Central Bank Of Nigeria v. Peter O. Ikpila & Ors (2024)

LawGlobal-Hub Lead Judgment Report – COURT OF APPEAL

ITA GEORGE MBABA, JCA (Delivering the leading judgment)

Appellant filed this appeal against the decision of the Federal High Court, Jalingo, in suit No. FHC/TAR/CS/4/2014, delivered on 24th February, 2016, by Hon. Justice, S. D. Pam, wherein the trial court entered garnishee order absolute against the 1st garnishee (CBN) in the sum of N16,600.000 (Sixteen million, six hundred thousand naira) and awarded cost of N200,000 (Two hundred thousand naira) only against it. The 2nd and 4th garnishees (1st Bank of Nigeria and United Bank for Africa) were discharged.

At the trial, the counsel for the judgment creditors had urged the court to make the Order and the 1st g arnishee was not opposing.

On 18/11/2015, the judgment creditors/applicants had taken out the suit against Inspector General of Police and 3 others as judgment debtors and the Central Bank of Nigeria (CBN) and 5 others (namely First Bank Plc., Zenith Bank Plc., UBA Plc., Fidelity Bank Plc., and Diamond Bank Plc.) as garnishees, seeking:

(1) An order awarding post-judgment, interest at the rate of 10% per annum against the respondents from 19/5/2014 (the date of judgment) until the judgment sum is fully paid.

(2) An order nisi attaching the funds of the judgment debtors with the 2nd garnishee including but not limited to funds in account Nos: 2017655572, 2017692469, 2001120060 and 2018513165.

(3) An order nisi attaching the funds of the judgment debtor with the 1st, 3rd 6th garnishees.

(4) An order in the interim restraining the garnishees from, paying out monies from funds/accounts maintained and/or controlled by the judgment debtors, except the judgment debt is deposited in court within 8 days from the date of service of the order nisi or pending when the garnishees shall show cause; and for

(5) Any other order or orders as the honourable court may deem fit to make (See page 89 of the records of appeal)

The order nisi was made by the court on 23/11/2015. As earlier stated in this judgment, the trial court had said:

After hearing Chukwuma Counsel to the judgment creditors urging the court to make the order Nisi absolute against the 1st garnishee (Central Bank of Nigeria) and no opposition from the 1st garnishee.

It is hereby ordered as follows:

(1) That an order absolute is hereby made against the 1st garnishee (Central Bank of Nigeria) in the sum of N16,600,000 (Sixteen million six hundred thousand naira only).

(2) The 2nd and 4th Garnishee (First Bank of Nigeria, and United Bank for Africa) UBA Plc. are hereby discharged. (See Page 96 of the records of appeal).