Yakubu Chonoko Maikyau, OON, SAN: A Year at the Helm of the Nigerian Bar Association.

As the enduring president of the Nigerian Bar Association, YC Maikyau remains a stalwart figure in legal leadership. His remarkable handling of complex challenges, notably the Naira redesign issue, underscores his resilience and visionary approach.

President Maikyau’s unwavering commitment to this evolving legal landscape marks a transformative era for the Nigerian Bar Association, positioning it at the forefront of dynamic and impactful governance.

In his one-year tenure as President of the Nigerian Bar Association, Yakubu Chonoko Maikyau, OON, SAN, has demonstrated a steadfast commitment to building a dynamic legal community.

A notable highlight of his administration’s pursuit of this vision emerged during the Naira redesign saga, exemplifying the fulfilment of promises made to the NBA members and serving as a benchmark for evaluating his administration’s performance.

The Naira Redesign: Presidential Intervention

In response to the Naira redesign, President Maikyau engaged in extensive consultations with key stakeholders in the country to assess the impact of the demonetization policy, its implementation, and potential repercussions on the economy. Subsequently, the President addressed a letter to the Governor of the Central Bank of Nigeria, articulating the findings.

While acknowledging the policy’s laudable goals, such as combating corruption and facilitating the detection of funding for terrorism and criminal activities, he expressed concern that its implementation was inflicting losses on Nigerians.

President Maikyau emphasized that the policy, aimed at serving the Nigerian populace, was inadvertently causing economic stagnation, panic, and hardship. Accordingly, he recommended a policy review to alleviate the suffering of the masses and prevent the strangulation of the economy. This recommendation was reiterated in a follow-up letter dated February 1, 2023.

In the face of the Central Bank of Nigeria’s reluctance to consider the recommendations, several states filed a suit before the Supreme Court (Suit No.: SC/CV/162/2023) challenging the Federal Government.

The Supreme Court, in its judgment on March 3, 2023, underscored the necessity for broad consultations before implementing such policies. The court further declared the President’s directive and policy implementation invalid, ordering that the old 1000-, 500-, and 200-Naira notes remain legal tender until December 31, 2023.

However, when the Federal Government disobeyed the Supreme Court’s orders, President Maikyau issued a statement on March 12, 2023, condemning the government’s non-compliance. He called on the President to ensure immediate adherence to the Supreme Court’s decision.

Subsequently, the Central Bank of Nigeria issued a circular, in line with the Supreme Court’s order, confirming that the old notes would remain legal tender until December 31, 2023.

Yakubu Chonoko Maikyau, OON, SAN, has thus demonstrated his unwavering commitment to upholding the rule of law and ensuring justice in the face of legal challenges affecting the Nigerian economy.

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