“…[There] is thrown up a fundamental matter of this court being called upon to make an order affecting a Garnishee Order Absolute against which there is no appeal. It is stating the obvious that a Garnishee Order Absolute means an executed judgment and being a completed act, one wonders how an order of stay can either be ordered or carried out…

Also to be placed on record, is the fact that the Garnishee Order Absolute against the Central Bank of Nigeria was made by the Federal High Court and it was not appealed against to the Court of Appeal, therefore, what is being asked of the Supreme Court of the present application is for this court to sit on appeal over a matter directly from the High Court, the power to do so has yet to be revealed as I cannot see the vires for such procedure…”

“The underlining principle that must inform our decision in this matter is that an injunction or stay does not proceed against a completed event. The order the applicant herein seeks to stay is a Garnishee Order Absolute which by its very tenor denotes that execution has already been levied against the property to which the order being sought relates. The money, with the Garnishee Order being made absolute, becomes wholly attached.”

You can read the full Judgment here.

The above decision and the reasons supplied by the apex Court is apt.