KEKERE-EKUN JSC (Delivering the Lead Judgment): This appeal is against part of the judgment of the Court of Appeal, Lagos Division delivered on 22 March 2010, allowing the appeal of the respondent against part of the judgment of the Federal High Court, Lagos Division delivered on 14 July 2008, by setting aside the order blacklisting him.
The facts that gave rise to the appeal are as follows: The respondent was the Divisional Head of the Department in charge of foreign exchange documentation at Equity Bank of Nig. Ltd. Sometime in 2002, the 1st appellant (the Central Bank of Nigeria - CBN) revoked the bank’s licence to conduct foreign exchange transactions when it was discovered that it was selling foreign exchange in breach of laid down procedures. The bank was also penalised in the sum of N293,129,000.00 (two hundred and ninety-three million, one hundred and twenty-nine thousand naira). As a result, the bank’s board of directors advised the respondent and two other employees to resig…