Appeal Court Dismisses ₦38.8 Billion CBN Judgment

The Appeal Court in Abuja has dismissed a ₦38.8 billion judgment against the Central Bank of Nigeria (CBN) concerning a long-standing dispute over consulting fees related to the Paris Club refund. This ruling, delivered on February 20, 2026, came after Joe Agi, a Senior Advocate of Nigeria, initiated the suit in 2017 against the Minister of Finance, the Nigeria Governors' Forum, and the Attorney General of the 36 states, claiming entitlement to 20 percent of the Paris Club refund.

The Federal High Court had previously ruled in favor of Agi in 2022, leading to an enforcement proceeding and a garnishee order against the CBN. However, the Appeal Court found that the Federal High Court lacked jurisdiction to entertain the suit, as debt recovery does not fall within its exclusive jurisdiction as stipulated in Section 251 of the 1999 Constitution.

The court also ruled that Joe Agi lacked the legal standing to institute the action, thus allowing the appeal and relieving the CBN of the enforcement liability exceeding ₦38.8 billion.