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The Supreme Court has issued an order to prevent the payment of funds to the River State Government of the Central Bank of Nigeria (CBN) and other institutions.
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The court’s decision was valid until River State had a correctly composed House of Representatives.
The court also directed Speaker Martin Amaewhule and other elected members to resume legislative activities without delay.
The Supreme Court has issued an order to prevent the payment of funds from paying to the River State Government from paying funds.
The court said the ruling would remain in effect until a properly composed House of Representatives is in place.
Also read: Experts say CBN’s FX reform stabilizes Naira.
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In a judgment made by Judge Emmanuel Akomaye, representing a five-member panel, the court dismissed the cross-claim by Governor Siminalayi Fubara, a case that challenged the legitimacy of the parliament led by Speaker Martin Amaewhule.
The court directed Amaewhule and other elected members to resume legislative activities without delay.
The court criticized Governor Fobara for handling the defection of 28 MPs suspected of defecting, calling it “acts of religion and dictatorship” aimed at preventing legislative duties under the court under Amaewhule.
The court also denounced the demolition of the River State Capitol as an “Indiscipline Act” and accused the governor of excessive use of executive power to undermine parliament’s proceedings.
CBN’s Forex Policy Works Normally, Naira is Undervalued 26.35% – Leibo
Bismarck Rewane, managing director of financial derivatives, expressed confidence in the foreign exchange policy of the Central Bank of Nigeria (CBN), noting that they are producing positive results and bringing Naira closer to its fair value.
Rewane made this statement in its Global Business Report on Arise TV.
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