OrderPaperToday – A concerned citizen, Sesugh Akume, has instituted a suit before the Federal High Court siting in Abuja against the Central Bank of Nigeria (CBN) and its governor, Godwin Emefiele, for being ‘grossly incompetent.’
The suit, marked FHC/ABJ/CS/1051/2021, asking the court to determine whether or not Mr. Emefiele and the CBN have not been grossly incompetent by failing to provide price control, a strong naira and a stable exchange rate.
“Inflation (increase in the price of goods and services) has gone through the roof (from 7% in 2014 to 18% presently) as against the role of the CBN to stabilise and preferably lower it. Between May 2020 and June this year alone, the naira has been devalued by the CBN thrice (as the Bank said Wednesday last week, 8 September, that it was not bothered about the valuation of the naira!),” Mr. Akume said in a press statement made available to OrderPaper Nigeria.
“As of the time Mr. Emefiele resumed at the CBN, the official naira/US dollar exchange rate was 155 naira/US dollar, today it has been between 407 and 412 naira/US dollar in the past 3 months (and exchanged at 535 naira/US dollar as of Friday 10 September) the worst in the history of the country,” Mr. Sesugh said, insisting that CBN’s inconsistent and poor monetary policies have led to a weak and unstable naira, uncontrollable exchange rate and skyrocketing prices.
“To worsen matters, the CBN under Mr. Emefiele has been engaged in the illegality of lending to the federal government more than the prescribed 5% of the government’s revenues of the previous year. In 2020, for instance, the Bank lent the government 2.8 trillion naira which is 62% of 2019 revenues!
“The Bank further lends to the federal government even when it is yet to refund what was previously borrowed (presently, the federal government owes the CBN 15.51 trillion naira, 14.86 trillion of this under the Buhari regime) contrary to the express provisions of section 38 of the CBN Act.”
Mr. Akume also revealed that the suit is further strengthened by strong corroborating evidence from economic and financial experts and analysts, Samson Galadima Simon, and Tosin Adeoti on oath.
“Instead of focusing on his job of delivering on the mandate of the CBN (which he is obviously failing at), Mr. Emefiele has been using the CBN as a political tool of the regime by, for instance, having the bank accounts of #EndSARS protesters sealed by the courts over false, bogus and malicious charges, which is not in any way the business of the CBN.”
“This is possibly a novel lawsuit asking the court to declare a public institution/officer incompetent based on the evidence before it, and establish that public institutions/officers can be held liable/accountable for their failures, especially as they affect the public negatively” the press statement concluded.
A date has not yet been fixed for the hearing.