Court orders CBN to pay N182.8b judgement debt against Shell

Bars premier lotto, others from marketing Ghanaian games in Nigeria
A Federal High Court, Abuja has ordered the Central Bank of Nigeria (CBN) to pay N182.8b to judgement creditors from First Bank account of Shell Petroleum Development Company Limited to satisfy a debt ruling it guaranteed.

Justice Inyang Ekwo gave the order in suit No. FHC/ASB/CS/57/2010 between Chief Isaac Osaro Agbara & others and Shell Petroleum Development Company (SPDC) Limited of Nigeria & others.

The judge held that the guarantor secured and guaranteed the judgement creditors in the sums of N1.7b as special damages, interest for delayed payment for five years from 1996 at 25 per cent per annum amounting to N5.4b.

The court also ordered the apex bank to pay 25 per cent of the said sum till the date of judgement.

It also ordered the payment of N10b as general damages and 10 per cent interest on the judgement debt till payment, amounting to N76.8b as at June 14, 2010 being the date of the judgement, but with the accrual of post-judgement interest amounting to N182.7b, as at January 2019, with interests still accruing and the cost of execution.

Also, a Federal High Court sitting in Lagos has restrained Premier Lotto Limited and 22 other lottery firms from operating and using Ghana Games lottery products in Nigeria.

Ruling on the interlocutory application at the weekend, Justice Chukwujekwu Aneke restrained the National Lottery Regulatory Commission (NLRC) from revoking Western Lotto Limited’s lottery licence or take any steps to prevent it from operating the Ghana Games products.

In the interlocutory injunction, it also barred Registrar of Trade Marks, its agents, servants and privies from registering for Premier Lotto Limited and others in any lotto games that have Ghana Games Lotto products.

It granted an order of interlocutory injunction restraining Premier Lotto and their agents from using the trade names and trademarks associated with the Ghana Games lottery products.

They are, Monday Special Lotto, Lucky Tuesday Lotto, Midweek Lotto, Fortune Lotto, Friday Bonanza Lotto, Saturday National Lotto, VAG Lotto and Super 6 Lotto in Nigeria, among others pending the hearing and determination of the substantive suit.

The court further restrained the defendants from passing off their own lottery products and games as Ghana Games lottery products through the sale and distribution of Ghana Games and the use of the draw numbers of the Ghana National Lottery Authority (NLA).