SERAP Sues Buhari Over ‘Unlawful Ban On Old N500, N1,000 Notes’

 

A photo combination of SERAP’s logo and President Muhammadu Buhari

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Muhammadu Buhari over “the unlawful directive banning the use of old N500 and N1,000 banknotes, contrary to the interim injunction granted by the Supreme Court that the old N200, N500, and N1000 notes remain legal tender.”

Joined in the suit as Defendants are the Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, and the Central Bank of Nigeria (CBN).

The Supreme Court in a case initially brought by 10 states recently held that the old banknotes remain legal tender pending the determination of a motion on notice fixed for February 22. The deadline for the swap of the old notes expired February 10.

However, Buhari in a national broadcast last week directed the CBN to recirculate only the old N200 banknotes, thereby overruling the Supreme Court and banning the use of old N500 and N1,000 notes in the country.

In the suit number FHC/ABJ/CS/233/2023 filed last Friday at the Federal High Court, Abuja SERAP is asking the court to determine “whether President Buhari’s directive banning the N500 and N1,000 banknotes is not inconsistent and incompatible with the constitutional duties to obey decisions of the Supreme Court and oath of office.”

SERAP is asking the court for “a declaration that President Buhari’s directive banning the use of old N500 and N1,000 banknotes is a fundamental breach of section 287(1) of the Nigerian Constitution 1999 [as amended] and his constitutional oath of office, and therefore unconstitutional, unlawful, null and void.”

SERAP is seeking “an order of interim injunction restraining President Buhari, the CBN and Mr Malami, their agents or privies from further enforcing the presidential directive banning the old N500 and N1,000 banknotes, pending the hearing and determination of the motion on notice filed contemporaneously in this suit.”

In the suit, SERAP is arguing that: “Upholding the rule of law is the cornerstone of Nigeria’s constitutional democracy. President Buhari and other public officials and authorities have a binding legal responsibility to strictly comply with the rule of law and obey the decisions by the Supreme Court, and all other courts.”

SERAP is also arguing that, “The directive to ban the use of N500 and N1000 banknotes, contrary to the interim injunction by the Supreme Court, is ultra vires – beyond the constitutional and legitimate powers of President Buhari and the government.”

The suit filed on behalf of SERAP by its lawyers Ebun-Olu Adegboruwa, SAN, and Kolawole Oluwadare, read in part: “It is a very serious matter for anyone to flout a positive order of a court.”

“President Buhari’s directive undermines the authority and independence of the judiciary, which is an underlying constitutional principle intended to ensure that government is conducted according to law, and to prevent the arbitrary exercise of powers or discretion by public officials and authorities.”

“An order of Court must be obeyed even if such an order is perverse, until such a time that the order is set aside by a competent court. A flagrant flouting of an order of the court by the executive is an invitation to anarchy.”

“The rule of law makes all government officials, including the President and other officials, answerable for their acts in the ordinary courts. The law must apply to everybody; nobody is above the law.”

“Section 281(1) of the Nigerian Constitution provides that, ‘the decisions of the Supreme Court shall be enforced in any part of the Federation by all authorities and persons, and by courts with subordinate jurisdiction to that of the Supreme Court.”

“Under 318 (1) of the Nigerian Constitution, ‘decision’ means in relation to a court, any determination of that court and includes judgement decree, order, conviction, sentence or recommendation.”

“It is the duty of the government to allow the law to take its course or allow the legal and judicial process to run its full course.”

“The directive by President Buhari to ban the use of the old N500 and N1000 banknotes can have no other interpretation than the show of intention to pre-empt the final decision of the Supreme Court in this case.”

“The courts expect the utmost respect of the law from the government itself which rules by the law.”

“The rule of law is essential in a constitutional democracy such as we have in this country for the protection of the rights of citizens and for checking arbitrary use of power by the executive or its agencies.”

“It is a necessary implication of the rule of law that, except where the law gives a discretion to a public functionary, he can only act in accordance with the law, as to do otherwise may enthrone arbitrariness.”

“The Defendants are public officers who have sworn the constitutional oath office to perform their respective duties in the interest of the Nigerian citizens.”

“This suit is not challenging the statutory power of the Central Bank of Nigeria, acting on the directive of the President, to change the currency and denomination banknotes in Nigeria.”

“Unless the reliefs sought are granted, the Defendants will continue to violate constitutional provisions and disobey the order of the Supreme Court as implied by the directive of the President in his address to the nation on 16 February, 2023.”

SERAP is also asking the court for the following reliefs:

A DECLARATION that by virtue of section 287(1) of the Nigerian Constitution 1999, President Buhari, the CBN and Mr Malami have a constitutional duty to obey and enforce any decisions and orders of the Supreme Court, particularly the order allowing the use of old N200, N500 and N1,000 banknotes;
AN ORDER restraining and stopping the CBN from carrying out and giving effect to the directive of the President directing and approving that the old N500 and N1,000 banknotes are no longer legal tender and the old N200 banknote will cease to be legal tender on 10 April 2023, in compliance with the order of the Supreme Court of Nigeria made on 8 February, 2023 in Suit Number SC/CV/162/2023– Attorney General of Kaduna State & 2 Ors v. Attorney General of the Federation;
AN ORDER mandating the CBN to direct all commercial banks in Nigeria to accept and give out the old N200, N500, and N1,000 banknotes as legal tender concurrently along with the new banknotes of the same denomination in line with the order of the Supreme Court of Nigeria made on 8 February, 2023 in Suit Number SC/CV/162/2023 – Attorney General of Kaduna State & 2 Ors v. Attorney General of the Federation;
ANY ORDER(S) that the Honorable Court may deem fit to make in the circumstance of this suit.

No date has been fixed for the hearing of the suit.

 

 

 

 

Man City Stumble In Title Race After Draw At Nottingham Forest

Manchester City’s English midfielder Jack Grealish (L) and Manchester City’s Portuguese defender Ruben Dias reacts at the end of the English Premier League football match between Nottingham Forest and Manchester City at The City Ground in Nottingham, central England, on February 18, 2023. – Nottingham Forest and Manchester City equalised 1 -1. (Photo by JUSTIN TALLIS / AFP)

 Manchester City were held to a damaging 1-1 draw at Nottingham Forest, allowing Arsenal to regain pole position in the Premier League title race on Saturday.

The Gunners fought back for a thrilling 4-2 victory at Aston Villa to move two points clear of City, just three days after surrendering first place with a 3-1 defeat against the champions.

Bernardo Silva put Pep Guardiola’s men ahead four minutes before half-time, taking Jack Grealish’s pass in his stride and drilling a clinical finish past Keylor Navas from 20 yards.

But the tension mounted as City searched for a second goal and Guardiola was booked for manhandling the fourth official after Erling Haaland’s penalty appeal was rejected following Joe Worrall’s challenge.

City were undone by their profligacy as Haaland’s drive hit the bar before the Norway star blazed the rebound over.

Haaland missed another chance moments later and Forest made the champions pay with their first shot on target in the 84th minute.

Morgan Gibbs-White fired a low ball across the area and New Zealand striker Chris Wood tapped into an empty net to leave Guardiola stunned.

 

 

10 States Ask Supreme Court To Set Aside Buhari’s Ban On Old N500, N1,000 Notes

 

COMBO of CBN Governor, Godwin Emefiele (L); Kaduna State Governor, Nasir El-Rufai (C); and President Muhammadu Buhari (R)

Ten states have asked the Supreme Court to set aside the pronouncement of President Muhammadu Buhari banning old N500 and N1,000 notes.

The governors, in Suit No SC/CV/162/2023, filed on Friday by their counsel, A.J. Owonikoko (SAN), want the apex court to declare the President’s directives in his Thursday’s broadcast as unconstitutional.

The plaintiffs in the suit are the Attorneys General (AGs) of Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Sokoto, and Lagos states while the defendants are the Attorney General of the Federation, Abubakar Malami (SAN), as well as the AGs of Bayelsa and Edo states.

The plaintiffs, in a 12 grounds of application, argued that Buhari’s directive extending the validity of old N200 notes for 60 days and his ban on old N500 and N1,000 notes are an “unconstitutional overreach and usurpation of the judicial power” of the Supreme Court being that the case is already before the court.

The counsel for the applicants cited Section 232(1), Section 6(6)(b) and Section 287(1) of the 1999 Constitution as amended, which includes the protection of the Supreme Court’s dignity and which ensure compliance with its orders by all persons and authorities.

“Contrary to the order of the Honourable Court, the substantive 1st defendant through the President of the Federation, and its agent, the Central Bank of Nigeria, have repeatedly released statements that the old Naira Notes are no longer legal tender, hence resulting in misleading the general public on what the status quo to be complied with, pendente lite, should be,” the relief partly read.

Back Story

The Central Bank of Nigeria (CBN) had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court, after an initial suit filed by the 10 states, held that the Federal Government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue on February 22.

However, the President, in a national broadcast on Thursday, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.

There have been a flurry of reactions and stark criticisms against the President’s directive including from governors of his party, the All Progressives Congress (APC).

Governors Nasir El-Rufai (Kaduna), Abubakar Badaru (Jigawa), Rotimi Akeredolu (Ondo), Umar Ganduje (Kano); Speaker of the House of Representatives, Femi Gbajabiamila; Minister of State for Labour and Employment, Festus Keyamo; and many stalwarts of the ruling APC have openly censured and faulted the President’s directive, arguing that it has not grounds because the case is before the apex court.

Leading Senior Advocates of Nigeria like Femi Falana and Mike Ozekhome have equally faulted the President’s move, saying he cannot overrule the apex court of the land.

 

 

Bitcoin Tops $25,000 To Hit Eight-Month High.

In this file photo taken on February 06, 2018 A picture taken on February 6, 2018 shows a visual representation of the digital crypto-currency Bitcoin, at the “Bitcoin Change” shop in the Israeli city of Tel Aviv. – Bitcoin briefly rose above $60,000 for the first time on March 13, 2021, as the world’s most popular virtual currency continued its record-breaking run. (Photo by JACK GUEZ / AFP)

Bitcoin hit an eight-month high to surge past $25,000 on Thursday as the volatile cryptocurrency rises despite pressure from US regulators.

 

The digital coin has soared by 50 percent since the start of the year, though it remains far off its peak of $68,992, which it reached in November 2021.

Bitcoin reached $25,249 on Thursday, its highest point since June and the first time it topped $25,000 since August.

A more optimistic outlook for the world economy is propping up the markets, including cryptocurrencies, with Paris and London stock exchanges hitting all-time highs on Thursday.

“While regulatory crackdowns continue to drive some unease, there’s clearly a growing sense of relief that the worst is behind it for the industry and 2023 could be a much better year,” said Craig Erlam, analyst at online trading platform OANDA.

US officials are cracking down on the cryptocurrency sector after the uproar caused by the recent bankruptcy of FTX and Alameda Research.

FTX, once the world’s highest-profile crypto exchange, collapsed spectacularly in November, leaving nine million customers in the lurch and seeing cofounder Sam Bankman-Fried indicted for fraud by US prosecutors.

US regulators on Monday ordered crypto firm Paxos Trust to stop issuing dollar-pegged cryptocurrency BUSD, a stablecoin, for trading platform Binance.

“The third largest stablecoin was given an expiration date of February 2024 and the market has seemingly shrugged it off,” said Riyad Carey, analyst at cryptocurrency data provider Kaiko.

As stablecoins are backed by one or more national currencies with a near fixed rate of exchange they don’t experience the swings in value that cryptocurrencies like Bitcoin have seen.

 

Naira Controversy: Buhari May Have Acted On Wrong Advice, Says Keyamo

A photo combination of Festus Keyamo and President Muhammadu Buhari

The spokesperson for the All Progressives Congress Presidential Campaign Council (APC-PCC), Festus Keyamo, has alluded to President Muhammadu Buhari’s directive on the naira swap policy being ill-advised.

Buhari, in a Thursday national broadcast on the controversial policy, ordered that the old N200 banknotes remain in circulation till April 10, while the old N500 and N1,000 bills no longer serve as legal tender.

The Central Bank of Nigeria (CBN) first set the policy in motion in October 2022, issuing a redesign of the three highest denominations of the naira, which was officially completed and unveiled in November 2022.

The initial deadline of January 31, 2023 was later extended to February 10, but with the governments of Kaduna, Kogi and Zamfara approaching the Supreme Court, an interim order was given putting the policy’s implementation on hold.

 

The ensuing currency scarcity has led to protests across the country with several cases of ATMs destroyed, as well as banking facilities and property damaged.

“My view is that the President acted honestly without intention to slight the Supreme Court,” Keyamo said during a live appearance on Channels Television’s The 2023 Verdict on Friday. “But he may have acted on wrong advice.”

He added, “I did not give that advice; it is not my responsibility. I don’t know who gave that advice. I want to say this openly because tomorrow, people will ask me where I stood at this time.”

The Minister of State for Labour stated that Buhari’s speech acknowledged that there were certain matters in court and that the President believed he was playing safe by purportedly intervening to quell the growing tension across the country.

 

“He thought he was playing safe by saying, ‘Before you decide this matter in court, may I just provide some middle ground so that country burning, there are riots everywhere, so let me just try and provide some succour to the people, whilst acknowledging the matters are in court.’

“Now, if I were to advise him, I would have advised differently. I did not advise him. It’s not my responsibility; I don’t know who.”

Asked what his counsel to the President would have been, Keyamo said it would be for him to “comply strictly with the terms of the order of the Supreme Court, [which is that] all the old notes should circulate for now side by side with the new notes because that is the order of the Supreme Court.”

He added that by virtue of the constitution, “all authorities in Nigeria must obey the orders of the Supreme Court, “adding that anything to the contrary is “a descent to anarchy.”

According to him, the day people begin to disobey the order of the Supreme Court is an invitation to “revolutionary intervention or other kinds of interventions” in the nation’s democracy.

He described the judiciary and the Supreme Court as the last bastion to defend Nigeria’s democracy.

‘True Federalism’

Keyamo also addressed the allegations of treason against governors, including those of Kaduna and Kano, who have warned that severe action would be taken against corporate entities in their states that reject the old notes.

“It’s federalism in action. Those who are clamouring for true federalism – this is true federalism in action. People are thinking that this is the first time that governors of the APC are taking the President to court. It’s not,” he said.

“On various issues, they have always challenged the President in court. It doesn’t affect their amity; it doesn’t affect the cohesion of the party; it doesn’t affect the cohesion of these individuals.”

In his assessment, the minister stated that the President “at times” approves of the institutions set up by the constitution to resolve disputes, adding that the courts are there to resolve disputes.

“Don’t forget that the governors took the President to court over certain executive orders that he gave, I think regarding the state judiciaries and legislature and they won at the Supreme Court,” he said.