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Advance Fees Fraud (419)

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The CBN Litigations


This was one of the advance fee fraud cases defended by the Central Bank of Nigeria abroad.

In this particular case, the Plaintiff claimed to have supplied and installed 22 (twenty two) units of generators in Nigeria on behalf of the Federal Ministry of Works by way of contract and for the sum of US$45,000,000.00.

The Plaintiff claimed further that the CBN was directed to pay the contract sum which the bank declined to do, consequent upon which the Plaintiff obtained default judgment for 90 million Canadian Dollars against the Federal Republic of Nigeria and the CBN.

Pursuant to this judgment, the Plaintiff applied to courts in the USA and Switzerland to attach CBN funds. While the court in the USA dismissed the application, a tribunal in Switzerland granted it, following which CBN funds in Credit Agricole Indosuez were attached.

Following this development, the CBN engaged the services of Messrs Oster Hoskin and Harcourt of Alberta Canada to challenge the default judgment. This esteemed legal firm not only succeeded in setting aside the default judgment but had on 22nd May, 2003 moved the court to dismiss the Plaintiff’s case and also awarded 10,000 Canadian Dollars in favour of CBN.

Meanwhile, efforts are being made by the Bank to recover the 10,000 Canadian Dollars costs from the Plaintiff.

With this favourable judgment, the CBN recorded another milestone in our struggle against foreign nationals who are bent on ripping off Nigeria by whatever means.

Facts : 1/1/1964
Central Bank of Nigeria, Port-Harcourt Branch:In 1964,Port-Harcourt Branch was opened for business.It was the second branch that was established by the CBN. It brought to 3, the number of Central Bank Offices in Nigeria at that time.
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Related Links
CBN (419) Cases
419 Cases - Anajemba