The Court of Appeal, Abuja Division, on Friday, quashed the ₦38,878,451,742.22 judgment earlier entered by the Federal High Court against the Central Bank of Nigeria (CBN) in a long-running dispute over alleged consultancy fees arising from the Paris Club Refund.
Naija News reports that the appellate court set aside the judgment delivered in favour of Joe Agi (SAN), effectively bringing to an end years of legal tussle over the claim.
The suit was originally instituted in 2017 by Joe Agi against the Minister of Finance, the Incorporated Trustees of the Nigeria Governors’ Forum and the Attorneys-General of the 36 states.
He claimed entitlement to 20 per cent of the Paris Club Refund as consultancy fees.
In 2022, the Federal High Court entered judgment in his favour, prompting appeals by the Nigeria Governors’ Forum and the Attorneys-General of the 36 states.
Following the judgment, Agi initiated enforcement proceedings and secured a Garnishee Order Nisi against the CBN.
Despite objections raised by the apex bank, the Federal High Court made the order absolute on October 18, 2022.
The CBN and the Attorneys-General of the 36 states subsequently filed separate appeals challenging the garnishee proceedings.
In a unanimous judgment delivered on February 20, 2026, the Court of Appeal held that the Federal High Court lacked jurisdiction to entertain the suit.
The court ruled that debt recovery does not fall within the exclusive jurisdiction of the Federal High Court as stipulated under Section 251 of the 1999 Constitution (as amended).
It further held that Joe Agi lacked the legal standing (locus standi) to institute the action.
The appellate court accordingly allowed the substantive appeals and declared the garnishee appeals, including those filed on behalf of the CBN by Prof Fabian Ajogwu, SAN, and O.M. Atoyebi, SAN, as academic.
The CBN hierarchy welcomed the decision, describing it as a significant legal victory.
The ruling effectively relieves the bank of an enforcement liability exceeding ₦38.8 billion, which had hung over it since the garnishee order was made absolute in 2022.
