Alleged N47.1b theft: Court throws out charge against Akingbola, others

(NIGERIA) Lagos division of the Court of Appeal sitting in Igbosere, today threw out the N47.1 billion theft charge, made against former Managing Director of Intercontinental Bank Plc, Dr Erastus Akingbola alongside his aide, Bayo Dada by the Economic and Financial Crimes Commission (EFCC).

The appellants had queried the ruling of Justice Lateef Lawal-Akapo of the High Court of Lagos State sitting in Ikeja which touches on jurisdiction.

The Court of Appeal in a unanimous judgment allowed Akingbola and Dada's notices of appeal and declared that the subject matter of the alleged offences touches on banking operations and operations of capital issues which fell under the jurisdiction of the Federal High Court.

According to the Appellate Court's lead judgment delivered by  Justice Amina Augie (presiding) and adopted by other members of the panel; Justice Samuel Oseji and Justice Abimbola Obaseki-Adejumo, the Lagos High Court presided over by Justice Lawal-Akapo  took a narrow view of the matter when he assumed jurisdiction on the matter.

Justice Augie also declared that the lower court fell into a serious error when it failed to abide by the decision of the appellate court on the case of Okey Nwosu vs. EFCC even when it was brought to its notice.

The Court of Appeal judge observed that the Appellate Court had in Okey Nwosu’s case declared that the Lagos High Court where the charges were initiated against the defendants, had no jurisdiction over capital market-related issues.

Justice Augie further maintained that the failure of the Lagos High Court to follow the principle of 'Stare decisis' is tantamount to judicial rascality and a call for anarchy, with an addition that it would
encourage the lower court to take-up arms against the appellate court.

The Appeal Court maintained that the subject matter of the alleged offences related to banking operations and capital market issues which is outside the purview of the Lagos High Court.

Justice Augie declared that the lower court failed in its duty as an unbiased umpire when it refused to study thoroughly the processes presented before it.

According to the Appellate Court, "The lower court turned a blind-eye to the prove of evidence brought before it before delivering its ruling. It is the duty of the court to do substantial justice, a one-sided justice is no justice at all."

It would be recalled that the former Intercontinental Bank MD and Dada had through their lawyers Chief Wole Olanipekun (SAN), and Professor Taiwo Osipitan (SAN), instituted two separate applications, challenging the jurisdiction of the lower court to entertain the 22-count charge made against them by the anti-graft agency.

Justice Lawal-Akapo had in his ruling delivered on May 2, 2014 dismissed their applications and held that the charges preferred against Akingbola and Dada were within its competence and purview to determine.

But not satisfied, Akingbola and Dada filed two separate appeals against the ruling and urged the appellate court to set it aside.