The Court of Appeal in Abuja has dismissed a N38,878,451,742.22 judgment entered by the Federal High Court in favour of Mr. Joe Agi (SAN) over alleged consultancy fees arising from the Paris Club Refund.

The suit, filed in 2017 by Agi against the Minister of Finance, the Incorporated Trustees of the Nigeria Governors’ Forum, and the Attorneys-General of the 36 states, claimed 20 per cent of the Paris Club Refund as consultancy fees.

‎Judgment was entered in 2022, prompting appeals by the governors and the Attorneys-General.

Following the judgment, Agi moved to enforce the judgment through garnishee proceedings.

He secured a Garnishee Order Nisi against the Central Bank of Nigeria (CBN).

Despite objections by the CBN, the Federal High Court made the order absolute on October 18, 2022, prompting the CBN and the Attorneys-General of the 36 States to file appeals in respect of the garnishee proceedings.

‎In a unanimous decision delivered on Friday, the appellate court held that the Federal High Court lacked jurisdiction to entertain the suit.

‎It held that debt recovery falls outside the exclusive jurisdiction granted to the Federal High Court, as provided under Section 251 of the 1999 Constitution.

The Court further held that the appellant lacked the legal right (locus standi) to institute the action.

The court consequently allowed the substantive appeals and held that the related garnishee appeals arising from the main appeal filed on behalf of the CBN by Prof. Fabian Ajogwu (SAN) and O.M. Atoyebi (SAN), were academic.

‎A member of the respondents’ legal team said the CBN welcomed the decision, describing it as a significant legal victory that relieves the bank of an enforcement liability exceeding N38.8 billion. (The Nation)