#EndSARS Protesters’ Frozen Accounts Prevented Dollar From Exchanging Above N500 – Chief Judge, John Tsoho

By Edna Wande On Dec 17, 2020

John Tsoho, FHC CJ, goes into self-isolation after aide contracts COVID-19 — Chief Judge of the Federal High Court, Justice John Tsoho.

Chief Judge of the Federal High Court, Justice John Tsoho has stated that the freezing of #EndSARS protesters’ bank accounts saved the nation’s economy and prevented dollar from exchanging above N500.

Tsoho said this on Wednesday at ceremony to mark Federal High Court’s 2020/2021 legal year, adding that the names attached to the bank accounts were not those of individuals but of corporate organisations, Vanguard reports.

Speaking further, Tsoho said if the step was not taken, the Nigerian economy could have collapsed at that point in time.

It would be recalled that a Federal High Court in Abuja granted Central Bank of Nigeria an order to freeze accounts belonging to active #EndSARS protesters in Nigeria.

In reaction to this, Nigerian Bar Association president, Mr. Olumide Akpata slammed the court for freezing the bank accounts.

The NBA President, whose speech was read by Mr. Yusuf Kadiri, said;

I must remind us of the dwindling hopes of the common man in the Judiciary. Following the #Endsars protests, this Honourable court was involved in the press, in a rather uncomplimentary manner on account of freezing of bank accounts of individuals and organisations believed to have bankrolled the process.

In his comment about NBA’s statement, Justice Tsoho, said that contrary to media reports, the CBN, approached motions to freeze the bank accounts, three months before the protest.

Tsoho expressed;

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 that were involved in the activities under cover, then it is unfortunate for people to begin to call and vilify the court, making damaging allegations against the court.

The CJN stated;

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 steps were not taken at that time, the Nigerian economy would have collapsed, that is to say about three months ago, the dollar would have exchanged far above N500.

According to the Chief Judge, the discovery of those accounts linked to #EndSARS protesters made CBN seek order to freeze the bank accounts.

Tsoho added;

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.