SANUSIS RESPONSE Legal &Professional Fees Briefing Note Allegation 19: that the CBN paid excessive legal and professional fees of N20.202 Billion in 2011. Response: i. The CBN, like any other public entity, is not immune from liabilities that arise from judgments and orders of the Nigerian courts. The referenced N 20.202Billion spent under this head covered the CBN’s judgment debt liabilities in the year under review. ii. Of particular reference is the judgment of the Supreme Court in the case of Amao v the Central Bank of Nigeria, [SC 168/2007]delivered on 21 May, 2010, wherein the apex Court directed that the CBN pay employees of the Bank who had retired prior to 2000, pension under the harmonised structure introduced by the FG. Note that the negotiated litigation liability that arose from the above-specified matter was approximately N 19.8Billion. SeeAnnexure J for the judgment of the Supreme Court in question.
Posted on: Sun, 16 Mar 2014 14:48:46 +0000
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