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 banks 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 banks board of directors advised the respondent and two other employees to resign their appointments. The respondent accordingly tendered his letter of resignation on 10 October 2002.

The 1st appellant set up a special board committee to look into the foreign exchange transactions of the bank. Based on the report, the 1st appellant advised the bank to terminate the employment of the respondent and other employees found to be complicit in the illegal foreign exchange transactions. The 1st appellant deemed the actions of the respondent and other affected employees to constitute serious misconduct, which entitled the bank under Section 44(2)(d) of the Banks and Other Financial Institutions Act 1991 (BOFIA) (as amended) (now Section 48(2)(d) of the Banks and other Financial Institutions Act Cap. B3, Laws of the Federation of Nigeria, 2004) to blacklist him. His appointment was accordingly terminated vide a letter dated 5 February 2003. Consequently, he instituted an action before the Federal High Court vide suit no. FHC/L/CS/163/2003 coram Abutu J, against Equity Bank as 1st defendant and the Central Bank of Nigeria (1st appellant) as 2nd defendant, challenging the termination of his appointment for the purpose of blacklisting him under Section 44(4) of BOFIA (now Section 48(4) of BOFIA, Laws of the Federation of Nigeria, 2004) even though the bank had accepted his letter of resignation and had paid him his entitlements. The bank had purported to reject the letter of resignation with a letter of termination.

Abutu J. entered judgment in the respondents favour as follows:

After the success of the action, the respondent sought employment in other financial institutions.

He was unsuccessful because having regard to his position as a management staff in the banking industry, he required clearance from the CBN, before any bank or financial institution could employ him. The 1st appellant refused to grant the clearance on the ground that he had been blacklisted.

In an attempt to overcome this roadblock, he instituted a fresh action against the appellants herein, by way of originating summons filed on 31 March 2008 before the Federal High Court, Lagos (the trial Court) vide suit No. FHC/L/ES/305/2008.

At the conclusion of the hearing and relying on the findings of Abutu J. in exhibit DM1, the trial Court per Honourable Justice Okechukwu J. Okeke, in a considered judgment delivered on 14 July 2008, upheld the blacklisting of the respondent. In reaching his decision, his lordship relied on findings made by Abutu J. in exhibit DM1, to the effect that the respondent was indicted in the report of the special board committee tendered before him which found him guilty of foreign exchange malpractices. The respondent was dissatisfied with the decision and filed an appeal before the lower Court. In its judgment delivered on 22 March 2010, the Court struck out two of the issues formulated on the ground that they did not arise from the decision of the trial Court. It allowed the appeal in part.

The appellants are dissatisfied with the part of the judgment directing that the respondents name be deblacklisted, hence the instant appeal.