$15bn judgment debt: S’Court adjourns for ruling on FGN, UBN appeal

Supreme Court, Imo

The Supreme Court, yesterday, adjourned the suit involving Federal Government, Central Bank of Nigeria, CBN and Union Bank and Petro Union for ruling.

Petro Union and its directors are pushing for a default judgment to compel the CBN, Union Bank and the other agencies of the Federal Government to deplete their treasuries by $15 billion to satisfy a court judgment delivered in its favour.

At yesterday’s hearing, the apex court’s panel of justices led by Justice Dattijo-Muhammad heard the application by Union Bank seeking leave to appeal the judgment of the Court of Appeal and for extension of time to appeal as well as to adduce additional evidence of the monumental fraud.

The application was, however, opposed by Petro Union but supported by the Central Bank of Nigeria, Minister of Finance and the Attorney-General of the Federation.

Chief Adegboyega Awomolo, leading three other lawyers for Union Bank, moved the application and adopted the processes filed by his client.

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He urged the court to grant the application on several grounds and stated that the judgment of the lower court for £2.556 billion was obtained by fraud and suppression of relevant facts.

 Mrs. Olabisi Soyebo, SAN for the CBN, indicated that the CBN was in support of the application, which she urged the court to grant and in the interest of justice as the decision which the Applicant seeks to challenge is a colossal embarrassment to the nation and given the colossal amount involved.

Mr. T.  A. Ghazali, SAN also stated that the Federal Government is in support of the application, which amounts to a fraud on the nation and in the interest of justice.

Petro Union counsel, Chief J. K. Gadzama SAN however argued that the application ought not to be granted because the court had become functus officio  in the matter.

After hearing all the arguments, the court reserved its ruling on the application to a date to be communicated to parties.

Vanguard News Nigeria

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$15bn judgment debt: S’Court adjourns for ruling on FGN, UBN appeal

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