Business
Reps Moves To Halt CBN’s Bank Bail-Outs
A member of the House of Representatives, Mr. Femi Gbajabiamila, has urged a Federal High Court in Lagos State to restrain the CBN from further disbursement of public fund for the on-going banking sector reform.
Mr. Gbajabiamila told the court that CBN acted illegally by disbursing N620 billion to some troubled banks without the consent of the National Assembly.
His Lawyer, Mr. Seni Adio who spoke for him at the resumption of proceedings in the suit by Mr. Gbajabiamila, challenged the right of the CBN and its governor to print and disburse funds not appropriated by the National Assembly.
Adio, at Wednesday’s proceedings, argued his client’s application for interlocutory injunction and responded to notices of preliminary objection by the respondents – the CBN and its governor.
He maintained that the respondents acted against a constitutional provision stipulating that the disbursement of public funds must be with the approval of the legislature.
Adio noted that there was need “to halt the unconstitutional spending engaged in by the CBN by proposing to expend a third of the country’s budget without the approval of the National Assembly”, while stressing the need for the court to grant his prayer from interlocutory injunction.
He denied claim by the CBN that it has already disbursed the said N620 billion, arguing that even if the claim was correct, the said amount, the first phase of the exercise and that the injunction being sought was to halt further disbursement.
He added that, “the non-granting of the injunction and allowing the respondents to continue with their unconstitutional action, will allow the usurpation of the constitutionally imposed duty of the legislature, which is a violation that no amount of money can compensate.
Responding to the arguments by lawyers to the respondents, Kola Awodein and Konyin-Sola Ajayi (SANs) on their notices of objection, Adio argued that his client has the locus standi to sue.
He maintained that, as against the respondents’ claim, Gbajabiamila, being a member of the National Assembly has a special interest and obligation to protect by filing the suit.
On respondents’ argument that the plaintiff failed to allege bad faith, Adio countered that since the suit was not predicated on both the CBN Act and the Bank and other Financial Institutions Act (BOFIA), the need for his client to allege bad faith did not arise.
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