Appeal court quashes N47.1bn theft charge against Erastus Akingbola

The Court of Appeal in Lagos, on Wednesday, struck out a N47.1 billion theft charge against former Managing Director of Intercontinental Bank Plc, Erastus Akingbola. Akingbola was charged by the Economic and Financial Crimes Commission (EFCC) alongside Bayo Dada, General Manager of Probics Securities Ltd, before a Lagos High Court in Ikeja. They were charged on 22 counts bordering on stealing and obtaining money by false pretences. NAN recalls that the appellants had through their counsel, Chief Wole Olanipekun (SAN) and Prof. Taiwo Osipitan (SAN), challenged the jurisdiction of the court to entertain the charge preferred against them. The trial court judge, Justice Lateef Lawal-Akapo, had, however, in a ruling delivered on May 2, 2014, dismissed their applications and held that it was competent to entertain the charges preferred against the appellants. The lower court had then assumed jurisdiction in the matter. Dissatisfied with the ruling of the court, the appellants had filed two separate appeals, urging the appellate court to set aside the decision of the lower court. The appellate court, in a unanimous decision on Wednesday, allowed the appeal on the grounds that the subject matter of the alleged offences related to banking operations and capital issues, which fell under the jurisdiction of the Federal High Court. Delivering the lead judgment, Justice Amina Augie, held that the lower court judge took a narrow view of the issue, when it assumed jurisdiction on the case. Augie held that 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.