SUNTV Global Channel Report
In a major legal victory for Nigeria’s apex bank, the Court of Appeal of Nigeria has nullified a ₦38.8 billion judgment previously entered against the Central Bank of Nigeria in the long-running Paris Club refund dispute.
Delivering a unanimous ruling in Abuja, the appellate court held that the earlier decision by the Federal High Court was invalid because it lacked the jurisdiction to hear the case in the first place. The ruling effectively wiped out the ₦38,878,451,742.22 award granted in 2022 in favour of senior lawyer Joe Agi.
The suit, filed in 2017, stemmed from claims for consultancy fees linked to the Paris Club refund paid to Nigerian states. Agi had demanded 20 percent of the refunds, naming the Minister of Finance, the Nigeria Governors’ Forum, and the attorneys-general of the 36 states as defendants.
After securing judgment in 2022, the claimant initiated garnishee proceedings and obtained an order directing the CBN to pay the sum. Despite strong objections from the apex bank, the trial court later made the order absolute, prompting appeals from the CBN and state governments.
In its decision, the appellate court ruled that:
- The Federal High Court had no constitutional authority to entertain a debt-recovery claim of that nature under Section 251 of the 1999 Constitution.
- The claimant lacked the legal standing (locus standi) to institute the suit.
According to the justices, these defects struck at the foundation of the case, rendering both the judgment and subsequent garnishee orders null and void.
Officials at the Central Bank welcomed the verdict, describing it as a significant relief that removes a potential enforcement liability exceeding ₦38.8 billion.
Legal analysts say the ruling marks a turning point in the protracted Paris Club refund controversy, reinforcing the importance of jurisdiction and proper legal standing in civil litigation.
With the appellate court’s decision, the legal basis for the massive financial claim has now been extinguished—bringing temporary closure to one of Nigeria’s most high-profile financial enforcement battles.
