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Naira Depreciation: CBN Urges Court To Dismiss Falana’s Lawsuit
The Central Bank of Nigeria (CBN) is requesting a Federal High Court in Lagos to reject a lawsuit filed by human rights lawyer Femi Falana.
The suit aims to compel the apex bank to halt the concerning depreciation of the Naira.
In its preliminary objection to the suit, the CBN argues that Femi Falana lacks legal standing to file the case, asserting that the court does not have jurisdiction to consider it.
The senior lawyer had initiated the suit to contest the declining value of the Naira and the increasing influence of the dollar in the economy.
In the case labeled FHC/L/CS/470/23, Falana seeks a court order to prevent the CBN from allowing market forces to set the Naira’s exchange rate under Section 16 of the Central Bank Act.
Additionally, he requests the court to mandate the CBN to halt the dollarization of the economy, citing Section 20(1) of the Act, which designates the Naira as the sole legal tender in Nigeria.
The plaintiff is further requesting the court to instruct the CBN to cease the dollarization of the economy, citing Section 20(1) of the Act, which designates the Naira as the exclusive legal tender in Nigeria.
In his plea to the court, the plaintiff seeks a declaration that, according to Section 16 of the Central Bank Act, the acceptable legal tender in Nigeria is Naira and kobo.
He also contends that, in accordance with the combined effect of Sections 15 and 20(1) of the Central Bank Act, currency notes issued by the Defendant should be recognized as legal tender in Nigeria.
Falana is additionally requesting the court to declare, based on Section 16 of the Central Bank Act, that the exchange rate of the Naira should be determined periodically by a mechanism devised by the CBN.
He is also seeking a declaration that the CBN lacks the authority to permit multiple exchange rates between the Naira and the Dollar, as well as other foreign currencies.
Furthermore, the plaintiff is urging the court to declare, in accordance with Section 20(5) of the Central Bank Act, that the CBN is legally obligated to prosecute individuals who refuse to accept the Naira as a valid form of payment in Nigeria.
However, in the preliminary objections presented by Adeleke Agboola (SAN) on behalf of the bank, the CBN argues that Falana has not demonstrated any unique harm beyond that of other Nigerian citizens regarding the CBN’s exchange rate policy.
The CBN asserts that Falana lacks the legal standing (locus standi) to bring this case and highlights that he hasn’t reported those engaging in dollar trading in Nigeria.
The CBN’s objections include Falana’s failure to demonstrate that the CBN acted in bad faith and the plaintiff’s inability to disclose a reasonable cause of action against the bank.
The Bank is urging the court to dismiss the suit or, as an alternative, strike it out due to the purported lack of jurisdiction.
It argues that the court lacks the necessary jurisdiction and emphasizes that the plaintiff has not presented a reasonable cause of action against the CBN.
Furthermore, the Bank contends that the action is statute-barred, not competent, and not maintainable against the Defendant.
It asserts that the substantive reliefs sought by the plaintiff have become irrelevant following the Central Bank’s announcement of the unification of all segments of the foreign exchange market in its Circular of June 14, 2023.
The NNPC Limited has raised alarm over what it described as a growing wave of fraudulent claims suggesting that the company is selling refinery scrap materials and equipment to individuals and private entities.
In a public notice by its Chief Corporate Communications Officer, Andy Odeh, the company categorically dismissed the claims as false, clarifying that it has not initiated or approved any process for the sale of scrap metals, refinery components, or equipment from any of its facilities.
According to the company, it has neither issued requests for bids, tenders, nor expressions of interest relating to such transactions, contrary to information being circulated in some quarters.
More troubling, the company revealed that certain individuals have been impersonating NNPC officials, falsely presenting themselves as authorised agents to facilitate the sale of so-called refinery scrap.
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“These individuals are not authorised by NNPC Limited and are attempting to mislead members of the public,” the statement noted, highlighting the sophistication of the fraudulent scheme.
The development raises concerns about the exploitation of public trust and the potential financial risks to unsuspecting individuals and businesses.
NNPC therefore urged stakeholders, corporate organisations, and the general public to exercise vigilance and avoid engaging in any transaction linked to such claims.
“For the avoidance of doubt, NNPC Limited is not conducting, nor has it authorised, any sale of refinery scrap or equipment,” the company reiterated.
It further emphasised that any legitimate disposal of assets would be carried out through transparent, regulated processes and communicated through its official platforms.
The company also encouraged the public to report suspected fraudsters to law enforcement agencies, as part of efforts to curb the spread of such criminal activities.
NNPC reaffirmed its commitment to transparency, accountability, and the responsible stewardship of Nigeria’s energy assets.
The NNPC Foundation Limited/Gte, the Corporate Social Responsibility (CSR) arm of the Nigerian National Petroleum Company Limited (NNPC Ltd), has won the CSR Champion Award (Health) 2025 instituted by the Independent Newspapers.
Biztellers reports that the award was presented during the Silver Jubilee edition of the Independent Newspapers Awards, themed “Game Changers: Breaking Barriers and Shaping Tomorrow,” held at Eko Hotel and Suites on Saturday, 18 April 2026.
The CSR Champion Award (Health) recognises the Foundation’s work in healthcare and its broader commitment to improving lives through social investment programmes spanning health, education, environment, and access to energy.Primary & Secondary Schooling (K-12)
The recognition follows a series of health initiatives delivered by the Foundation, including free cataract screening and surgeries that restored sight to over 6,000 Nigerians, including minors born blind; cancer and glaucoma interventions; medical outreaches to underserved communities; renovation and furnishing of three wards with 100 beds at the National Orthopaedic Hospital, Igbobi; partnership and sponsorship of heart surgeries; and provision of dental health accessories to children in special schools, among others.
The NNPC Foundation noted that these results were made possible through the leadership and support of the NNPC Ltd. Management team, whose commitment has continued to strengthen the Foundation’s capacity to deliver social investments across the country.
Reacting to the award, the Managing Director of NNPC Foundation, Emmanuella Arukwe, described the recognition as a validation of the Foundation’s work and the trust placed in it by Nigerians. She noted that the award means so much to the company because it represents the confidence Nigerians have placed in its work and the value they see in purposeful social investment.
“It speaks to the resilience of the communities we serve, the dedication of our team, and the strength of partnerships that have enabled us to do meaningful work in health, education, environmental sustainability and access to energy,” she added.
In addition, Arukwe noted that “these results have also been made possible through the leadership and support of the NNPC Ltd. Management team, whose backing has been instrumental to the success of the Foundation’s work. We receive this award with gratitude, and with a renewed sense of responsibility to do more and reach further across the country.”
The NNPC Foundation Limited/Gte remains committed to advancing health interventions that improve outcomes and contribute to national development.
The Nigerian National Petroleum Company Limited (NNPC Ltd), through its Research, Technology and Innovation (RTI) Division, in collaboration with the Petroleum Technology Development Fund (PTDF), has signed a Memorandum of Understanding (MoU) with Sonatrach, the Algerian National Oil Company, for cooperation in research, development, and innovation.
The agreement, signed by NNPC Ltd’s Executive Vice President, Business Services, Sophia Mbakwe, and Sonatrach’s Managing Director, Khodjah Mohamed, establishes a formal framework for joint work in research and technology exchange between the two national oil companies.
This was contained in the press statement issued on Thursday by Chief Corporate Communications Officer Mr. Andy Odeh.
According to the statement, the agreement, held during the opening ceremony of the 3rd Meeting of the African Petroleum Producers’ Organization (APPO) Forum for R&D Directors at the PTDF Tower in Abuja, Nigeria, brought together research and development directors from APPO member countries.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, represented by former Secretary General of APPO, Omar Farouk Ibrahim, said the forum was one of four measures introduced by APPO to address challenges from the global energy transition, which center on funding, technology, and markets.
“The R&D forum tackles technology and expertise needs, the African Energy Bank addresses funding constraints, and the Central African Pipeline System supports regional oil and gas market integration,” Lokpobiri stated.
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Earlier in his remarks, Group Chief Executive Officer, NNPC Limited, Engr. Bashir Bayo Ojulari, represented by the Company’s Chief Financial Officer, Adedapo Segun, said research and development must form a central part of the overall strategy in the African oil and gas industry.
He called for research and development centres to function as engines of industrial competitiveness. “Collaboration in research and development is of strategic importance. The cost of innovation might be high, but the cost of obsolescence would be greater,” he stressed.
Ojulari called for a unified strategic framework through which resources could be pooled, data integrated, and risks shared across member countries.
He further urged the rapid adoption of digital technologies, artificial intelligence, and advanced engineering to improve upstream, midstream, and downstream operations.
On his part, the APPO Secretary General, Farid Ghezali, urged African petroleum-producing countries to ensure research in the oil and gas sector produced solutions that are practical and directly relevant to the continent. “We must ensure that our research delivers solutions that are practical and of direct use to Africa,” he stated.
Also speaking, the Executive Secretary of the Petroleum Technology Development Fund (PTDF), Prof. Shu’aibu Shehu Aliyu, highlighted the value of the partnership between NNPC Limited and PTDF in supporting decarbonization and environmental protection efforts across APPO member countries.
Chief Innovation Officer of NNPC Research, Technology and Innovation and incoming Chairman of the APPO R&D Directors Forum, Rasheed Ojulari, said the forum would give immediate priority to joint programs in the core areas of upstream optimization, artificial intelligence, decarbonisation processes, and industrial systems development.
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