EFCC Press Release : N47.1bn Theft: “You Have A Case To Answer”, Court Tells Rogue Banker, Erastus Akingbola
"Rogue Banker" Erastus Akingbola
Justice Lawal Akapo of the Lagos High Court, Ikeja on Friday, May
2nd, 2014 told a former managing director of defunct Intercontinental
Bank, now Access Bank, Mr. Erastus Akingbola and his associate, Mr Bayo
Dada, that they have a case to answer and dismissed two separate
applications filed by the defendants, seeking to quash the N47.1 billion
theft charge preferred against them by the Economic and Financial
Crimes Commission, EFCC, for lack of merit.
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 that of Okey
Nwosu, which they alluded to in their defence. The charge against Nwosu,
according to the judge, had its roots in capital market transactions.
He noted that the failure of the defendants to produce the charge
preferred against Akingbola at the Federal High Court robbed the court
of the opportunity of comparing both charges to determine if the new
charge was an abuse of court process. Besides, the judge 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.
“The offences as charged are within the purview and competence of the
state high court. In the result, I find no merit in the applications
and they are hereby dismissed," he said.
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 (SAN), told the court that the
alleged offences 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.
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 Akingbola and Nwosu’s case and
submitted that 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.”
In a similar vein, Professor Taiwo Osipitan (SAN), holding brief for
Dada, told the court that, the offence allegedly committed by his client
related to buying and selling of shares on behalf of Intercontinental
Bank and that, such offences could only be entertained by a Federal High
Court.
However, EFCC counsel, Godwin Obla (SAN), urged the court to dismiss
the no-case submission filed by Akingbola and Dada, stressing that the
two defendants were facing trial for stealing which was different from
the charges against 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.
Obla further stated that, "the charge against the accused persons is
clear, and it is stealing bank money, so let's not massage it".
Justice Akapo adjourned further hearing in the case till June 23, 24 and 25, 2014.
It would be recalled that, Akingbola and Dada are being prosecuted
by the EFCC on a 22- count charge bordering on stealing N47.1 Billion
belonging to former Intercontinental Bank (now Access Bank).