The Federal Government has urged the Federal High Court in Lagos not to de-freeze the assets of ex-Intercontinental Bank Plc Managing Director Dr Erastus Akingbola.
Akingbola sued the Economic and Financial Crimes Commission (EFCC) and Attorney-General of the Federation (AGF) Abubakar Malami (SAN), following continued seizure of his assets and frozen bank accounts since December 31, 2009.
He said EFCC lacked the powers to hold onto his assets and funds as they were acquired before he allegedly committed the fraud for which he was charged.
Akingbola said the companies, which had their assets frozen, were not named in the charge.
Besides, he said since the criminal charge was dismissed in April 2, 2012, the order freezing his assets should be vacated.
The companies – Tropics Finance and Investments Limited, Clifton Investment Limited, Hijinks Limited, Merry Thoughts Limited, Bankinson Limited and Tropics Securities Limited, were also plaintiffs in the suit.
Akingbola sought a declaration that the Federal Government cannot seize his assets and money, which pre-dated the alleged crime.
The former bank chief prayed for an injunction mandating the defendants to release his assets, property and bank accounts, with those of his companies.
He asked the court to order the defendants to render an account and pay him rents, profits, interests, accruals, proceeds or other income generated from his seized assets since December 31, 2009.
But the AGF, in a counter-affidavit deposed to by a Litigation Clerk in the Federal Ministry of Justice, Felicia Des-Bordes, told the court that Akingbola’s application was an abuse of court process, and should be dismissed.
He said following Akingbola’s arraignment in 2009, the EFCC obtained interim orders to freeze his assets and sequestrate some of his property believed to be connected with the alleged crime.
Malami recalled that Justice Charles Achibong dismissed the charge, which the prosecution appealed. He said the Court of Appeal, last February 20, upturned Justice Archibong’s verdict and ordered a retrial.
“The plaintiff (Akingbola) has since instituted a suit at the Supreme Court challenging the judgment of the Court of Appeal.
“The property and accounts allegedly sequestered and frozen are proposed exhibits before the court, which are to be used to prove the applicant’s culpability.
“The applicant, by way of this suit, seeks to cart away the alleged proceeds of fraud and crime, thereby foisting a fait accompli on the judgment of the court vis-a-vis any decision arrived at the Supreme Court,” the AGF said.
The Federal Government believes that if Akingbola’s application is granted, the purpose of the pending charge yet to be determined by the Supreme Court would be defeated.
Besides, it said the order freezing Akingbola’s assets had not been set aside by any court, meaning that parties ought to maintain the status quo until the Supreme Court decides otherwise.
The prosecution added that the former bank chief should not be allowed to profit from the alleged proceeds of fraud, which could hamper a just determination of the case.
“The aim of the interim orders is to prevent parties from fraudulently seeking to overreach the decision of the court and to preserve the rest from unlawful removal or transfer when the subject matter is pending in court.
“This suit lacks merit and is an abuse of court process. We pray the court to strike it out with cost,” the Federal Government said.
Justice Chuka Obiozor adjourned till June 30.