Decision of the Federal High Court in the Case of Stockland Nig. Ltd. & 2 Others VS CBN & 5 Others

April 8th, 2008

Posted by admin in Bank of Nigeria News |

The Federal High Court on 2nd April 2008 delivered judgment in the above case which was instituted by the Plaintiffs to challenge the revocation of the banking licence of SGBN by the CBN in 2006 owing to the erosion of its capital and its poor financial condition. The court had ruled that while it is the prerogative of CBN, as the regulatory body for banks in Nigeria, to revoke a banking licence in deserving situations, SGBN should have been given ample time to meet the condition attached to the forbearance of a considerable portion of its huge indebtedness to CBN. click here for details

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