Zumax Nigeria Limited, an oil services company, has filed a lawsuit against the Central Bank of Nigeria (CBN) for N4.1 billion, citing gross negligence in a disputed receivership case.
In a case presented to Justice Akintoye Aluko of the Federal High Court in Lagos, Zumax accused CBN of failing to oversee banks and safeguard customers.
The company asserted that it was unjustly placed in receivership for two decades due to a falsified debt, despite repaying over N547 million to First City Monument Bank (FCMB).
“Rather than addressing the dispute, FCMB appointed receivers to take over Zumax’s operations.
“This led to severe financial losses, including the collapse of our business and loss of contracts with multinational oil firms,” the company stated.
Zumax is demanding $41 million in special damages, N2 billion in general damages, N2 billion in exemplary damages, and N100 million in legal costs.
CBN, however, has filed a preliminary objection, challenging the court’s jurisdiction.
CBN’s counsel, Adeleke Agboola (SAN), argued: “This preliminary objection has priority over any other applications.
“The plaintiff’s application is not meritorious.”
Zumax’s lawyer, Wole Olanipekun (SAN), countered: “It is the court that can make any pronouncement on that.
“The law does not mandate taking a preliminary objection first.”
Justice Aluko adjourned the case to April 22, 2025, for a ruling on which application to hear first.
