Court Grants Emefiele Until January 25 To Address $53 Million Debt Issue

The Federal High Court in Abuja has granted former Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, an extended deadline until January 25…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

to personally appear in court and clarify the circumstances surrounding the $53 million judgment debt linked to the Paris Club refund.

Justice Inyang Ekwo, in a brief ruling on Tuesday, extended Emefiele’s deadline to show up in court in person or face the possibility of an arrest warrant.

This development occurred following a request from Emefiele and the CBN’s counsel, Audu Anuga, SAN, who mentioned the challenges in ensuring Emefiele’s personal appearance in compliance with the court’s order.

Anuga informed the court that an affidavit, explaining why an arrest warrant should not be issued against Emefiele, was submitted on October 30.

Justice Ekwo inquired if the lawyer for the judgment creditor, Mr. Joe Agi, SAN, had been served with the affidavit, to which Nnana confirmed that they received it almost at the close of the previous workday and desired to respond.

The judge reminded Anuga of the timely submission of documents as the case commenced on July 19.

Anuga clarified that extensive efforts were made until the previous Friday to ensure Emefiele’s release in compliance with the court order, but this was unfulfilled, leading to the submission of the affidavit.

While the CBN had proposed exploring a settlement due to previous discussions and the change in the institution’s leadership, Justice Ekwo emphasized Emefiele’s necessity to appear at the next hearing.

“I have provided considerable leniency. In this case, despite granting much freedom, it seems the situation hasn’t changed. Court orders must be upheld. I will adjourn the matter because the other party wishes to respond to the process,” said the judge.

The judge consequently adjourned the case until January 25, stressing the need for Emefiele to offer cause as to why an arrest warrant should not be issued against him.