COURT EXCULPATES THE NIGERIAN FINANCIAL INTELLIGENCE UNIT (NFIU) AND ITS DIRECTOR FROM LIABILITY IN CIVIL SUIT

Home » News » COURT EXCULPATES THE NIGERIAN FINANCIAL INTELLIGENCE UNIT (NFIU) AND ITS DIRECTOR FROM LIABILITY IN CIVIL SUIT

A Federal High Court sitting in Abuja on the 27th of October 2021, dismissed the Suit filed by Royal Double Cee Ltd against the Director, Nigerian Financial Intelligence Unit and the Nigerian Financial Intelligence Unit (NFIU), sued as the 1st and 2nd Defendants respectively in Suit No.: FHC/ABJ/CS/1309/2020.

The Court based its decision to exculpate the NFIU and its Director from any liabilities on the submissions of our firm, OJUKWU CHIKAOSOLU & CO., made through our Temitayo Lasaki, Esq., after considering and finding merit in all his arguments and submissions.

The Court however awarded the sum of N10, 000, 000.00 (Ten Million Naira) as general and exemplary damages against First City Monument Bank (FCMB) who were sued as the 3rd Defendant in the same suit, and also ordered that the sum of $2, 500.00 (Two Thousand Five Hundred US Dollars) be paid by FCMB as the cost of the suit.

The decision came after the Court, per Hon. Justice Taiwo O. Taiwo, held that FCMB cannot “place a Post-No-Debit without court order on the account of the Plaintiff.” The Court went ahead to uphold the provisions of Nigerian Financial Intelligence Unit Act 2018 and out rightly refused the Plaintiff’s prayer to strike out certain provisions of the Act as unconstitutional, null and void.

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