Justice John Tsoho, Chief Judge of the Federal High Court, said the decision to freeze the bank accounts of #EndSARS protesters saved Nigeria as a nation.
Speaking during the ceremony to mark the federal high court’s 2020/2021 legal year, Tsoho said if the CBN hasn’t taken such a step, the Nigerian economy at that time could have collapsed.
Recall that a Federal High Court in Abuja had granted the request by the Central Bank of Nigeria, CBN, to freeze the accounts belonging to those promoting the End SARS movement in the country.
The Chief Judge also revealed that the freezing prevented the dollar to naira exchange rate from hitting above N500.
Tsoho said, “Three months before the protest, CBN kept bringing applications, almost in their hundreds, based on what they call deliberate resolve to ruin the economy through money laundering.
“But the names were mostly of corporate bodies. So if it was the #EndSars people who started that arrangement undercover, then it is unfortunate. So maybe in the course of issuing those orders, they were uncovered.
“I’m sorry, I may have breached security, but I would not know because it is very irritating for people to fail to verify news and just come up with damaging allegations.
“From what I gathered, if that step was not taken, the Nigerian economy could have collapsed at that point in time.”
According to the Chief Judge, when the accounts of those promoting the protest were discovered, it made the CBN seek an order to freeze the accounts.
“The dollar would have already exchanged for far above N500. So it was that discovery that prompted the CBN to bring those applications, and the orders granted temporarily saved the situation,” Tsoho added.
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