UPDATE: Governors, Court summon Emefiele Over Naira Redesign, $53m Paris Club debt

The governors of the 36 states have summoned the Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, over the withdrawal policy and the redesigned naira notes.

The governors, under the auspices of the Nigeria Governors’ Forum, through its spokesperson, Abdulrazaque Bello-Barkindo, in a statement on Tuesday, stated that the planned meeting would be held on Thursday.

CBN introduced the naira redesign policy in October 2022 last year and directed Nigerians to deposit their old notes in banks by January 31, 2023.

While referring to the NGF’s Director General, Asishana Okauru, the spokesperson noted that the virtual meeting would focus on the latest apex bank’s withdrawal policy and naira redesign.

He said, “For the virtual meeting, the agenda is, “The Economic and Security implications of naira redesign and withdrawal policy.

“The discussion promises to foster involvement and dialogue among various stakeholders, including governments and civil society organisations, to devise a solution to the lingering issue.”

COURT SUMMONS EMEFIELE OVER $53m PARIS CLUB DEBT

A Federal High Court in Abuja has summoned the Governor of the Central Bank of Nigeria, Godwin Emefiele, over a $53 million judgment debt arising from the Paris Club refund.

In an application for garnishee made on October 20, 2022, Justice Inyang Ekwo, ordered Emefiele to appear on March 20, 2022 as the hearing date for the matter.

Prior to January 23, 2020, the court ruled that Emefiele must appear “to be examined on oath touching the means you have or have had, since the date of the said garnishee order absolute, to pay the balance of $53 million now due and payable under the said garnishee order absolute and also show cause why you should not be committed to prison for default in payment of the said sum.”

The order followed the application by a Senior Advocate of Nigeria, Joe Agi, against Linas International Ltd, the Minister of Finance and the CBN through his lawyers, Isaac Ekpa and Chinonso Obasi.

The applicants were seeking an order directing the Inspector General of Police to arrest Emefiele and bring him to court alongside his lawyers – Damian Dodo, Audu Anuga, all Senior Advocates of Nigeria, and Ginika Ezeoke, Jessica Iyoke, Abdullahi Afolayan and Olayemi Afolayan.

The suit stemmed from an alleged $70 million judgment against Linas over the lawyer’s services in the Paris Club refund.

The CBN governor was said to have left an outstanding amount of $53 million having only released $17 million.