Just in: Finally, Federal High court stops CBN from releasing allocation to Rivers govt

A Federal High Court in Abuja has stopped the Central Bank of Nigeria, CBN, from further releasing monthly financial allocations to Rivers state government.

The court held that the receipt and disbursement of monthly allocations since January this year by Governor Siminalayi Fubara was a constitutional aberration that must not be allowed to continue.

Justice Joyce Abdulmalik, who issued the order on Wednesday, held that the presentation of the 2024 budget by Fubara before a 4-member Rivers House of Assembly was an affront to the Assembly.

Specifically, the judge said that Fubara action in implementing unlawful budget smacked gross violations of the 1999 Constitution he swore to protect.

The judge therefore restrained CBN, Accountant General of the Federation, Zenith Bank and Access Bank, from further allowing Fubara to access money from the Consolidated Revenue of the Federation Account.

Details shortly…