|The Patriots for the Advancement Of Peace and Social Development (PAPS) has called on the Central Bank to obey the orders of an Abuja Federal High Court which had restrained it from going ahead to process the N14.9billion Promissory notes belonging to Zamfara State in favour Of the United Bank for Africa (UBA).|
This is as the Zamfara State Government through its Counsel Ahmed Raji, SAN has written the Central Bank Governor and the Director Of Legal Services Of the Apex Bank asking it to the interim to exercise administrative prerogative by halting the redemption of the said Promissory note.
Specially the Zamfara State government had approved the cancellation of N37.4billion promissory notes allegedly sold by the immediate past administration of former Governor Abdulazeez Yari in the state on the grounds that the process for the sale of promissory notes was not properly followed by the past administration in the state.
The amount in question was a refund made to the state for the execution of federal roads by the immediate past administration in the state.
In a statement signed by its Chairman Dr Sani Abdulahi Shinkafi PAPS cautioned the CBN from going ahead to give effect to the first Promissory note of N14.9billion due to mature on December 28th, 2020 bearing in mind that there is a Federal High Court Order restraining it to give effect to the said money.
It would be recalled that a Federal High Court had on December 24th,2020 restrained the Central Bank Of Nigeria (CBN) from acting upon or processing or further processing the N14.9 billion promissory note belonging to Zamfara State government in favour Of the United Bank For Africa (UBA).
The Court presided over by Justice Nkonye Maha had after hearing an ex-parte application brought by the Zamfara State government through her Counsel Ahmed Raji, SAN ordered the CBN not to do anything to destroy the res of the case and therefore foist a fait acompli on the court.
According to Justice Maha “after hearing Ahmed Raji, SAN Learned Senior Counsel to the applicant appearing with W.A. Adeniran move in terms of the motion paper. And the Court having taken into consideration the evidence before me, with the oral and written submissions of the Learned Senior Counsel to the plaintiff/applicant in this proceeding.
“And upon hearing that there are exceptional and compelling reasons to warrant the exercise of the Court’s discretion in this proceedings and pursuant to Section 6 of the 1999 Constitution as amended and orders 4(2); orders 26 rules (1)(2)(3) (8) and order 56 rules (1)(2) of the court’s Civil Procedure Rules 2019. It is ordered that the ex-parte application dated 23rd, December 2020 but filed on December 24th, 2020 is granted in the following terms:
#That the prayer is granted as prayed.
#That an order of interim injunction is made restraining the 1st defendant (CBN) from acting upon, processing further any redemption in favour Of the 2nd defendant (UBA), of the promissory note in FGN/PN/2018/SG/21 valued as N14,906.105.512.93 pending the hearing and determination of the motion on notice.
#That 1st defendant (CBN) in this suit is ordered not to do anything concerning the res of this case and therefore foist a fait accompli on the Court.
#That the plaintiff/applicant is ordered to serve the defendants with the certified true copy of the enrolled orders of the court. The writ of summons and motion on notice seeking interlocutory orders of the court.
#That when served with the processes of the plaintiff, the defendants are ordered to file their replies to the highlighted processes.
#That hearing notices are to be issued and served on the defendants in this suit.
#That the case is hereby adjourned to the 30th, December 2020 for the hearing on the motion on notice.
Specifically, the Zamfara State government, the plaintiff applicant had through their Counsel Raji,SAN dragged the CBN and UBA cited as 1st and 2nd defendants in the suit in an ex-parte application asked the court for an order restraining the 1st defendant (CBN) from acting upon, processing further any redemption in favour Of the 2nd defendant (UBA), of the promissory note in FGN/PN/2018/SG/21 valued as N14,906.105.512.93 pending the hearing and determination of the motion on notice.
#That 1st defendant (CBN) in this suit be ordered not to do anything concerning the res of this case and therefore foist a fait accompli on the Court.
#That the plaintiff/applicant be ordered to serve the certified true cope of the enrolled orders of the court. The writ of summons and motion on notice seeking interlocutory orders of the court.
The State’s Commissioner Of Finance Rabiu Garba had deposed to a 39 paragraphed affidavit of extreme urgency in support of the motion on notice.
The court fixed hearing of the motion on notice for December 30th,2020.
Shinkafi noted that the second of the Promissory note which is due for maturity in April 2022 has already been collected by the Yari led administration without the money reflecting in the Zamfara State government account cautioning that the CBN going ahead to give effects to the said Promissory notes would amount to contempt of court.
He accused the Abdulazeez Yari led administration in Zamfara State Of trading of the promissory notes of N14.960.105.512.93 which was issued on December 28th,2018 with due date of 28th December 2020 which it collected on January 1st,2019 and the second trance of N22.440.158.269.00 with maturity date of April 1st 2022which he said was collected on April 5th,2020.
Shinkafi pointed that said amount in question was issued to the Zamfara State Government in two tranches according to the letter from the Debt Management Office (DMO) which on the authority letters from then Executive Governor of Zamfara State Abdulazeez Yari dated December 28th,2018 and April 4th,2019 we’re released to the Nigerian Governors Forum and consequently that there is outstanding no Promissory note due to the State.
In the Zamfara State’s government letter to the CBN Governor Raji stated that “it has become very necessary at this time to write you given the very delicate time which has led to the filing of the suit with number FHC/ABJ/CS/1718/2020. A Promissory note with reference number FG/PN/2018/SG/21 valued at N14.960.105.512.93 is due to mature on December 28th, 2020 .
“Unfortunately the past administration in Zamfara State colluded with the United Bank for Africa (UBA) to fraudulently discount the said Promissory note to the tune of N10.426.749.219.32. Apart from the fraudulent discount of the repatriated sum of N10.426.749.219.3 was diverted into other accounts which does not belong to the Zamfara State Government. In summation the UBA colluded with the past administration of Zamafara State Government not only to fraudulently discount the promissory note but to also remove what is left from the coffers of the State government” he added.
Raji maintained that “the present administration has lodged complaints with the Inspector-General of Police (IGP) and relevant stakeholders, including the UBA.
Presently, police investigation is yet to be completed and time is of essence, because the Promissory Note is due for redemption on December 28th, 2020. The instant suit has been filed and a copy which had been attached alongside the motion on notice of injunction. We respectfully urge to in the interim to exercise administrative prerogative by halting the redemption of the said Promissory note.