Court of Appeal stops bid to seize CBN over Imo’s N100m debt

The Court of Appeal in Abuja has overturned a Federal High Court order that had attached a N100.1 million judgment debt against the Central Bank of Nigeria in a dispute involving the Imo State Government.

Appeal Court Blocks Bid to Seize CBN Over N100m Imo Judgment

CBN escapes a costly garnishee order. Per Nairametrics, the Court of Appeal, Abuja, set aside a Federal High Court ruling that attached N100,178,210 against the apex bank over an unpaid Imo State debt owed to Andrew Okoroji.

Justice Okon Abang, delivering the unanimous judgment, held that the trial court “acted on speculation,” ruling that CBN neither held an account for Imo State nor owed it any attachable debt. He described Okoroji’s evidence as “documentary hearsay” lacking credibility.

The court reaffirmed that only existing, ascertainable debts can be attached in garnishee proceedings — not anticipated FAAC allocations. Costs of N1 million were awarded against the judgment creditor.