Just in: Buhari’s only N200 old note means contempt of S’Court—Lawyers
Leading legal luminaries in Nigeria led by Barr. Dr Monday Onyekachi Ubani have accused President Muhammadu Buhari of unprecedented commitment of contempt of Supreme Court following his early morning national broadcast where he announced only the continued use of old N200 naira notes.
President Buhari said on Paragraph 16 and 17 of his address as follows;
“16. To further ease the supply pressures, particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old N200 notes cease to be legal tender.
“17. In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.”
However, only yesterday, the Supreme Court, while adjourning the suit brought up by some states governors on the new naira crisis, extended the existing exparte motion which allows for statuesque ante; meaning continued use of all old and new naira pending the determination of the substantive suit. The suit was adjourned to February 22, 2023.
Meanwhile Business Hilights in an exclusive telephone interviews with major lawyers, starting with Dr. Monday Onyekachi Ubani on the matter this morning shortly after the Presidential Address, he said “Mr. President has just overruled the highest court of the land, the Supreme Court and it is very unfortunate.
According to him, the law is very clear. The pronouncement of the Supreme Court remains supreme on all matters and as such, status remains pending the final determination of the suit.
“The President’s announcement this morning to the country is in clear contempt of the Supreme Court’s earlier order restraining the government from dead-lining the old currency notes of 200, 500 and 1000 respectively until the application on notice before it is heard.. He should have allowed the judicial process to run through. His intervention though well intended as posited by some economists, sends a dangerous signal in our democracy. The international community is watching seeing how much we mess our system up. It is ill advised and no lawyer worth his salt should make unfounded allegation of bribery as reason to undermine the judiciary.
“The macro and micro economic benefits of this naira redesign may be altruistic and good for economic growth in the long run but the poor implementation strategy that have occasioned hardship has taken the shine off the good intentions.
“People are suffering in having access to their money and the central bank that is the culprit is being treated with kid glove.
“Let us not blame the POS Agents and the Banks for chaos and confusion in the implementation of the policy. The poor implementation strategy of the central bank is too glaring for everyone to see.
“We are hoping that the 200 old notes will now be made available to the citizens to ease their sufferings.
In his final submission, Dr Ubani noted that “Finally I need to reiterate that the President erred in law to have subtly overruled the Supreme Court’s express order. It is contemptuous of the Supreme Court Order simplicita. Let us not be carried away that he grudgingly permitted old 200 naira notes to continue to be circulated till sometime in April this year. He has breached the Supreme Court Order by that announcement. For me as a lawyer it portends grave danger in our legal system.
Also speaking, Femi Falana averred that only in Banana Republic that government officials including the President can commit court contempt and remain in office. He advised the government and its agency, the CBN to abide by the Supreme Court ruling pending the determination of the suit.
Another Lagos, Salihu Lawal said a presidential contempt of court is very horrible, adding that even if they want to catch money bag politicians, they would have started earlier than now election is at hand than punishing over 99.91% because of the evil plans of just 0.01%.
In summary, they advised Nigerians to abide by the pronouncement of the Court pending the end of the case at the Supreme Court.
