N14.9 Billion: Court Stops CBN From Processing Promissory Note Belonging To Zamfara State


A Federal High Court has restrained the Central Bank Of Nigeria (CBN) from acting upon or processing or further processing the N14.9 billion promissory note belonging to Zamfara State Government in favour of the United Bank For Africa (UBA).



The court presided over by Justice Nkonye Maha had after hearing an ex-parte application brought by the Zamfara State Government through her counsel, Ahmed Raji, SAN ordered the CBN not to do anything to destroy the res of the case and therefore foist a fait acompli on the court.


According to Justice Maha, “After hearing Ahmed Raji, SAN, Learned Senior Counsel to the applicant appearing with W.A. Adeniran, move in terms of the motion paper. And the Court having taken into consideration the evidence before me, with the oral and written submissions of the Learned Senior Counsel to the plaintiff/applicant in this proceeding."


“And upon hearing that there are exceptional and compelling reasons to warrant the exercise of the court’s discretion in this proceedings and pursuant to Section 6 of the 1999 Constitution as amended and orders 4(2); orders 26 rules (1)(2)(3) (8) and order 56 rules (1)(2) of the court’s Civil Procedure Rules 2019. It is ordered that the ex-parte application dated 23rd December, 2020 but filed on December 24th, 2020 is granted in the following terms:


#That the prayer is granted as prayed.


#That an order of interim injunction is made restraining the 1st defendant (CBN) from acting upon, processing further any redemption in favour of the 2nd defendant (UBA), of the promissory note in FGN/PN/2018/SG/21 valued as N14,906.105.512.93 pending the hearing and determination of the motion on notice.


#That 1st defendant (CBN) in this suit is ordered not to do anything concerning the res of this case and therefore foist a fait accompli on the court.


#That the plaintiff/applicant is ordered to serve the defendants with the certified true copy of the enrolled orders of the court. The writ of summons and motion on notice seeking interlocutory orders of the court.


#That when served with the processes of the plaintiff, the defendants are ordered to file their replies to the highlighted processes.


#That hearing notices are to be issued and served on the defendants in this suit.


#That the case is hereby adjourned to the 30th December, 2020 for the hearing on the motion on notice.


Specifically, the Zamfara State Government, the plaintiff applicant had through their Counsel, Raji, SAN dragged the CBN and UBA cited as 1st and 2nd defendants in the suit in an ex-parte application asked the court for an order restraining the 1st defendant (CBN) from acting upon, processing further any redemption in favour of the 2nd defendant (UBA), of the promissory note in FGN/PN/2018/SG/21 valued as N14,906.105.512.93 pending the hearing and determination of the motion on notice.


#That 1st defendant (CBN) in this suit be ordered not to do anything concerning the res of this case and therefore foist a fait accompli on the Court.


#That the plaintiff/applicant be ordered to serve the certified true cope of the enrolled orders of the court. The writ of summons and motion on notice seeking interlocutory orders of the court.


The State’s Commissioner Of Finance, Rabiu Garba, had deposed to a 39 paragraphed affidavit of extreme urgency in support of the motion on notice.


The court fixed hearing of the motion on notice for December 30th,2020.



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