The court of appeal Abuja division has ordered the central bank of Nigeria to pay all outstanding monies it owes to a company, Adani Megasystems, after the CBN terminated the agreement they had over the pre-shipment of imports and exports in the nation’s ports.
In a unanimous decision, the three man panel led by Justice Okon Abang in annulling the purported contract termination held that Adani Kegasystems had shown evidence of satisfactorily executing the contract, and that CBN had even received over 100 billion naira as its one percent commission.
The court observed the importance of the cargo pre-shipment inspection and e-ticket initiative to the federal government, and ordered the CBN to meet its contractual agreements on the matter.
