CBN Wins Appeal, ₦100.1m Garnishee Order Overturned

The Central Bank of Nigeria (CBN) achieved a significant legal victory when the Court of Appeal, Abuja Division, delivered a judgment by Justice Okon Abang, setting aside a ₦100.1 million garnishee order against the bank. This order was initially issued by the Federal High Court in Abuja on May 19, 2016, in a case involving the Imo State Government and a judgment creditor, Andrew Okoroji, who sought to enforce a prior judgment against the state.

Justice Abang ruled that the trial court had acted on speculation rather than credible evidence, emphasizing that the CBN did not maintain an account for the Imo State Government and owed no attachable debt. The court found that the evidence presented by Okoroji was fundamentally deficient and based on hearsay.

The appeal was unanimously allowed, the garnishee order was set aside, and ₦1 million costs were awarded against Okoroji. Justice Abang concluded that the trial court's actions were based on assumptions rather than verifiable facts.