The National Industrial Court in Lagos has summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear on July 18, 2024.
Cardoso must explain why he should not be held in contempt of court for disregarding an order issued on March 25, 2019.
Justice (Prof) Elizabeth Oji issued this summons following an application by Mrs. Kehinde Dunmoye.
Dunmoye’s application addresses the CBN’s failure to comply with a garnishee order absolute, mandated by Justice O.A. Osaghae on March 25, 2019, in case number NICN/LA/10/M/2017.
Justice Osaghae’s order required the CBN to pay N113,187,123 to the judgment creditor and cover an additional N50,000 in costs.
Other judgment debtors in the case include United Bank for Africa Plc and Africa Prudential Registrars Plc.
The case began on March 19, 2012, when the applicant filed a general complaint.
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After a hearing on the merits, Justice Agbadu-Fishim delivered a judgment on May 10, 2013, which the judgment debtor subsequently appealed.
The Court of Appeal upheld the National Industrial Court of Nigeria (NICN) judgment on April 28, 2017.
To enforce the judgment, the applicant sought a garnishee order, resulting in an order nisi on November 26, 2018, which directed the Central Bank of Nigeria (CBN) to garnish the judgment debtor’s account.
Both the judgment debtor and the CBN contested the order nisi, but their objections were dismissed by the court on March 25, 2019, making the order absolute.
Justice Obaseki made the garnishee order absolute after reviewing the preliminary objections filed by the Central Bank of Nigeria (CBN) and the judgment debtors, stating that both the respondent and the judgment debtors were aware of the garnishee order absolute against the CBN.
Despite the dismissal of the appeal against the NICN’s garnishee order absolute and the applicant’s demand for compliance with the March 25, 2019, order, which was upheld by the Court of Appeal, the CBN failed to comply.
In her ruling, Justice Oji stated, “I agree that there has been contempt of court by the respondent. This application has merit and, therefore, succeeds.”
“I agree that forms 48 and 49 should be issued and served on the respondent as suggested by the respondent
“I hold that the respondent, the Central Bank of Nigeria, is in contempt of the orders of this court. Its governor, Mr Olayemi Cardoso, is bound to be committed to prison, for the failure and persistent refusal of the CBN to obey the garnishee order absolute, delivered and made on March 25, 2019.
“The respondent is ordered to appear before this court on July 18, 2024, to show cause why it should not be committed to prison through its governor Mr Olayemi Cardoso, for the respondent’s act of disobedience to the order of this court.
“The service of this ruling, the order absolute of March 25, 2019, and forms 48 and 49 are to be served on the respondent.”
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