Old notes : Mix reactions trail Supreme Court ruling on Cash Swap
By Yusuf Yunus
Stakeholders in the energy sector have expressed divergent views over Supreme Court’s order that old N200, N500, N1,000 notes remain in legal tender till Dec. 31.
They spoke in separate interviews on the development and impacts of the rulings with the Business Intelligence (TBI Africa ) on Friday in Lagos.
Mr Emmanuel Iheanacho, Chairman, Integrated Oil and Gas Ltd., said the Supreme Court ruling came too soon after the just concluded Presidential and National election on Feb. 25.
“It does seem mighty peculiar that reported Supreme Court ruling has come at a time so soon after the conclusion of the 2023 general elections.
“Might the earlier withdrawal of those monetary tenders from circulation be related to the dynamics of our political practise.
” This is a question that would definitely agitate the minds of keen political observers,” he asked.
Dr Ayodele Oni, Partner, Bloomfield Law Practice, said it was instructive to note that the Supreme Court’s original jurisdiction was clear and unequivocal.
According to him, the dispute is not within the purview of that original jurisdiction.
“To purport to act the reupon is to perpetuate abuse of court process and to set a bad precedent for the future.
“Now, all policies and actions which are politically unpopular or which affect politicians will be construed to be within the Supreme Court ’s original jurisdiction, he said.
Oni said, for instance, INEC’s (non)compliance with the IReV had now gone to the apex court, being a dispute between the Federal Government and the dissatisfied politicians occupying gubernatorial seats, which ordinarily should amount to an abuse of court process.
He said, however, that the decision could very well be used as precedent.
“Notwithstanding the foregoing, in light of the CBN’s mopping of old notes and given that CBN, which was not joined to the suit in the Supreme Court, is not as of now, obliged to obey the Ruling. I wonder as to whether this ruling is not in itself nugatory.
“It is instructive to note that today, March 3, in a similarly absurd case, the Supreme Court made the very disturbing finding that CBN is an agent and that they need not be joined before their policy would be brought before the apex court,” Oni noted.
He said that according to the Supreme Court, to join the government would be sufficient.
For Mr Mike Osatuyi, National Operations Controller of the independent Petroleum Marketers Association of (IPMAN) commended the Supreme Court ruling.
Osatuyi, however, assured that lPMAN’s members will abide with court order but will await Federal Government directive based on Supreme Court orders.
” For we at IPMAN, we are law abiding marketers and we are ready for whatever the directive are.
” The order has just being passed, let’s await government’s reaction before taken any further actions,” he said.
Mr Sina Odugbemi, the National Coordinator of Where ls The Light, said that the Supreme Court did not make mistake by pushing its pronouncement till after the presidential elections.
According to Odugbemi,”There are different meaning to read into this.
We had elections last week and we saw the results, again we are going to witness another one next week, and the difference will be clear.
” The role money play in elections will be made very clear. If there is any lesson this will be number one lesson.
“The whole sufferings brought on the common man is gone down the drain because the policy has failed to fully achieve its goal.
“The failure of the objective also underscore the challenge of changing the old order, ” he said.
The power expert said that the Supreme Court by its pronouncement will no doubt bring relief to millions of Nigerians who have been subjected to untold hardship.
“The real winners in the whole imbroglio are those purpoted to have stashed monies, the politicians who are bent on buying votes.
NAN reports that the Supreme Court on Friday ordered that old N200, N500, N1,000 notes remain in circulation till December 31, 2023.
The apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.
Justice Emmanuel Agim, who read the lead judgement, held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.
Citing Section 23(2)1 of the constitution, the court held that the dispute between the FederaL Government and states must involve law or facts.
The apex court further held that President Muhammadu Buhari in his broadcast admitted that the policy is flawed with a lot of challenges.
