The Human and Environmental Development Agenda (HEDA Resource Centre), a prominent civil society organization, is demanding the Central Bank of Nigeria’s compliance with a recent court judgment in their favor. The judgment, relating to the case of “Incorporated Trustees of HEDA Resource Centre v. Governor, Central Bank of Nigeria; FHC/ABJ/CS/1622/2020,” was issued on May 3, 2023, by Hon. Justice M.O. Olajuwon.
In a letter dated June 27, 2023, addressed to the Central Bank, the anti-corruption group referred to their previous correspondence and emphasized that the court had ruled in their favor. An order of Mandamus was granted, compelling the Central Bank to release specific information requested through their Freedom of Information (FoI) application submitted on October 14, 2020.
The information HEDA is demanding includes a detailed breakdown of the schemes created by the Central Bank of Nigeria to sell the dollar at subsidized rates. Additionally, they are seeking the total amount disbursed for each scheme, a sector-wide breakdown of the disbursements, and detailed information on the beneficiaries, encompassing the forex intervention scheme.
The group claims that the Central Bank has not yet complied with the court’s order to release the requested information. Consequently, the organization has issued a firm demand for immediate compliance with the court judgment.
To date, the Central Bank of Nigeria has not issued an official response to the demands made by HEDA Resource Centre. However, should the Central Bank continue to defy the court’s ruling, The anti-corruption has stated its intention to initiate contempt proceedings against the institution.
Meanwhile, the case carries significant implications for transparency and accountability within the Central Bank’s operations. The requested information pertains to the allocation of resources through various schemes aimed at selling the dollar at subsidized rates. Ensuring transparency in this matter is crucial to maintain public trust and facilitate effective oversight of the country’s financial institutions.
As the public eagerly awaits further updates on this matter as it continues to unfold, HEDA Resource Centre remains resolute in its pursuit of accountability and compliance with the Courts’ judgments. Observers and stakeholders are closely monitoring development, anticipating the Central Bank’s response and the potential impact on financial transparency in Nigeria.