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.
The plaintiffs, through their counsel, Victor Opatola, said that they initiated the legal action on behalf of themselves and other Nigerian citizens. They specifically asked the court to stop the conversion of the debt to a promissory note or any other promise to pay at a future date or securitisation by way of issuance of treasury bills, bonds or other forms of security.
