urged members of the committee to discharge their duties with patriotism and integrity, ensuring that the best interests of the nation guide their work.
In his remarks, the Chairman of the Committee, Olufemi Bamisile (APC–Ekiti), described the assignment as one of national importance aimed at striking a balance between financial innovation and national security.
“We have been entrusted with a task of national significance — to review the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale operations in Nigeria,” Bamisile said.
He added that the committee would work closely with key regulatory and security agencies such as the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Nigeria Deposit Insurance Corporation (NDIC), Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Nigeria Police Force.
News
World Habitat Day: Okpebholo Commends Building Control Agency For Developmental Milestones

Governor Monday Okpebholo of Edo State has commended the management and staff of the Edo State Development and Building Control Agency (ESDBCA) for their significant contributions to urban growth and infrastructural development across the state.
The governor gave the commendation on Monday when he played host to the delegation of the agency in his office as part of programme to mark this year’s World Habitat Day celebration.
The deputy governor, Hon. Dennis Idahosa who received the team on his behalf, commended the agency led by the Managing Director, Mr. Imoisili Igabali, for its “selfless contributions” to the development of our dear state.
In a statement by his Chief Press Secretary, Mr Friday Aghedo, Idahosa noted that the agency had played a pivotal role in driving urban renewal and enforcing modern building standards in the State, describing their efforts as vital to the government’s vision of sustainable city planning.
READ ALSO:JUST IN: Okpehbolo Appoints New VC For AAU
“We want to thank you for being part of the growth and development of our dear state. Your work has not gone unnoticed.
“What is most important to us is that we have the political will to ensure that this agency continues to fulfill its mandate effectively,” he stated.
He expressed optimism on the future of urban development in Edo State and pledged continued government support for the agency’s initiatives.
“On behalf of His Excellency, Senator Monday Okpebholo, I want to thank you for this wonderful day.
“We congratulate you as a state, and we thank God for giving us a capable leader in Mr. Igabali, whose dedication and teamwork continue to yield results,” he said.
READ ALSO:Okpebholo Warns Companies Against Fuelling Edo–Delta Boundary Dispute
Earlier in his remarks, the Managing Director of the agency expressed appreciation to the Governor and his deputy for their support and for taking the time to receive the agency’s delegation during the World Habitat Day observance.
The 2025 World Habitat Day celebration in Edo State was marked with renewed calls for sustainable housing, improved infrastructure, and enhanced urban management — key pillars of the Okpebholo administration’s development agenda.
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