Court orders return of N2.475 bn to Keystone Bank, customer mistakenly linked to Emefiele  

The Economic and Financial Crimes Commission (EFCC) had suspected that the sum was derived from  unlawful activities during the tenure of the embattled former Governor of Central Bank of Nigeria Dr Godwin Emefiele  and sought for a  preservation order of the court forfeiting the said sum to the Federal Government of Nigeria, pursuant to Section 9 of the proceeds of crime (Recovery and Management Act 2022.

The anti-graft agency further  sought the order of the court directing the  publication in any national newspaper of the preservation order for  any  interested party to show cause within 14 days  why the funds should not  be finally  forfeited to the Federal Government of Nigeria.

But after the  publication of the  said order  in ‘The Guardian’  newspaper of 28 February, 2025, two  interested parties  Keystone Bank Ltd and SAF Information Systems Ltd  filed  affidavits to show cause and each filed an application challenging the forfeiture order and asked court to set aside the preservation order as well as to have the  said sum transferred to the 1st Interested Party (KeystoneBank Ltd ) on March 5, 2025. The matter was then adjourned for hearing.

However  before the  next  adjourned date for  hearing,  counsel to the EFCC (applicant) R. U. Adagba ,  Counsel to 1st Interested Party  (Keystone Bank Ltd) Mazi  Afam Osigwe (SAN) and  Counsel to 2nd Interested Party  (SAF Information Systems Ltd ) Chief Chidi H. Nwuke Esq. had discussions  and agreed to an amicable resolution of their dispute in issues.

They  individually applied to the court to enter as Consent  Judgement the Terms of  Settlement reached which was  dated and filed on May 20, 2025 in Suit No FHC /ABJ/CS/235 /2025.

When the matter came up on May 21, the Judge carefully perused the Terms of Settlement dated and filed May 20, 2025.

She noted the endorsements made by EFCC counsel in the presence of EFCC Investigation Officer on one hand,  signatures of the 1st and 2nd Interested Parties’ counsel on the other hand, and held that no doubt,  the terms of settlement filed on May 20, 2025  contains valid  elements of Consent Judgement.

In accordance with the terms of settlement filed, the presiding judge, Justice Abdulmalik therefore  said  “I hereby adjudge as Consent Judgement the below terms of settlement as the final resolution  on this Suit  between the  Applicant,  1st and 2nd  Interested Parties as follows :

“The sum of  N2,475, 000, 000  (The funds) which was debited by  Central Bank of Nigeria (CBN) from  Keystone Bank Ltd for the equivalent of  $5,000,000 USD are depositors’ funds of customers of Keystone Bank Ltd.

“The funds represent the  equivalent of  $5,000,000 (Five Million USD) undelivered foreign exchange bid allocation by the Central Bank of Nigeria to Keystone Bank Ltd.

“Parties hereby agree that the funds currently domiciled with the Central Bank of Nigeria shall be returned by the CBN to Keystone Bank Ltd through the EFCC for onward remittance to Keystone Bank Ltd and its customer.

“Not withstanding anything herein contained,  the parties agree that upon the  signing of this settlement agreement,  all claims in the Suit and /or any other pending Suits or pending  judgements or pending  rulings  related to or connected however with the subject of this suit shall automatically  abate and become unenforceable.

” The court shall  adopt this terms of settlement as  Consent Judgement between the parties in this Suit No FHC /ABJ /CS /235/2025.

“Each person signing this  Terms of Settlement  hereby  represents and warrants that  he or she  has the authority to bind the  entity  or person  on behalf of which he or she  has signed.

” I forthwith Order “, the  judge declared.