BREAKING: Court Bars CBN from Disbursing Allocations to Rivers State Government

A Federal High Court in Abuja has ordered the Central Bank of Nigeria (CBN) to halt further financial allocations to the Rivers State Government.

The court ruled that funds should not be disbursed until a legitimate appropriation act is passed by a properly constituted House of Assembly.

The decision, issued on Wednesday by Justice Joyce Abdulmalik, comes after the court found that Governor Siminalayi Fubara’s handling of the state’s finances since January went against the constitution.

The judge noted that Fubara’s presentation of the 2024 budget to a four-member Rivers House of Assembly was not in line with constitutional rules. According to Justice Abdulmalik, implementing this budget was a “gross violation” of the 1999 Constitution, which the governor had pledged to uphold.

As a result, the court has restricted the CBN, the Accountant General of the Federation, Zenith Bank, and Access Bank from allowing Governor Fubara to withdraw funds from the state’s revenue sources.

This development comes amid ongoing debates about the legitimacy of the state’s legislative body.

More to follow…