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Court dismisses suit seeking to stop FG from securitising N23tn Ways and Means loan

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Court News

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The Federal High Court, Abuja, on Thursday, dismissed a suit seeking to stop the Federal Government from securitising the sum of N22.7 trillion Ways and Means loan support it got from the Central Bank of Nigeria. Justice James Kolawole Omotosho, in a judgement, held that the plaintiffs lacked the legal right to institute the case.

He further held that where the plaintiffs had the locus standi to file the suit, they failed to prove the same. The plaintiffs, Justin Edim and Akinfenwa Akinwunmi, had sued President Bola Tinubu, Federal Government of Nigeria, Central Bank of Nigeria and Ministry of Finance as 1st to 4th defendants. Others in the suit marked FHC/ABJ/CS/1286/2023 are Debt Management Office, DMO, National Assembly and Attorney General of the Federation as 5th to 7th defendants respectively.

“That unless the respondents are compelled by an injunction of this honourable court, it will continue to take steps in variance with the law and continue in its efforts to securitise the Ways and Means loan, which if completed and bought by Nigerians and investors might become irreversible,” they said.

 

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