A/Court dismisses N47.1bn theft charge against Akingbola
The Court of Appeal in Lagos on Wednesday dismissed a N47.1 billion theft charge against a former Managing Director of Intercontinental Bank Plc, Erastus Akingbola.
The court ruled it had no jurisdiction over the matter in which Akingbola and Bayo Dada, General Manager of Probics Securities Ltd, were docked on 22- count charge of stealing and obtaining money by false pretence.
Justice Lateef Lawal-Akapo had in an earlier ruling delivered on May 2, 2014, dismissed their applications, holding that it had jurisdiction in the matter.
The decision did not go down well with Akingbola prompting them To seek higher intervention.
The aaccused then filed two separate appeals, praying the Court of Appeal to set aside the decision of the lower court.
The appellate court, in a unanimous decision, allowed the appeal on the ground that the subject of the alleged offences related to banking operations and capital issues, fell under the jurisdiction of the Federal High Court.
In her lead judgment, Justice Amina Augie held that the lower court judge was wrong to have a assumed jurisdiction on the case.
According to appellate court, the lower court judge erred when he failed to take notice of the decision of the appellate court in the case of Okey Nwosu vs EFCC, even when it was brought to his notice.
The judge noted that the appellate court had in Okey Nwosu’s case held that the Ikeja High Court, Lagos, where the charges were instituted against the defendants, had no jurisdiction over capital market-related issues.
