A Federal High Court in Abuja has dismissed a lawsuit attempting to block the Federal Government from securitizing a N22.7 trillion Ways and Means Loan obtained from the Central Bank of Nigeria (CBN).
Justice James Omotosho ruled that the plaintiffs did not have the legal standing to bring the case forward and failed to provide sufficient evidence to support their claims.
The plaintiffs, Justin Edim and Akinfewa Akinwunmi, had named President Bola Tinubu, the Federal Government, the CBN, and the Ministry of Finance among others as defendants in the suit. They sought to halt the conversion of the debt into a promissory note or any other form of future payment.
The lawsuit stemmed from the FG's request to the 9th National Assembly for permission to securitize debts accumulated from the CBN over time, which the plaintiffs claimed amounted to N23.7 trillion.
They argued that such actions would adversely affect them and millions of Nigerians, potentially worsening inflation and driving more people below the poverty line.
However, Justice Omotosho dismissed the case, stating that the plaintiffs failed to demonstrate how the Ways and Means bill personally affected them or prove that they had the legal authority to represent the public in this matter.
Additionally, he noted that the evidence provided by the plaintiffs, including newspaper printouts, lacked proper certification and therefore could not be considered admissible in court.
Concluding his judgment, Justice Omotosho emphasized the need for legal standing to prevent frivolous lawsuits and reiterated the requirement for certified true copies of documents to be submitted as evidence.
He ultimately dismissed the suit due to lack of legal standing and the inadequacy of the evidence presented.
