A Federal High Court in Abuja has dismissed a suit on the appropriateness of the Federal Government’s plan to convert various loans, estimates at N22.7 trillion obtained by the
In a judgment on Thursday, Justice James Omotosho held that the plaintiffs lacked locus standi to have approached the court on the issue. The judge wondered whether there was any public forum where the plaintiffs brought the people together or conducted a poll to gather their opinions and views before commencing the action.
Justice Omotosho further held that even if the plaintiffs were to have the required locus standi, the exhibits they attached to their court processes were not certified true copies as required by law. Justice Omotosho, who held that the court could not rely on downloaded documents as genuine, said the court could only act on an original copy or the CTC.Justice Omotosho, who held that courts do not act on speculations, said the suit was full of speculation and rumour, proceeded to expunge the rejected exhibits from the court’s file.
They particularly asked the court to stop the conversion of the debt to a promissory note or any other promise to pay at a future date or securitisation by ways of issuance of treasury bills, bonds or other forms of security.The plaintiffs argued that the series of loans secured from the CBN had amounted to N23.7 trillion, and that the FG was planning to restructure the loans to something that could be traded.
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