A Federal High Court in Abuja has ordered the Central Bank of Nigeria (CBN) and four other banks to pay N5.5billion judgment debt into an interest
Other affected banks are Fidelity, Access, UBA and Zenith whose case would not be heard in court until evidence of payment of the punitive sum.
The banks are listed as garnishees in the suit, marked: FHC/ABJ/CS/1165/2020 initiated by a firm – Maggpiy Trading TFZE – to retrieve about N5.5B judgment sum earlier given in its favour by the court in the suit it filed against the Nigerian Customs Service and the Chairman of its Board. The firm added that, without any provocation and after accepting N53M from it as stamp duties, men of the NCS also detained by the road side at Onne, Port-Harcourt, Rivers State, 40 trucks with which it was transporting 317 transit containers of rice to its Tinapa Free Trade Zone and Resort facility.
They argued that the plaintiff’s action of importing rice into the country “was calculated to undermine the federal government’s fiscal policy on food security, which is meant to encourage local production of rice, and the ban on importation of rice through land border. The judge made a declaration “that the 1st and 2nd defendants have no power, authority or justification to seal off the plaintiff’s warehouses located at the Tinapa Free Trade Zone, Calabar, Cross River State or to seize, detain or order the seizure or detention of the plaintiff’s containers of rice lawfully Imported through the Onne Sea Port for conveyance to the Calabar Free Trade Zone.”
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
President Buhari Greets CBN Governor, Emefiele, At 60President Muhammadu Buhari has rejoiced with Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), as he turns 60 on Wednesday, August 4, 2021. The
Read more »
You’ve rendered selfless service to Nigeria - Buhari sends message to CBN Governor, EmefielePresident Muhammadu Buhari has sent warm greetings to Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), as he turns 60 on Wednesday. Buhari, in
Read more »
We'll not tamper with forex in domiciliary accounts -- CBNThe bank said it has no intention of converting foreign exchange deposits in the accounts of customers.
Read more »
No plan to convert dollar account holdings to naira, says CBNThe Central Bank of Nigeria (CBN) has assured the public that it will monitor the deposit money banks (DMBs) to ensure they comply
Read more »
CBN is not doing its job - Punch NewspapersThe most widely read newspaper in Nigeria
Read more »
CBN announces guidelines for establishing payment service holding companies in NigeriaThe Central Bank of Nigeria (CBN) has announced guidelines for the establishment and regulation of Payments Service Holding Companies (PSHCs) in Nigeria.
Read more »