By Yusuf Yunus
Some experts in the energy sector have lauded the judgment of the Supreme Court over the reversal of the old N200, N500, N1,000 till Dec. 31, 2023.
They made the commendations in a separate interview with The Business Intelligence (TBI Africa) News in Lagos.
A legal Consultant and Energy Law Advisor, Prof. Yemi Oke, said that the judgment of the Supreme Court on the subject is laudable, adding that it was bothered on Rule of Law and fundamental ideals of a true federalism.
Oke said that Federal Government rudely disobeyed the Supreme Court and the apex Court asserted it’s authority as the Supreme Court of the land.
He said that the apex Court amplified the fact that the federating states in a federation are not only mere rubber stamps and should not be treated with disdain.
“In all, it’s a popular judgment that synchronizes with people’s expectations knowing that the Supreme Court is not only a Court of Law but also a Court of national Policy.
Also, Mr Bolade Soremekun, the Chief Executive Officer, Rubitec Solar Nigeria Limited, commended the Supreme Court ruling on the reversal of the old notes.
Soremekun said that for pronouncing the N1,000, N500, and N200 are legal tender until December is welcoming.
According to him, “Nigerians have been passed through too much stress with this currency change, while some are making money from Nigerians suffering.
Mr. Henry Adigun, an Energy Consultant said: “For me I am surprised that the Supreme Court entertained the suit in the first place.
“I am not a lawyer. I thought the CBN Act protected it from judicial interference and such. I also thought that naira redesign and such were on the exclusive list.
“Well this is a precedent set by the court. I watch where it leads us to. Why did people suffer then? What was the point? Are the old notes still available,” he asked.
The National President of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), Mr Oladapo Olatunbosun, also said: “It is a good development, it shows our judiciary is becoming reliable.
“However, let wait and see when banks would start paying the depositors the mix of currency then we will know that they have complied and the citizenry will obey.
“This does not mean that we should throw away the cashless policy. The policy is good and very beneficial to the economy,” he added.
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 judgment, 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 gaps.
