The Supreme Court of Nigeria has ruled that Investors in Nospetco Oil & Gas Ltd (Wonder Bank) whose N22.45 billion funds are being trapped in the Central Bank of Nigeria, for over 14 years, can go to the appropriate court for recovery of their money.
With the ruling, the apex court affirmed the decision of the Court of Appeal, which held that the money actually belonged to the investors.
The court also dismissed Nospetco Oil and Gas claims that the money should be paid into its coffers.
Delivering the judgement through zoom, Justice Amina Augie leading Justice Osegi, said the three other Justices of the apex court that formed the five-man panel agreed that since it is a collective investment scheme, the case can be prosecuted in a representative capacity and directed the investors through their lead counsel, Debo Adeleke, to go to the appropriate court to ventilate their grievances.
The Nospetco Oil and Gas had earlier appealed against the judgement of the Investment and Security Tribunal (IST), which ordered that the sum of N22.45 billion should be kept in the CBN for the Investors.
The 13 years old legal battle began when the Security and Exchange Commission (SEC) declared a scheme founded by Nospetco Oil And Gas Limited illegal.
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