Nigerian company files N4.1 billion lawsuit against CBN
Zumax Nigeria Limited, an oil services company, has filed a lawsuit against the Central Bank of Nigeria (CBN) seeking N4.1 billion in damages, alleging gross negligence related to a disputed receivership.
In a case presented before Justice Akintoye Aluko at the Federal High Court in Lagos, Zumax contended that the CBN neglected its responsibility to oversee banks and safeguard customers.
The company asserted that it was placed in receivership for 20 years due to a fabricated debt, even after repaying over N547 million to First City Monument Bank (FCMB).
Rather than addressing the dispute, FCMB appointed receivers to take over Zumax’s operations.
This led to severe financial losses, including the collapse of our business and loss of contracts with multinational oil firms, the company stated.
Zumax is seeking $41 million in special damages, N2 billion in general damages, N2 billion in exemplary damages, and N100 million in legal fees.
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However, the Central Bank of Nigeria (CBN) has submitted a preliminary objection, contesting the court’s jurisdiction.
CBN’s attorney, Adeleke Agboola (SAN), stated: “This preliminary objection has priority over any other applications. The plaintiff’s application is not meritorious.”
Zumax’s lawyer, Wole Olanipekun (SAN), countered: “It is the court that can make any pronouncement on that.
“The law does not mandate taking a preliminary objection first.”
Justice Aluko has postponed the case until April 22, 2025, to decide which application will be heard first.
