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A Federal High Court in Abuja has dismissed a suit challenging the Federal Government’s (FG) plan to securitize the N23 trillion Ways and Means Loan obtained from the Central Bank of Nigeria (CBN).
The court, presided by Justice James Omotosho, ruled that the plaintiffs, Justin Edim and Akinfewa Akinwunmi, lacked the legal right to file the suit on behalf of themselves and other Nigerian citizens.
The plaintiffs had sought an injunction to stop the FG from securitizing the Ways and Means Loan, arguing that it would adversely affect the economy and the Nigerian populace.
They claimed that the FG’s plan to convert the debt into a promissory note or other forms of security would increase liquidity in the Nigerian economy, leading to increased inflation and driving Nigerians below the poverty line.
Justice Omotosho struck out the National Assembly’s name from the suit, citing the plaintiffs’ failure to file a pre-action notice three months before filing the suit, as required by law.
He further held that the plaintiffs had not shown how the securitization of the Ways and Means Loan would affect their personal rights, and as such, lacked the locus standi to file the suit on behalf of the public.
Additionally, the court found that the exhibits attached to the plaintiffs’ court processes were not certified true copies, rendering them inadmissible.
Justice Omotosho emphasized that only certified true copies of public documents or original copies are admissible in court, and the court cannot rely on downloaded documents as being genuine.
The court’s dismissal of the suit for lack of locus standi and the inadmissibility of the exhibits effectively ends the legal challenge against the FG’s plan to securitize the Ways and Means Loan.
As a result, the FG is now free to proceed with its plan, which aims to restructure the debt to a form that can be traded.
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