A Federal High Court sitting in Abakaliki, Ebonyi State capital yesterday vacated an interim order issued by a Federal High Court sitting in Lagos in January this which restrained the Securities and Exchange Commission, SEC, and the Nigerian Stock Exchange, NSE, from releasing N15 billion bond approved for Ebonyi State government.
A member of Ebonyi State House of Assembly had filed a motion praying the court to restrain the state government from accessing the bond.
The ruling on the motion followed the application filed by the counsel to the state government, Mr Fedrick Onobia, which prayed the court to vacate the injunction.
Justice Ada Onyetenu in her ruling vacated the earlier order given by a federal high court in Lagos.
She frowned at what she described as antics of the plaintiff and the defendants in the case attempted to defeat the course of justice and therefore struck out a motion seeking to disqualify the counsel to Ebonyi state government.
Justice Onyetenu reserved ruling on another motion challenging the jurisdiction of the court to hear the matter May 6.
In an interview, counsels to the plaintiff, Mr Roy Umahi and Mr Ogwudu Uche said they would challenge the ruling.
The Attorney-General and Commissioner for Justice in Ebonyi state, Dr Ben Igwenyi hailed the ruling of the court.
The matter had earlier been transferred from the Federal High Court, Lagos to Abakaliki over jurisdiction.
Ebonyi state government had applied for N15 billion bond which was successfully approved but was stopped along the line through court action.

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