The Court of Appeal, Abuja Division, on Tuesday, April 29, 2025, unanimously dismissed two motions filed by the Central Bank of Nigeria (CBN) seeking leave to introduce fresh evidence in the high-profile case, Central Bank of Nigeria v. Petro Union Oil & Gas Co. Ltd & 3 Ors (CA/A/258A/2014).
The decision marks a setback for the CBN in its ongoing legal battle over a £2.5 billion judgment awarded to Petro Union by the Federal High Court, reinforcing hope for justice in one of Nigeria’s most contentious financial disputes.
The dispute originates from a 1994 cheque issued by a foreign bank, which Petro Union Oil & Gas Co. Ltd claimed entitled it to £2.5 billion. The Federal High Court in Abuja ruled in favor of Petro Union, finding that the CBN and other government entities unlawfully refused to process the funds. The CBN appealed the judgment, leading to the current proceedings at the Court of Appeal.
The CBN’s motions sought to introduce new evidence to bolster its case, arguing that the evidence was critical to the appeal’s outcome. However, Petro Union, represented by Madu Joe-Kyari Gadzama, Esq., and a team from J-K Gadzama LLP, including Sarah Atumga, Esq., Hajara Sorondinki, Esq., and Abubakar Kachallah, Esq., opposed the motions, citing procedural and legal deficiencies.
In its ruling, the Court of Appeal, presided over by a panel of justices, outlined several reasons for dismissing the CBN’s motions:
Based on these findings, the court concluded that the motions lacked merit and dismissed them accordingly. Notably, while the CBN was represented by D.D. Dodo, SAN, and Olabisi Soyebo, SAN, during the motion hearing, no counsel appeared for the CBN when the ruling was delivered.
