Omtatah moves to court to contest repeal of interest rate caps
Tuesday, December 3rd, 2019
Activist Okiya Omtatah has moved to court to challenge the Finance Act 2019, which repeals section 33b of the Banking Act that provides for the capping of bank interest rates.
He says the law was enacted through a process that grossly violated the Constitution and legislation.
“The Finance Act, 2019 is unconstitutional and, therefore, invalid, null and void ab initio because it was enacted in violation of the High Court decision,” Omtata says in court documents.
He argue s that the draft amendments the Presi dent made and recommended, after he had expressed his reservations, to delete Clause 45 of the Bill, related to the capping of interest rates chargeable on loans advanced by banks and other financial institutions went beyond the powers donated to him under Article 115(lb).