By Abdulwahab   Abdulah

LAGOS — A Lagos High Court sitting in Igbosere, weekend, directed parties before it to the Court of Appeal to resolve pending appeals in the N2.7 billion judgment debt that has generated much controversy among a Romanian company, Auto Import Export, AIE; the Central Bank of Nigeria, CBN and two commercial banks.

In a ruling delivered by Justice A. A. Oyebanji of the state High Court, she pushed the unresolved issues, including appeal on Garnishee order pending over the battles to claim the Supreme Court 2005 judgment debt, in sum of US $15, 350, 967.00  (N2.7 BN), imposed on the defunct National Bank of Nigeria Plc, to the appellate court for settlement.

Specifically, the Judge struck out the contempt charge filed against the CBN and its officials by counsel to AIE, Mr. Mogbeyi Sagay, SAN who had claimed the CBN ran foul of the law for not paying the judgment debt to his chambers as requested by him, after he secured a ‘Garnishee order absolute’ against the apex bank for the enforcement of the judgment.

Justice Oyebanji’s ruling was sequel to an objection raised by the CBN and WEMA Bank Plc to the contempt proceedings filed by Auto Import Export’s counsel, Mr. Sagay. The banks maintained that it would be fraudulent to pay the judgment debt to an individual law firm, especially when there was no instruction to that effect from the judgment creditor.

The WEMA Bank, who felt that the judgment creditor’s (Auto Import Export) claim as presented by its counsel was incorrect, asked to be joined in the pending suits.

It claimed that its investigations revealed that contrary to the claims by its counsel, the Romania company is no more in existence in its home country, hence it is no more a juristic person to benefit from the judgment debt awarded by the apex court.

WEMA Bank argued that it was directly involved in the issues surrounding the said judgment debt, having acquired the National Bank of Nigeria, NBN, who was earlier sued by the judgment creditor.