Paris Club refund: Court threatens to issue warrant of arrest against Emefiele

By : Jimisayo Opanuga

Date: 20 July 2023 10:12am WAT

The apex bank recently extended the deadline for the swap of the newly designed N1,000, N500, and N200 notes from January 31st 2023 to 10th of February following an outcry from Nigerians. The Central Bank of Nigeria, Governor Godwin Emefiele appeared before the House of Representatives committee in Abuja, on the new naira redesign and swap policy on Tuesday, he said banks will still accept the old notes after the deadline. He said subject to Section 20, Subsection 3 of the CBN Act 2007 and even after the old currencies have lost legal tender status, the CBN will continue to accept the old notes. (Photo by Olukayode Jaiyeola/NurPhoto via Getty Images)

Suspended CBN governor Godwin Emefiele (Photo by Olukayode Jaiyeola/NurPhoto via Getty Images)

The Federal High Court in Abuja has threatened to issue a warrant of arrest against the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

The threat bothers on Emefiele’s failure to appear in court and explain the circumstances surrounding a $53 million judgement debt arising from the Paris Club refund.

Justice Inyang Ekwo, who renewed his order for Emefiele to appear at the next hearing date, stated that he would exercise some restraints to allow Emefiele to explain himself.

Emefiele’s counsel, Audu Anuga, asked the court to give his client another chance because they had been unable to reach him since the previous order directing him to appear in court.

Anuga told the court that Emefiele, who was suspended as CBN governor, had been in detention, adding that all efforts to reach him to communicate the directive of the court to him were unsuccessful.

Justice Ekwo, on Thursday, October 20, 2022, ordered the CBN governor to appear in court on Wednesday, January 18, over his alleged refusal to obey the order of the court for the payment of the judgement debt in favour of a legal practitioner, Joe Agi.

The case traces back to a $70 million judgement against Linas International Ltd., with legal practitioner Joe Agi, SAN, acting as the judgement creditor.

Agi had dragged Linas International Ltd., the Minister of Finance, CBN, and Emefiele to court as 1st to 4th judgement debtors, respectively, following an application for garnishment made by him as judgement creditor in the case.

Agi had sought the court’s intervention when Emefiele allegedly failed to comply with the order for payment of the judgement debt.

Despite repeated court orders, Emefiele allegedly released only $17 million of the owed amount, leaving a substantial balance of $53 million unpaid.

Upon resumed hearing on Wednesday, Ayodele Arotiowa, appearing for Joe Agi, was about to make his submission when Justice Ekwo inquired about Emefiele’s compliance with previous orders.

Emefiele’s counsel, Audu Anuga, explained that due to Emefiele’s detention, they had been unable to communicate with him directly.

“We made an effort to see how we can communicate with the 4th respondent (Emefiele), but the 3rd respondent (CBN) was unable to communicate with the 4th respondent.

“We rely only on public communication that the 4th respondent is incarcerated and have been unable to communicate with him,” Anuga responded.

Justice Ekwo raised concerns about the prolonged wait for Emefiele to comply, given that the case was filed in 2017.

Anuga pleaded for more time, pointing out that Emefiele had not been made aware of the court’s last opportunity to comply with the directives.

The court then granted one final chance for Emefiele and the CBN to show cause by October 31, 2023, as to why an arrest warrant should not be issued against the former CBN governor.

Despite his suspension and inability to act on behalf of the CBN, Emefiele was sued in his personal capacity, according to the court.

The judge, however, adjourned the case until Tuesday, October 31 to allow the CBN and Emefiele to show why an arrest warrant should not be issued against the former CBN governor.
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