An Ikeja High Court on Monday dismissed an application filed by a former Managing Director of Intercontinental Bank Plc, Erastus Akingbola, seeking to quash a N47.1 billion theft charge against him.
Akingbola is being prosecuted alongside Bayo Dada, the General Manager of Tropics Securities Ltd.
The Economic and Financial Crimes Commission (EFCC) charged the duo to court for allegedly stealing the money belonging to the bank.
Justice Adeniyi Onigbanjo, in a ruling on the application filed by Akingbola’s counsel, Chief Wole Olanipekun (SAN), dismissed it for lacking in merit.
Onigbanjo held that the EFCC, as a government agency, was qualified to institute criminal proceedings under Section 211 of the 1999 Constitution.
He said that the Court of Appeal had settled the issue in its ruling on an appeal Akingbola had previously filed against the ruling of the former trial judge, Justice Habeeb Abiru.
The judge said he could, therefore, not be swayed by another ruling on a similar issue delivered by Justice Babajide Candide-Johnson of a Lagos High Court in Igbosere.
Onigbanjo said:” There is no decision on this issue yet by the Supreme Court; so, the Court of Appeal’s decision takes precedence over the decision of the lower court.
“I am bound to respect the Court of Appeal’s decision, irrespective of my personal conviction.
“Since this court is lower in hierarchy to the Court of Appeal, it cannot wish away the Court of Appeal’s decision on the same issues filed earlier by the same parties.”
The judge further held that a prima facie case had been established against Akingbola in the proof of evidence attached to the information.
He said Akingbola, in his statements to the EFCC, never denied knowledge of various transactions relating to the sums of money allegedly stolen during his tenure at the bank.
Olanipekun had, on July 10, asked the court to dismiss the charge, arguing that the EFCC had no power to initiate criminal proceedings at the state high court.
He had further argued that the proof of evidence had not linked Akingbola to any of the charges preferred against him.
The application was, however, opposed by the EFCC counsel, Mr Emmanuel Ukala (SAN), who urged the court to dismiss it.
The matter was adjourned till Sept. 19 for mention.
