Akingbola: Court to decide on jurisdiction May 2

justice Lateef Lawal-Akapo of a Lagos High Court sitting in Ikeja has fixed May 2 to rule on the application filed by the former Managing Director of the defunct Intercontinental Bank Plc, Dr. Erastus Akingbola, challenging the jurisdiction of the court to hear the N47.1billion theft charge preferred against him.

Akingbola, through his counsel, Chief Wole Olanipekun (SAN), in two preliminary notices of objection, challenged the jurisdiction of the Lagos High Court to entertain the theft charge brought against him by the Economic and Financial Crimes Commission (EFCC).

The anti-graft establishment charged the former bank chief and his associate, Bayo Dada, with allegedly stealing money belonging to the bank.

Dada also filed a similar application before the court.

At the resumed hearing yesterday, Olanipekun, moving the application, argued that the subject matter of the alleged offences related to banking operations and operations of capital issues, which fell under the exclusive jurisdiction of the Federal High Court.

He based his submission on a judgment delivered by the Lagos Division of the Court of Appeal, on November 21 last year.

The appellate court in the judgment struck out a theft charge preferred against a former Managing Director of the defunct Finbank Plc, Mr. Okey Nwosu and others.

The Court of Appeal held in Nwosu’s case that the Lagos High Court lacked jurisdiction to entertain the charge because it emanated from capital market transactions.

It also held that a case associated with the capital market should be handled by a Federal High Court.

Olanipekun urged the court to be guided by the Court of Appeal’s decision in Nwosu matter and grant the application.

He submitted that the issue of jurisdiction is fundamental.

Olanipekun also cited another High Court of Lagos judge, Justice Adeniyi Onigbanjo, whose court adjourned another matter involving Atuche on the same grounds indefinitely.

He said the state High Court should not be made mere undertakers of matters, which the Federal High Courts have exclusive jurisdiction over.

Counsel to EFCC, Chief Godwin Obla (SAN), said contrary to the submissions of Olanipekun, the constitution did not vex exclusive jurisdiction on the Federal High Court on criminal matters.

He said Federal High Court and state High Court could hear criminal matters.

On Nwosu’s case cited by Olanipekun, the EFCC lawyer argued that the Court of Appeal based its judgment on a decision, which had been upturned by the Supreme Court.

He urged the court not to follow a decision, which had been overtaken by events and rendered obsolete, having been upturned by a superior court.

Obla enjoined the court to dismiss the applications of the defendants.

Justice Lawal-Akapo adjourned the matter till May 2 for ruling.