Nyako Dragged to Court Over $24 Million Islamic Bank Loan

Murtala-Nyako_trends.com_.ng 600By Danlami Nmodu
Adamawa State Governor , Murtala Nyako has been dragged before the High Court in Yola over a decision by his government to seek a $24 million loan from the Islamic Development Bank. The plaintiffs include Engr Albert Stephen, Dr. Penni Boga and Dr. Francis Zira.The defendants are Adamawa state government,Governor Nyako,Adamawa State House of Assembly and the Attorney General and Commissioner of Justice Adamawa State.
In the writ of summons, the plaintiffs are seeking, “a declaration that the act seeking approval to source for an external loan to the tune of Twenty Four Million ,One Hundred and Thirteen thousand,four hundred and Seventeen U.S Dollars ($24,113,417) only (Three Billion,Seven Hundred and Thirty Seven Million,Five Hundred and Seventy Nine Thousand ,Six Hundred and Thirty Three Naira (N3,737,579,633.00) calculated at the exchange rate of N155.00 to one US Dollar from the Islamic Development Bank by the Adamawa State Government at this point in town and having regards to her external and internal financial indebtedness is all together unreasonable, unwarranted and unconstitutional.
Also the plaintiffs are prayed for “a declaration that the consideration of or the granting of approval by the 3rd Defendant(Adamawa State House of Assembly) to the 1st and 2nd Defendant (The Adamawa State Government and the Governor of Adamawa State)” to source or obtain the above stated loan is “unreasonable,unwarranted and unconstitutional”
The plaintiff want the court to also declare “that obtaining a loan from Islamic Development Bank (IDB which operates purely Islamic Banking and Islamic Economic Principles by the Adamawa State Government (the 1st Defendant )upon that application of the Governor of Adamawa is discriminatory and a breach of the 2nd Defendant’s Oath of Office under the Constitution of the Federal Republic of Nigeria”
And lastly, they are seeking “ an order of perpetual injunction restraining the Defendants jointly and or severally from further sourcing for external loans and or granting approval for the sourcing of external loans either from the Islamic Development Bank or any other Bank or Financial Institution during the pendency of the terms of their Governance/leadership”
But political observers question the timing of this suit which is coming in the middle of a battle for the control of the ruling Peoples Democratic Party ,PDP.In fact,Nyako along with former Vice President Atiku Abubakar also from Adamawa state are among the chieftains of the New PDP,a faction of the ruling party.He is also one of the G7 governors leading the rebellion in the party .But sources in Adamawa insisted on Friday that this suit is all about Adamawa State .

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