The court of appeal in Abuja has set aside a N38.8 billion judgment earlier awarded against the Central Bank of Nigeria in a dispute over consultancy fees linked to the Paris Club refund.
In a unanimous decision delivered on February 20, the appellate court overturned the earlier ruling of the Federal High Court, holding that the lower court lacked jurisdiction to hear the matter.
The court also ruled that Senior Advocate of Nigeria Joe Agi lacked the legal standing to institute the suit.
Agi had filed the case in 2017 against the Minister of Finance, the Nigeria Governors’ Forum and the attorneys-general of the 36 states, claiming entitlement to 20 percent of the Paris Club refund as consultancy fees.
The Federal High Court ruled in his favour in 2022, leading to garnishee proceedings against the Central Bank of Nigeria.
However, the appellate court held that the case was in the nature of debt recovery and did not fall within the exclusive jurisdiction of the Federal High Court under Section 251 of the 1999 Constitution.
The ruling nullified the enforcement proceedings and relieved the Central Bank of Nigeria of liability exceeding N38.8 billion.