The Federal High Court in Abuja has dismissed a suit aimed at halting the Federal Government’s plans to securitize the sum of N22.7 trillion in Ways and Means loan support obtained from the Central Bank of Nigeria (CBN).
Justice James Kolawole Omotosho delivered the judgement, asserting that the plaintiffs, Justin Edim and Akinfenwa Akinwunmi, lacked the necessary legal standing to bring the case to court. He emphasized that even if they had the locus standi, they failed to substantiate their claims.
The plaintiffs, represented by counsel Victor Opatola, had filed the lawsuit against President Bola Tinubu, the Federal Government, CBN, and the Ministry of Finance, among others. Their plea was to halt the conversion of the debt into promissory notes or other forms of securities.
The government had sought approval from the 9th National Assembly to securitize the debts accumulated from the Central Bank over time, prompting the legal action.
The plaintiffs argued that this move contradicted relevant laws, which restrict the government’s borrowing to five per cent of the previous year’s revenue.
However, Justice Omotosho dismissed the suit on multiple grounds. Firstly, he struck out the National Assembly from the suit due to the plaintiffs’ failure to provide a pre-action notice to the legislature as required by law.
Secondly, he ruled that the plaintiffs lacked the necessary legal standing to represent the public, as the case was not a fundamental rights enforcement suit.
Moreover, the judge criticized the plaintiffs for presenting uncertified exhibits, including a printout of an online newspaper article, as evidence. He highlighted that only certified true copies of documents are admissible in court, according to the Evidence Act of 2011.
In his ruling, Justice Omotosho emphasized the importance of factual evidence and dismissed the suit, stating that it was based on speculation and rumors. He expunged the exhibits from the court file, reiterating that the court does not rely on such unsubstantiated claims.
Consequently, the suit was dismissed for lack of legal standing, dealing a blow to the plaintiffs’ efforts to challenge the government’s securitization plans for the substantial Central Bank loan.