A Federal High Court sitting in Umuahia has ordered the Central Bank of Nigeria (CBN) to deduct the sum of $117 million from the account of the federal government and pay same to Interstella Communications Limited.
The order given by Justice M.G Umar was aimed at enforcing a judgment entered in favour of Interstellar five years ago in its protracted legal battle with Nigerian Telecommunication Limited (NITEL).
In arriving at the judgment, the judge held that the sum of $117.4 million was outstanding principal and interest as at October 2011.
The court also held that for each additional day after October 12, 2011 that the judgment sum of $117.4 million was not paid an additional accumulations of $57,895.90 calculated at the interest at 18 percent per annum on $117.4 million should be paid.
According to the court the payments should be made to Interstellar in US dollars or their naira equivalent based on the prevailing exchange rate on the day payment.
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