Supreme Court fixes June 11 for judgment in wonder bank appeal

The Supreme Court has fixed June 11 to deliver judgment in the case of over 14, 000 investors in NOSPETCO Oil and Gas Limited whose money was seized by the Central Bank of Nigeria (CBN).

The five-man Justices of the apex court, presided by Justice Aminat Augie adjourned the case for judgment after counsel for all parties adopted their various briefs before the court.

The 14,296 investors contributed N24.4 billion was deposited with the CBN by the Security and Exchange Commission (SEC), following an embargo it (SEC) placed on Nospetco for operating wonder bank without authorisation.

The investors through the human right crusader, Mr Debo Adeleke prayed the Supreme Court to compel the CBN to release the money trapped in its coffer.

The investors, most of who are aged and pensioners, led by Prince Emmanuel Matiluko, between 2004 and 2005 had subscribed to a fraudulent investment scheme put up by Nospetco Oil & Gas Ltd, each with N450, 000 slots.

Following the judgment by Investment and Security Tribunal (IST) in 2007, the Federal Government listed Nospetco Oil & Gas Ltd amongst 48 wonder banks companies.

By 2008, SEC had secured two IST judgments against the wonder bank, for illegally engaging in a collective financial scheme without SEC approval.

Following the development, the 13, 741 investors filed a matter before the tribunal in 2010 against the firm through their counsel, Mr Adeleke, with the aim of securing the release of their fund with CBN, which had been confiscated from Nospecto Oil and Gas by SEC on behalf of the investors.

The matter, which took just eight months to be decided by the tribunal, went in favour of the investors, prompting the company to file an appeal at the Court of Appeal.

It took the Court of Appeal four months to also rule in favour of the investors.

Nospecto appealed the judgment of the Court of Appeal before the Supreme Court in 2012, the apex court has therefore fixed June 11, 2021, to gives its verdict.

Some investors have died, while some are on the sick bed as a result of the shock brought upon them by the seized investment funds.