{"id":156772,"date":"2025-03-26T08:45:02","date_gmt":"2025-03-26T07:45:02","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/nigerian-firm-sues-cbn-for-n4-1b-over-alleged-negligence"},"modified":"2025-04-04T13:30:05","modified_gmt":"2025-04-04T12:30:05","slug":"nigerian-firm-sues-cbn-for-n4-1b-over-alleged-negligence","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-firm-sues-cbn-for-n4-1b-over-alleged-negligence","title":{"rendered":"Nigerian firm sues CBN for N4.1b over alleged negligence"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>Oil services firm Zumax Nigeria Limited has sued the Central Bank of Nigeria (CBN) for N4.1 billion, accusing it of gross negligence over a disputed receivership.<\/p>\n<p>In a suit before Justice Akintoye Aluko of the Federal High Court, Lagos, Zumax alleged that CBN failed in its duty to supervise banks and protect customers.<\/p>\n<p>The company claimed it was placed in receivership for 20 years over a fabricated debt, despite repaying over N547 million to First City Monument Bank (FCMB).<\/p>\n<p>\u201cRather than addressing the dispute, FCMB appointed receivers to take over Zumax\u2019s operations.<\/p>\n<p>\u201cThis led to severe financial losses, including the collapse of our business and loss of contracts with multinational oil firms,\u201d the company stated.<\/p>\n<p>Zumax is demanding $41 million in special damages, N2 billion in general damages, N2 billion in exemplary damages, and N100 million in legal costs.<\/p>\n<p>CBN, however, has filed a preliminary objection, challenging the court\u2019s jurisdiction.<\/p>\n<p>CBN\u2019s counsel, Adeleke Agboola (SAN), argued: \u201cThis preliminary objection has priority over any other applications.<\/p>\n<p>\u201cThe plaintiff\u2019s application is not meritorious.\u201d<\/p>\n<p>Zumax\u2019s lawyer, Wole Olanipekun (SAN), countered: \u201cIt is the court that can make any pronouncement on that.<\/p>\n<p>\u201cThe law does not mandate taking a preliminary objection first.\u201d<\/p>\n<p>Justice Aluko adjourned the case to April 22, 2025, for a ruling on which application to hear first.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Nigeria<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. Oil services firm Zumax Nigeria Limited has sued the Central Bank of Nigeria (CBN) for N4.1 billion, accusing it of gross negligence over a disputed receivership. In a suit before Justice Akintoye Aluko of the Federal High Court, Lagos, Zumax alleged that CBN failed in its duty to supervise banks and protect [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":156771,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[503,16562,254],"class_list":["post-156772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-cbn","tag-firm","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nigerian firm sues CBN for N4.1b over alleged negligence - Nigeria<\/title>\n<meta name=\"description\" content=\"Oil services firm Zumax Nigeria Limited has sued the Central Bank of Nigeria (CBN) for N4.1 billion, accusing it of gros ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-firm-sues-cbn-for-n4-1b-over-alleged-negligence\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigerian firm sues CBN for N4.1b over alleged negligence\" \/>\n<meta property=\"og:description\" content=\"Oil services firm Zumax Nigeria Limited has sued the Central Bank of Nigeria (CBN) for N4.1 billion, accusing it of gros ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-firm-sues-cbn-for-n4-1b-over-alleged-negligence\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-26T07:45:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-04T12:30:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/03\/sm_1742966331.23775.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-firm-sues-cbn-for-n4-1b-over-alleged-negligence#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-firm-sues-cbn-for-n4-1b-over-alleged-negligence\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Nigerian firm sues CBN for N4.1b over alleged negligence\",\"datePublished\":\"2025-03-26T07:45:02+00:00\",\"dateModified\":\"2025-04-04T12:30:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-firm-sues-cbn-for-n4-1b-over-alleged-negligence\"},\"wordCount\":239,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-firm-sues-cbn-for-n4-1b-over-alleged-negligence#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2025\/03\/sm_1742966331.23775.jpg\",\"keywords\":[\"CBN\",\"Firm\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-firm-sues-cbn-for-n4-1b-over-alleged-negligence#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-firm-sues-cbn-for-n4-1b-over-alleged-negligence\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-firm-sues-cbn-for-n4-1b-over-alleged-negligence\",\"name\":\"Nigerian firm sues CBN for N4.1b over alleged negligence - 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