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  • Nigerian firm sues CBN for N4.1b over alleged negligence

Nigerian firm sues CBN for N4.1b over alleged negligence

Published on March 26, 2025 at 10:49 AM

Nigerian firm sues CBN for N4.1b over alleged negligence

Oil services firm Zumax Nigeria Limited has sued the Central Bank of Nigeria (CBN) for N4.1 billion, accusing it of gross negligence over a disputed receivership.

In a suit before Justice Akintoye Aluko of the Federal High Court, Lagos, Zumax alleged that CBN failed in its duty to supervise banks and protect customers.

The company claimed it was placed in receivership for 20 years over a fabricated debt, despite repaying over N547 million to First City Monument Bank (FCMB).

“Rather than addressing the dispute, FCMB appointed receivers to take over Zumax’s operations.

“This led to severe financial losses, including the collapse of our business and loss of contracts with multinational oil firms,” the company stated.

Zumax is demanding $41 million in special damages, N2 billion in general damages, N2 billion in exemplary damages, and N100 million in legal costs.

CBN, however, has filed a preliminary objection, challenging the court’s jurisdiction.

CBN’s counsel, Adeleke Agboola (SAN), argued: “This preliminary objection has priority over any other applications.

“The plaintiff’s application is not meritorious.”

Zumax’s lawyer, Wole Olanipekun (SAN), countered: “It is the court that can make any pronouncement on that.

“The law does not mandate taking a preliminary objection first.”

Justice Aluko adjourned the case to April 22, 2025, for a ruling on which application to hear first.

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