BREAKING: Court Halts CBN Fund Disbursement to Rivers State

The Federal High Court in Abuja has issued a restraining order preventing the Central Bank of Nigeria (CBN) from releasing monthly financial allocations to the Rivers State government, citing constitutional violations in the state’s budgetary processes.

In a ruling delivered by Justice Joyce Abdulmalik, the court determined that Governor Siminalayi Fubara’s receipt and disbursement of allocations since January 2024 represented a “constitutional somersault” that could not be permitted to continue.

The judge criticized Fubara’s presentation of the 2024 budget before a four-member Rivers House of Assembly as a significant breach of the 1999 Constitution.

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Justice Abdulmalik stated, “The implementation of an unlawful budget not only undermines the rule of law but also constitutes a gross violation of the constitutional oath taken by the governor.”

The order specifically restrains the CBN, the Accountant General of the Federation, and commercial banks, including Zenith Bank and Access Bank, from facilitating Fubara’s access to funds from the Consolidated Revenue and Federation Account.