BREAKING: Court Of Appeal Quashes N38.8bn Judgment Against CBN On Paris Club Refund Dispute

The Court of Appeal, Abuja Division, on Friday, February 20, 2026, set aside a ?38,878,451,742.22 judgment previously entered against the Central Bank of Nigeria (CBN) in a protracted dispute over consultancy fees linked to the Paris Club Refund.

The original suit, filed in 2017 by Joe Agi, sought 20 percent of the Paris Club Refund as consultancy fees. The action named the Honourable Minister of Finance, the Incorporated Trustees of the Nigeria Governors’ Forum, and the Attorneys-General of the 36 states as defendants. In 2022, the Federal High Court ruled in his favour, prompting appeals by the Nigeria Governors’ Forum and the state Attorneys-General.

Following the judgment, Agi initiated garnishee proceedings to enforce the award and secured a Garnishee Order Nisi against the CBN. Despite objections by the apex bank, the Federal High Court made the order absolute on October 18, 2022. This development led the CBN and the Attorneys-General of the 36 states to file separate appeals challenging the garnishee proceedings.

In a unanimous decision, the appellate court held that the Federal High Court lacked jurisdiction to entertain the matter, ruling that debt recovery claims do not fall within the exclusive jurisdiction conferred on the court under Section 251 of the 1999 Constitution (as amended). The court further determined that Agi lacked the requisite locus standi to institute the suit.

Consequently, the Court of Appeal allowed the substantive appeals and declared the related garnishee appeals—filed on behalf of the CBN by Prof. Fabian Ajogwu, SAN, and O.M. Atoyebi, SAN—academic.

The CBN has welcomed the ruling, describing it as a major legal victory that frees the Bank from an enforcement liability exceeding ?38.8 billion.