N24.4bn NOSPETCO trapped funds: Supreme Court fixes June 11 for hearing

The Supreme Court has fixed June 2021 for continuation of hearing on the N24.4bn investors fund with NOSPETCO Oil and Gas Limited trapped with the Central Bank of Nigeria since 2010.

The five-man Justices of the apex court, presided By Justice Aminat Augie, on Monday adjourned the case for judgment after lawyers for all parties have adopted their various briefs before the court.

The tortuous long legal journey began more than a decade ago after the 14,296 investors’ N24.4 billion was deposited with the CBN by the Security and Exchange Commission (SEC).

The affected investors, through their counsels are contesting the N24.4 billion deposited in the apex bank by SEC following an embargo it placed on NOSPETCO’s operations.

The investors, some of who were present in Court, despite the long journey from their various residence, could not hide their feelings as they danced round their leader, Prince Emmanuel Matiluko, and lawyers led by Barrister Debo Adeleke at the Supreme Court foyer after the adjournment, taking pictures with them.

They’ve asked the Supreme Court to compel the CBN to release the money trapped in its coffer even as some of them are already in the grave while others are on sick bed as a result of the shock the alleged seizure of their investment had brought upon them.

Although the initiators of the suit registered NOSPETCO investors in a representative capacity, commenced litigation at the Investment and Security Tribunal (IST) in 2011.

NOSPETCO had, between 2004 and 2005, encouraged thousands into its investment scheme with each slot attracting N450,000 with a promise of monthly N40,000 on each slot.

This, according to the firm, would be ploughed into importation, sale and distribution of petroleum products and cooking gas.

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