Ogun to revoke certificate of occupancy of businesses rejecting old naira notes

Dapo Abiodun, the governor of Ogun, says businesses that reject the old naira notes will have their certificate of occupancy (CofC) withdrawn.

In a Tweet on Friday, Abiodun said the ruling of the supreme court still stands.

A certificate of occupancy is a legal document issued by the government that proves that a person owns land in Nigeria. The government reserves the right to seize any plot of land or property without a C of O at any time without any compensation paid.

Abiodun, in the tweet, stressed that companies, and business owners who refuse to accept the old notes in exchange for their good and services, will be stripped of  their C of O.

“Ogun state government will be revoking the certificate of occupancy, C of O of any corporation or store that rejects old naira notes from members of the public in the state in exchange for goods and services,” he tweeted.

“Commercial outlets are hereby reminded that there is an existing court order by the supreme court, the apex court in Nigeria, directing that old notes remain legal tender.”

On Wednesday, the supreme court adjourned the hearing of the case brought against the Central Bank of Nigeria (CBN) on the naira redesign policy to Wednesday, February 22.

The supreme court said its order suspending the implementation of the February 10 deadline on the old N200, N500, and N1000 naira notes still subsist.

Meanwhile, President Muhammadu Buhari said only N200 notes will remain until April 10, but old N500 and N1000 should be deposited to the CBN as it ceases to be legal tender.