Petro Union: Supreme Court reserves ruling in £2.556bn judgement sum




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The Supreme Court Thursday reserved ruling in a $15billion judgement sum to a date to be advised in the Petro Union fraud case. 

The apex court’s panel of justices led by Justice Dattijo-Muhammad, heard the application by Union Bank seeking leave to appeal the judgment of the Court of Appeal and for extension of time to appeal as well as to adduce additional evidence of the monumental fraud.

 And expectedly,  the application was opposed by Petro Union but supported by the Central Bank of Nigeria (CBN), Minister of Finance Zainab Ahmed and Attorney-General of the Federation Abubakar Malami (SAN).

 Prior to the legal fireworks from opposing counsel,  the court thrashed the issue of  representation and refused  the attempt by Petro Union’s former lawyer, Onyechi Egwuonwu to reopen the controversy around the actual lawyer of  the company in the suit.

 With that settled,  Mr Adegboyega Awomolo (SAN), led three other lawyers for Union Bank and  moved the application following which he adopted the processes filed by his client.

 Why urging the apex court  to grant the application on several grounds, the silk submitted that the judgment of the lower court for £2.556bnwas obtained by fraud and suppression of relevant facts.

And supporting Awomolo’s position, counsel to CBN, Mrs. Olabisi Soyebo (SAN), prayed  the court to grant same in the interest of justice.

She said the decision the applicant sought to challenge is a colossal embarrassment to the nation and considering the colossal amount involved.

Also arguing along same line, the AGF, through Mr. T. A. Ghazali (SAN),  contended  that the federal government was in support of the application which amounts to a fraud on the nation and in the interest of justice.

But Petro Union’s counsel, Mr  J. K. Gadzama (SAN) opposed the application and prayed the court not to grant same  because the court had become functus officio in the matter.

Upon listening to submissions and arguments from all parties, the apex court reserved its ruling on the application to a date to be communicated to parties in the case.

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