EFCC Press Release : N47.1bn Theft: “You Have A Case To Answer”, Court Tells Rogue Banker, Erastus Akingbola

Posted: May, 02 2014, 10:05AM

"Rogue Banker" Erastus Akingbola

By Wilson Uwujaren

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).