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Published On: Mon, Dec 28th, 2020

N37.4bn promissory notes: PAPS asks CBN to comply with High Court order

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• As Zamfara govt writes CBN

By Ikechukwu Okaforadi

A Nongovernmental organization, The Patriots for the Advancement Of Peace and Social Development (PAPS), has asked the Central Bank of Nigeria (CBN) to obey the orders of an Abuja Federal High Court, which had restrained it from going ahead to process the N14.9billion Promissory notes belonging to Zamfara State in favour Of the United Bank for Africa (UBA).
In a related development, the Zamfara State Government, through its Counsel, Ahmed Raji (SAN), has written the Central Bank of Nigeria Governor, Godwin Emefiele and the Director Of Legal Services Of the Apex Bank, asking it to, in the interim, exercise administrative prerogative by halting the redemption of the said Promissory note.
In a statement issued yesterday by the chairman of PAPS, Sani Abdulahi Shinkafi, the group said specially, the Zamfara State government had approved the cancellation of N37.4billion promissory notes allegedly sold by the immediate past administration of former Governor Abdulazeez Yari in the state on the grounds that the process for the sale of promissory notes was not properly followed by the past administration in the state.
It said the amount in question was a refund made to the state for the execution of federal roads by the immediate past administration in the state.
According to the statement signed by Sani Abdulahi Shinkafi, PAPS cautioned the CBN from going ahead to give effect to the first Promissory note of N14.9billion due to mature on December 28th, 2020, citing a Federal High Court Order restraining it to give effect to the said money.
“It would be recalled that a Federal High Court had on December 24th, 2020, 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”, the statement said.
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.

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