Court Halts CBN Allocation to Rivers State Government

A court order has restricted the Central Bank of Nigeria (CBN) from disbursing allocations to the Rivers State government, potentially impacting the state’s budget plans and project financing.

Justice Joyce Abdulmalik of the Federal High Court in Abuja has issued an order preventing the Central Bank of Nigeria (CBN) from continuing to disburse monthly financial allocations to the Rivers State Government.

Justice Abdulmalik ruled that the Rivers State Governor, Siminalayi Fubara’s management of receiving and distributing monthly allocations since January this year violated the Constitution and constituted an anomaly that should not persist.

The judge ruled that Fubara’s presentation of the 2024 budget to a four-member Rivers House of Assembly violated constitutional provisions.

Justice Abdulmalik specifically stated that the governor’s actions constituted a significant violation of the 1999 Constitution.

The judge then prohibited the Central Bank of Nigeria, the Accountant General of the Federation, Zenith Bank, and Access Bank from further permitting Fubara to access funds from the Consolidated Revenue and Federation Account.

Additional details will be provided soon…