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Why Supreme Court Paused Ban On Old Naira Notes —Ozekhome

Published

3 years ago

February 9, 2023

Editor

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.

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

Related Topics:Mike Ozekhome Naira Notes Supreme Court

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CAC Warns Nigerians Against Fake Companies, Lists Unregistered Firms

Published

6 minutes ago

December 2, 2025

Editor

The Corporate Affairs Commission has warned Nigerians against dealing with individuals or organisations operating under certain company names and registration numbers that are not found in its official records.

CAC announced this in a statement signed on Tuesday by its management and posted across its social media handles.

“Public is hereby warned to disregard these entities and exercise the highest level of caution when dealing with individuals or organisations using the names with corresponding purported RC numbers below,” the statement read.

According to the commission, the unregistered companies include Famas Services Nigeria Limited (RC 216312), Promo Dutch Investment Limited (RC 396654), Dialack Concept Nig. Ltd (RC 297772), and Purpleheart Construction and Real Estate Mgt. Co. Ltd (RC 1210548).

CAC also warns public against M/S Loktu Enterprises (BN 373466), Loktu Enterprises (BN 400390), Badatoyak Ltd (RC 521322), Johson Nats Limited (RC 198492), Peoples Club Nigeria International (CAC/IT/41191), and Jiba Enterprise (BN 577523).

Others include Civil Engineering Solutions Nigeria Limited (RC 33001), Gabdoff Hotel Ltd (RC 112409), Amoka Group (BN 545221), BEEC Nigeria Limited (RC 30143), and S. S. Adetunji (BN 657466).

“This publication is in line with our statutory mandate to maintain an accurate, reliable companies register and to protect investors, businesses and the general public from fraudulent activities,” the CAC stated.

The commission advised members of the public to always verify the status of any company or business name directly on the CAC portal before engaging in transactions.

“The CAC remains committed to protecting the integrity of the Companies Register, upholding the law, and ensuring a safe and transparent business environment in Nigeria,” the notice added.

CAC was established in 1990 by the Companies and Allied Matters Act to register all types of companies and business names, maintain company registries in all states, and ensure businesses comply with CAMA regulations.

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Edo Assembly Summons 2Baba’s Wife Before Ethics Committee

Published

15 minutes ago

December 2, 2025

Editor

The Edo State House of Assembly on Tuesday summoned the member representing Egor Consistency, Natasha Irobosa, to appear before the Ethics and Privileged committee within one week.

The Assembly said that she has been summoned to defend herself in respect of a case of misconduct leveled against her.

Irobosa been been trending for the wrong reasons recently after a video where she was having an altercation with her husband, Innocent Idibia surfaced online.

Speaking during plenary, the Speaker, Blessing Agbebaku, said she is expected to explain why she has been “dragging the name of the Assembly in the mud with her conduct.”

He said, “Hon. Natasha Irobosa has been summoned to appear before the Ethics and Privilege Committee of the Assembly due to her recent conduct which has been trending online.

“This conduct drags the name of the House into the mud and it is the responsibility of the members of the Assembly to conduct themselves well.

“This House has cerebral minds, educated people who had been dragged in the mud for too long by our colleague, Hon. Natasha. She has been trending on social media and television for the wrong reason.

“The House has members who know what they are doing and the attitude of our member has brought this House to disrepute and we will not tolerate it.”

The Speaker noted that the committee would submit its finding to the House in two weeks time.

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IYC Expresses Displeasure Over Okpebholo’s Neglect Of Edo Ijaw

Published

2 hours ago

December 2, 2025

Editor

Leadership of the Ijaw Youth Council (IYC), Western Zone, have expressed displeasure over what they described as the “persistent marginalisation of the Ijaw political class, traditional institutions and the ongoing abandonment of Ijaw communities,” by the Governor Monday Okpebholo-led Edo State government.

The IYC, in a statement jointly signed by Comrade Nicholas Igrama, Barr. Ebi Olowolayemo and Comrade Tare Magbei, Western Zone Chairman, Secretary and Information Officer respectively, lamented that despite the “massive support Ijaw people gave to Okpebholo across the five Ijaw clans in the state,” not a single appointment has been given to the Ijaw speaking people in the state.

The statement which was made available to newsmen in Benin on Tuesday, said that the “conspicuously absent of Ijaw man or woman in the State Executive Council,” gives credence to their claim.

The IYC, while stating that “we state this not out of bitterness or entitlement, but as a call for fairness, equity, and justice,” emphasized that “despite our enormous contributions to the state’s treasury through natural and human resources, Edo Ijaws remain conspicuously absent in the State Executive Council.”

The statement reads: “It is important to remind the Governor that the Ijaw nation mobilised massive support across the five Ijaw clans in Edo State to ensure his victory at the polls.

“Our voice was loud, our mobilisation was firm, and our votes counted significantly toward the success of this administration.

“Regrettably, one year after, this government has not deemed it necessary to appoint a single individual from the Ijaw extraction, nor has it addressed the glaring infrastructure deficit in our communities and also left our traditional issues unattented to.”

The statement noted that “the Ijaw areas are the bedrock of the state’s oil wealth, the same wealth that qualifies Edo State as an oil-producing state and entitles it to the 13% derivation fund. Yet, there is no visible reflection of this revenue in our communities.”

“We state this not out of bitterness or entitlement, but as a call for fairness, equity, and justice.”

The IYC, therefore, urged the governor to “have a rethink so it doesn’t take to another form of agitation in the state where we contribute.”