Former Central Bank Governor Given Ultimatum to Explain $53 Million Paris Club Refund Debt in Court

The Federal High Court in Abuja has set a deadline of January 25 for the former Governor of the Central Bank of Nigeria, Godwin Emefiele, to appear in court and provide an explanation regarding the $53 million judgment debt stemming from the Paris Club refund. Justice Inyang Ekwo issued this ultimatum, with the possibility of an arrest warrant if Emefiele fails to appear. Emefiele’s legal team expressed their difficulties in securing his appearance, as he has been in custody.

The judgment debt, originally $70 million, is related to a garnishee proceeding initiated by Senior Advocate of Nigeria, Mr. Joe Agi, against the CBN to recover the debt from Linas International Limited and the Minister of Finance. A court document, Form 15 (Judgment Summons), indicated that part of the debt had been paid by the CBN, leaving a $53 million balance. Justice Ekwo had repeatedly demanded Emefiele’s presence in court, and Emefiele’s lawyer filed an affidavit explaining the circumstances.

The Legal Department of the CBN, represented by Jeremiah Utaan, cited Emefiele’s custody by the Department of State Services as the reason for his absence. The judge emphasized the importance of compliance with court orders and adjourned the matter until January 25, allowing time for Emefiele to show cause before a potential arrest warrant.