^ Have you now run away, Mr. Chuks? In light of my last post you ought to be admitting certain things by now bro.

Deep Sight: By the way, you should school your self on what the term " Developmental Functions " of the CBN refers to. You have used it to refer to any developmental activity conceivable in the world! LOL. Go school up buddy.

Liquidity Management: The Bank is empowered to carry out market activities including but
not limited to issuing, placing, selling, repurchasing, amortising and redeeming securities, for
the purpose of maintaining monetary stability. This is not new, however under what is newly
referred to as a developmental function the Bank may subscribe to or hold and sell shares
and debentures, for the purpose of promoting and developing not only the capital markets
but also encouraging financial/economic growth and development.

http://www.abududalley.net/publications/CENTRAL%20BANK%20OF%20NIGERIA%20ACT%202007%20-%20SIGNIFICANT%20CHANGES.pdf

You know what, I will just make it easy for you. Here is an extract of Section 31 of the CBN Act which describes what developmental function of the CBN refers to. I am now convinced I am speaking to someone totally ignorant of the issues. Please read for your self - Damn! -

I can find you 6 lawyers who will give me 6 different 'reasonable' opinions about the provision you posted and that will not be good enough to say that anyone of those opinions is correct. The opinion which matters is that of the judge(s) who will make a ruling, i. e. if your case is not summarily thrown out and if you people are not fined for wasting the court's time. Once again, go and convince a judge that the CBN is conducting illegal acts and see how far you get.

I will not ridicule you here with legalese., but I warn you that you are tempting me.

ndu_chucks:

I can find you 6 lawyers who will give me 6 different 'reasonable' opinions about the provision you posted and that will not be good enough to say that anyone of those opinions is correct. The opinion which matters is that of the judge(s) who will make a ruling, i. e. if your case is not summarily thrown out and if you people are not fined for wasting the court's time. Once again, go and convince a judge that the CBN is conducting illegal acts and see how far you get.

I will not ridicule you here with legalese., but I warn you that you are tempting me.

Abeg dont make me laff. Go and read again the Section 31 that I extracted for you and school yourself on what "developmental functions" means within Central Banking. I have obviously been wasting my time with you. Siddon Joor.

dancewith: The CBN continues to perform its corporate social responsibility functions by promoting knowledge through
I find your argument irresponsible at best. If you have any intelligence at all, you must know that these cases are different. CBN is not legally permitted to be making charitable donations. It is not their statutory function. There are other agencies of government that is designed to do this. Even funding of private organisations as they have been doing is wrong and illegal. the Textile loan intervention ought to be handled by the Federal Ministry of Finance or disbursed to the commercial banks. The same with the aviation intervention funds. Sanusi is commercializing CBN and you must understand (that is if you are smart enough to do so) that public bodies are not best placed to make donations. CSR is usually for private and commercial bodies. The Govt can make donations through executive pronouncements but certainly not through a body like a country's central bank.

Justifying this shows how shallow we are. This is the same reason we had to get justice on the Ibori case outside the shores of Nigeria. People like you would have carried placards justifying why Ibori is not a thief.

Exactly.

plutonian: Interesting discussions and contributions here. I for one would like to see even more contributions and opinions of people in the legal field in Nigeria, because I believe tying the law (i.e. Constitution, the Acts, etc) directly to the actions that have been taken/ that are being taken is the way to go.

I am of the personal opinion that the CBN/ CBN governor has overstepped its/his boundaries in a lot of areas and the constitution and CBN Acts, BOFIA, (etc) clearly supports in there that they have over-stepped their boundary, but unfortunately in the country of Nigeria the citizens just refuse to stand up for their rights, and oppose wrong-doing for reasons I just cant understand.

As far as this specific area of the contributions Sanusi has/is making, from my perusal of the Constitution and various Acts (which I have been perusing and also deeply examining quite a lot lately) I find that in majority of the cases, the CBN/Sanusi's contributions are outside the CBN/his boundary ("ultra vires", as Deep Sight puts it).

However not everyone is in a position to be able to "sue" (like Deep Sight has pointed out, that in this case one would need to pass the "locus standi" test to be in the position to rightly file a lawsuit), and not everyone is in a financial position either to "sponsor' the lawsuit, so to speak.

Its unfortunate though that the "lawlessness and corruption disease" is already affecting us, the younger generation. So sad!

Deep Sight, I commend you for your post, and your contributions. Please keep it up. We will change our country; by God's grace we will.

plutonian, believe it or not, I feel your pain. I wholeheartedly agree with you that the CBN Act is overdue for a complete revisiting. I personally believe that the CBN has been given too much discretionary power and the courts have broadly interpreted the authority of CBN as stipulated in the CBN act. Note also that there is a big difference between what is legal and what may be distasteful or even classified as morally reprehensible.

I maintain that given past court rulings, the CBN and Sanusi have operated within the law, in this case. I'm opposed to many of the activities of the CBN including the said grants they made to BH victims, but I believe that aggressive CBN governors such as Soludo and Sanusi will continue to take full advantage of a badly written CBN Act which gives the CBN board the legal standing to do what they do.

My advise to well meaning Nigerians is to organize interest groups and apply pressure on their Reps to rewrite this CBN act. Until then, Sanusi and the CBN is home free.

---

TO KEEP NIGERIA ONE IS A TASK THAT MUST BE DONE

ndu_chucks:

I can find you 6 lawyers who will give me 6 different 'reasonable' opinions about the provision you posted and that will not be good enough to say that anyone of those opinions is correct. The opinion which matters is that of the judge(s) who will make a ruling, i. e. if your case is not summarily thrown out and if you people are not fined for wasting the court's time. Once again, go and convince a judge that the CBN is conducting illegal acts and see how far you get.

I will not ridicule you here with legalese., but I warn you that you are tempting me.

Whats all the "legalese" you keep talking about, while making arguments that are poverty stricken and kwashiorkored at best?

Beaf:

Whats all the "legalese" you keep talking about, while making arguments that are poverty stricken and kwashiorkored at best?

Arguments can be poverty stricken and kwashiorkored according to the above olodo. I hope your reference to kwashiorkor was not intended to open old wounds. You'll be on your own when aggressive biafrans descend on you.

---

TO KEEP NIGERIA ONE IS A TASK THAT MUST BE DONE

^ ^ ^ He is simply stating the obvious: namely that whereas you started your input on this thread mocking the legal issues raised, you have not been able to advance a single legal point in rebuttal: you have also shown uncommon misconstruction of basic legal concepts.

Deep Sight: By the way, you should school your self on what the term " Developmental Functions " of the CBN refers to. You have used it to refer to any developmental activity conceivable in the world! LOL. Go school up buddy.

Liquidity Management: The Bank is empowered to carry out market activities including but
not limited to issuing, placing, selling, repurchasing, amortising and redeeming securities, for
the purpose of maintaining monetary stability. This is not new, however under what is newly
referred to as a developmental function the Bank may subscribe to or hold and sell shares
and debentures, for the purpose of promoting and developing not only the capital markets
but also encouraging financial/economic growth and development.

http://www.abududalley.net/publications/CENTRAL%20BANK%20OF%20NIGERIA%20ACT%202007%20-%20SIGNIFICANT%20CHANGES.pdf

You know what, I will just make it easy for you. Here is an extract of Section 31 of the CBN Act which describes what developmental function of the CBN refers to. I am now convinced I am speaking to someone totally ignorant of the issues. Please read for your self - Damn! -

^ ^ ^ This post here ought to have shown Mr. Ndu Chuks his sad ignorance in this matter already!

Deep Sight:

Liquidity Management: The Bank is empowered to carry out market activities including but
not limited to issuing, placing, selling, repurchasing, amortising and redeeming securities, for
the purpose of maintaining monetary stability. This is not new, however [b]under what is newly
referred to as a developmental function the Bank may subscribe to or hold and sell shares
and debentures, for the purpose of promoting and developing not only the capital markets
but also encouraging financial/economic growth and development. [/b]


^ ^ ^ This post here ought to have shown Mr. Ndu Chuks his sad ignorance in this matter already!

Deep Sight, if you are planning to excel as a lawyer, you must learn how to read and spell. My screen name is Ndu_Chucks not Ndu Chuks; Note the second 'c' in Chucks.

Your main point is that the said CBN grant was illegal. You are now attempting to tell us that what you posted above conclusively means that, the grant is notr covered under the so-called developmental function. This argument is weak at best.

Note the bolded above and it should be very obvious to you that the activities listed, including subscription and selling of shares fall under developmental functions of the CBN. There is nothing whatsoever in your post which specifically or implicitly precludes the CBN from awarding grants to Universities, states or individuals. I'm sure that you are not naive enough to think that there are no other activities, besides what you listed, which fall under the developmental function. Oga, go back to the library.

Deep Sight:

Liquidity Management: The Bank is empowered to carry out market activities including but
not limited to issuing, placing, selling, repurchasing, amortising and redeeming securities, for
the purpose of maintaining monetary stability. This is not new, however under what is newly
referred to as a developmental function the Bank may subscribe to or hold and sell shares
and debentures, for the purpose of promoting and developing not only the capital markets
but also encouraging financial/economic growth and development.


^ ^ ^ This post here ought to have shown Mr. Ndu Chuks his sad ignorance in this matter already!

Deep Sight, if you are planning to excel as a lawyer, you must learn how to read and spell. My screen name is Ndu_Chucks not Ndu Chuks; Note the second 'c' in Chucks.

Your main point is that the said CBN grant was illegal. You are now attempting to tell us that what you posted above conclusively means that, the grant is notr covered under the so-called developmental function. This argument is weak at best.

Note the bolded above and it should be very obvious to you that the activities listed, including subscription and selling of shares fall under developmental functions of the CBN. There is nothing whatsoever in your post which specifically or implicitly precludes the CBN from awarding grants to Universities, states or individuals. I'm sure that you are not naive enough to think that there are no other activities, besides what you listed, which fall under the developmental function. Oga, go back to the library.

---

TO KEEP NIGERIA ONE IS A TASK THAT MUST BE DONE

Beaf:

Whats all the "legalese" you keep talking about, while making arguments that are poverty stricken and kwashiorkored at best?

^^^
Are you a village headmaster? your diction and choice of words is appalling

Now subscribed.
Thankfully this thread has been relatively devoid of the usual name calling and tribalistic tendencies of NL
interestingly too; politics seems to have been left behind as 2 well known political enemies are aligned in thoughts here.
in view of recent developments; I know this topic would come alive again.
I have nothing against the man personally but keeps wondering at the government of the day allowing clear cut take over of its roles.
thank you