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

Abiodun stated in a Tweet on Friday that the supreme court’s decision was still valid.

A certificate of occupancy is a formal record that the government issues to demonstrate ownership of property in Nigeria. Any property or block of land without a C of O may be seized by the government at any time without being reimbursed.

In the tweet, Abiodun emphasized that organizations and company owners that reject the old notes as payment for their goods and services will lose their Certificates of Organization.

Any business or store that declines to accept old naira notes from state residents in payment for products and services would have their certificate of occupancy, or C of O, revoked, the Ogun state administration tweeted.

Business establishments are now informed that an existing court order from Nigeria’s supreme court, which is the highest court, directs that old notes continue to be legal money.

The Central Bank of Nigeria (CBN) was sued for its naira redesign strategy, and the supreme court on Wednesday postponed the trial until February 22.