A Review of the Nigerian Energy Industry

$3.1bn judgment debt: Court hears garnishee case against CBN, others

Hammer & gavel
Hammer & gavel

21 June 2015, Abuja – Hearing resumes this Monday before a Federal High Court in Abuja for the Central Bank of Nigeria to show cause why a temporary garnishee order attaching $3.1 billion belonging to the Federal Government should not be made absolute.

The judgment debt arose from the deductions made from Local Governments’ accounts to satisfy the Paris Club debts.

The case involves the Association of Local Governments of Nigeria (ALGON)‎, some private companies and lawyers.

‎In order to make sure that monies due to their states were not deducted to pay the debt, the Governors’ Forum hired an anti-corruption crusader and Managing Director of Panic Alert Security System (PASS), Dr George Uboh,

to investigate the circumstances surrounding the December 3rd, 2013 judgment in which billions ‎of dollars were awarded to ALGON and some companies for projects under suspicious circumstances.

Acting upon this instruction, Uboh swung into action and claimed to have unearthed ‎a massive fraud which he described as economic sabotage.

Uboh had last week appealed to President Muhammadu Buhari to instruct the CBN not to pay the judgment debt.
*Tobi Soniyi – Thisday

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