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Published On: Wed, Apr 2nd, 2014

EFCC opposes Akingbola’s bid to quash N41.1bn theft

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From Matthew Irinoye, Lagos

An attempt made by the former Managing Director of the defunct Intercontinental Bank Plc, Dr. Erastus Akingbola and his co-defendant, Bayo Dada to quash the 18 count charges pending against them at a Lagos High Court sitting in Ikeja, was yesterday vehemently opposed by the Economic and Finance Crimes Commission (EFCC).

Chief Godwin Obla (SAN), counsel to EFCC, while opposing the two applications filed by the defendants, wherein they urged Justice Lateef Lawal-Akapo to dismiss the charge because according to them it was an abuse of court process, said that Section 251 (1) (2) (3) of the 1999 Constitution of the Federal Republic of Nigeria do not confer exclusive jurisdiction on matters involving offences to which the defendants were charged on Federal High Court alone.

The senior lawyer also faulted defendants’ allusion to Court of Appeal judgment in the case of Mr. Okey Nwosu Vs Federal Republic of Nigeria, insisting that the judgment was based on wrong premise.

Also counsel to Mr. Dada, Professor Taiwo Osipitan (SAN), told the court that the charges slammed on his client were advance fee-fraud in form but capital market in substance. He aligned with Chief Olanipekun in urging the court to dismiss the charge.

Justice Lawal-Akapo however, adjourned till May 2, 2014 to deliver ruling on the applications.


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