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Court orders Akingbola to face N47 billion fraud trial
“The charge against Mr. Nwosu, the judge said, had its roots in capital market transactions.”
An Ikeja High Court, Lagos, presided over by Justice Lawal Akapo on May 2 insisted that former managing director of the defunct Intercontinental Bank, Erastus Akingbola, has a case to answer.
Consequently, the court dismissed for lack of merit two separate applications filed by Mr. Akingbola and his associate, Bayo Dada, seeking to quash the N47.1 billion charge for fraud preferred against them by the Economic and Financial Crimes Commission, EFCC.
In his ruling, Justice Akapo said the duo were charged with stealing, obtaining money by false pretences, and receiving stolen property, which clearly distinguished their case from Okey Nwosu’s alluded to in their defence.
The charge against Mr. Nwosu, the judge said, had its roots in capital market transactions.
Justice Akapo noted that the failure of the defendants to produce the charge preferred against Mr. Akingbola at the Federal High Court robbed the court of the opportunity of comparing both charges. He said the comparison would have helped to determine if the new charge was an abuse of court process or not.
The judge also pointed out that the Lagos State High Court had jurisdiction to try offences charged under the Advance Fee Fraud and Other Fraud Related Offences Act. He said the charges were within the purview and competence of the state high court, pointing out that the applications had to be dismissed, as no merit was found in them.
Messrs Akingbola and Dada had challenged the jurisdiction of the court to entertain the 22-count charge filed against them by the EFCC.
Lead defence counsel, Wole Olanipekun, told the court that the alleged offences were related to banking operations and capital market issues.
He submitted that only the Federal High Court had the jurisdiction to entertain such matters in line with Section 251 of the 1999 Constitution of the Federal Republic of Nigeria.
Mr. Olanipekun relied on the ruling of the Court of Appeal, Lagos Division, on November 21, 2013 where it upheld the argument of a former managing director of Finbank, Okey Nwosu, that the Lagos High Court lacked jurisdiction to entertain the charge preferred against him by the EFCC.
He drew similarity between Messrs Akingbola and Nwosu’s case, submitting that Mr. Akingbola’s trial at the Lagos High Court was an abuse of court process, as he was “facing a similar charge before the Federal High Court, Lagos.”
Similarly, counsel to Mr. Dada, Taiwo Osipitan, had told the court that the offence allegedly committed by his client related to buying and selling of shares on behalf of Intercontinental Bank, an offence that could only be entertained by a Federal High Court.
However, EFCC counsel, Godwin Obla, urged the court to dismiss the no-case submission filed by Messrs. Akingbola and Dada, stressing that the duo were facing trial for stealing, which was different from the charges against Mr. Nwosu.
“If you steal money, whether from Bank, Financial Institution or from an individual, the State High Court has jurisdiction. The jurisdiction is the same for the second defendant (Bayo Dada) who is charged under the Advanced Fee Fraud Act”, he said.
Mr. Obla further argued that “the charge against the accused persons is clear – stealing bank money.”
Following his ruling, Justice Akapo adjourned further hearing in the case till June 23, 24 and 25.
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