N37.4BN PROMISSORY NOTES: PAPS CALLS ON CBN TO OBEY COURT ORDER

Written by on December 29, 2020

THE PATRIOTS FOR THE ADVANCEMENT OF PEACE AND SOCIAL DEVELOPMENT (PAPS) HAS CALLED ON THE CENTRAL BANK OF NIGERIA (CBN) TO OBEY THE ORDERS OF AN ABUJA FEDERAL HIGH COURT WHICH RESTRAINED IT FROM GOING AHEAD TO PROCESS THE N14.9BILLION PROMISSORY NOTES BELONGING TO ZAMFARA STATE.

ALSO ZAMFARA STATE, THROUGH ITS COUNSEL, AHMED RAJI (SAN ), HAS WRITTEN THE CBN GOVERNOR AND THE DIRECTOR OF LEGAL SERVICES OF THE APEX BANK ASKING IT, IN THE INTERIM, TO EXERCISE ADMINISTRATIVE PREROGATIVE BY HALTING THE REDEMPTION OF THE PROMISSORY NOTE.

SPECIALLY, THE STATE HAD APPROVED THE CANCELLATION OF N37.4BILLION PROMISSORY NOTES ALLEGEDLY SOLD BY THE IMMEDIATE PAST ADMINISTRATION OF FORMER GOVERNOR ABDULAZEEZ YARI ON THE GROUNDS THAT THE PROCESS FOR THE SALE OF THE 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.


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