A Federal High Court, Lagos, has ordered First Bank Plc, to refund the sum of N1, 071,227,023.00 billion, erroneously received from Debt Management Office (DMO) as subsidy claims, Excess Bank interest and Foreign Exchange Differentials from the Petroleum Support Fund (PSF) scheme in form of Sovereign Debt Notes or Promissory Notes.
Justice Chukwujekwu Aneke who presided over the court, ordered the first Bank Plc to refund the sum with 10 percent interest.
Justice Aneke made the above orders against First Bank on Tuesday, while ruling on a suit filed by Sterling Bank Plc and Petrocam Trading Nigeria, through their lawyer, Gbenga Akinde-Peters of the law firm of Temilolu Adamolekun & Co.
Sterling Bank Plc and Petrocam Trading Nigeria have dragged an oil firm, Hudson Petroleum Limited before the court in a motion on notice, whereby they sought the following reliefs: “An order of this honourable court entering judgment in their favour in the sum of N1,071,227,023.00 (One Billion, Seventy-One Million, Two Hundred and Twenty-Seven Thousand and Twenty-Three Naira Only) being the sum admitted by the defendant/respondent to be it’s indebtedness to the Plaintiffs/Applicants.
“An order of this honourable court directing the defendant to instruct and/or advice the Debt Management Office to re-issue the following Promissory Notes already issued erroneously in favour of First Bank of Nigeria Plc.
Promissory Notes with Reference Number: FGN/PN/OMC/S.2/2019/21 to the tune of N645,794,089.00 (Six Hundred and Forty-Five Million, Seven Hundred and Ninety-Four Thousand Eighty-Nine Naira)
“ii. Promissory Notes with Reference Number: FGN/PN/OMC/S.3/2020/21A to the tune of N229,408,247.00 (Two Hundred and Forty-Nine Million, Four Hundred and Eight Thousand Two Hundred and Forty-Seven Naira)
“iii. Promissory Notes with Reference Number: FGN/PN/OMC/S.3/2020/21B to the tune of N196,024,687.00 (One Hundred and Ninety-Six Million, TwentyFour Thousand, Six Hundred and Eighty-Seven Naira); the three Promissory notes totaling the sum of N1,071,227,023.00 (One Billion, Seventy-One Million, Two Hundred and Twenty-Seven Thousand and Twenty-Three Naira), all to be re-issued in favour of the 1st Plaintiff i.e. Sterling Bank Plc, and for the Defendant to ensure that the three Promissory Notes are so reissued.
“An for such further order(s) the Honourable Court may deem fit to make in the circumstance.”
In urging the court to grant the reliefs sought, the plaintiffs raised one ground, which was that: “the defendant, by its pleadings of its Statement of Defence admitted that the Promissory Notes were erroneously issued in favour of First Bank Plc and that the relevant Promissory Notes totaling the sum of N1, 071, 227, 023.00 billion, ought to have been issued in favour of the 1st plaintiff”.
But the defendant, Hudson Petroleum Limited, through its lawyer, V. Jonah-Ujah, filed a statement of defence to the suit.
Parts of the defendant’s aveerments stated that: “… the total value of the promissory notes in respect of which the Plaintiffs may be entitled to receive payment under the Service Agreements is N1,071,227,023.00 (One Billion, Seventy-One Million, Two Hundred and Twenty Seven Thousand and Twenty-Three Naira)”.
Ruling on the submissions of parties, Justice Aneke ruled that: “having considered the whole Statement of Claim, particularly paragraph 34 of the Statement of Claim and the whole Statement of Defence, particularly paragraph 24 of the Statement of Defence, this court is of the opinion that the defendant clearly and unequivocally admitted owing the plaintiffs the sum of N1, 071, 227, 023. 00 (One Billion, Seventy-One Million, Two Hundred and Twenty-Seven Thousand and Twenty-Three Naira).
“Accordingly, this court awards the sum of N1, 071, 227, 023.00 (One Billion, Seventy-One Million, Two Hundred and Twenty Seven Thousand and Twenty-Three Naira) to the Plaintiff as a sum admitted by the Defendant on the pleadings (i.e. Statement of Defence),
“Relief 1 claimed by the Plaintiffs is hereby granted.
“On relief 2i, 2ii and 2iii claimed by the Plaintiffs, on the facts of this case, the said promissory notes had already been paid by the DMO to First Bank Nig. Plc. The court does not make an order in vain. Specific performance in the manner provided by the Service Agreement between the Plaintiffs and the Defendant is no longer possible.
“Moreover, this court has no jurisdiction to make an order against the DMO which is not or no longer a party to this suit.However, the Plaintiffs are not left without any remedy. The law has made abundant provisions on how a victorious party can recover its monetary judgment.
“Relief 2 is therefore refused in its entirety and therefore fails.
“The Plaintiffs are therefore granted the sum of N1,071,227,023.00 (One Billion, Seventy-One Million, Two Hundred and Twenty-Seven Thousand and Twenty-Three Naira) with 10% judgment interest per annum from the date of this Ruling.”
Further hearing of the suit for the determination of other reliefs sought by the plaintiffs has been adjourned to November 5, 2025. (Inside Business Online)
