Photo caption: Governor of the Central Bank of Nigeria, Olayemi Cardoso
The National Industrial Court, Lagos Division, has ordered the Governor of the Central Bank of Nigeria, Olayemi Cardoso, to appear before it on July 18, 2024, to explain why he should not be committed to prison for disobeying a court order issued on March 25, 2019.
Justice (Prof) Elizabeth Oji issued the order in response to an application filed by Mrs Kehinde Dunmoye against the CBN for failing to comply with a garnishee order absolute made by Justice O.A. Osaghae on March 25, 2019, in suit No: NICN/LA/10/M/2017.
This order by Justice Osaghae required the CBN to pay N113,187,123 to the judgment creditor, along with N50,000 in costs.
The other judgment debtors in the suit are United Bank for Africa Plc and Africa Prudential Registrars Plc.
The case originated in 2012 when the applicant filed a general complaint on March 19.
After a hearing on the merits, Justice Agbadu-Fishim delivered a judgment on May 10, 2013, which the judgment debtor appealed. The Court of Appeal upheld the NICN judgment on April 28, 2017.
The applicant sought a garnishee order to enforce the judgment, leading to an order nisi on November 26, 2018, directing the CBN to garnish the judgment debtor’s account. Both the judgment debtor and the CBN challenged the order nisi, but on March 25, 2019, the court dismissed their objections and made the order absolute.
Justice Obaseki made the garnishee order absolute after the court had considered the preliminary objections filed by the CBN and the judgment debtors, saying the respondent and the judgment debtors were aware of the garnishee order absolute made against the CBN.
Despite the dismissal of the appeal against the garnishee order absolute of the NICN and the applicant’s demand that the respondent comply with the order of March 25, 2019, which was affirmed by the judgment of the Court of Appeal, the CBN failed to comply with the garnishee order absolute.
Justice Oji, in her ruling, held that “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.”
