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Advance Fees Fraud (419)

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The CBN Litigations

Federal Republic of Nigeria, et al

This was an advance fee fraud matter in which the FRN, CBN, NNPC and numerous other persons were sued in the United States District Court for the Western District of Michigan.

Mr. Tolliver, the Plaintiff, who claimed to have experience in the design and stabilization of the pipelines alleged that sometime in 1993 he entered into a contract with the NNPC in which he was to receive 10% of the amount saved by NNPC through the use of his design and solution for the re-alignment of NNPC pipelines in Nigeria. According to Mr. Tolliver, the NNPC saved about $250,000,000 through this arrangement.

The Plaintiff instituted an action alleging breach of contract and fraud against the defendants. The Plaintiff further sought compensatory damages in the sum of US $100 million as well as Attorney’s fee.

The Bank’s application to dismiss the action on the ground, among others that the Defendants are protected under the Sovereign Immunity Act of the U.S.A was granted.

Facts : 1/1/1900
BOFIA:In 1991, the Bank s and Other Financial Institutions Act (BOFIA) formerly BOFI was promulgated to replace the CBN Act of 1958 and the Banking Decree of 1969 (including later amendments). The policy brought the non-bank financial intermediaries under the supervision of Central Bank of Nigeria.
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