Tag: Bayo Dada

A Lagos High Court sitting in Ikeja on Friday dismissed the application filed by the former managing director of the defunct Intercontinental Bank Plc, Dr. Erastus Akingbola, challenging its jurisdiction to hear the alleged theft charges preferred against him.
The court presided by Justice Lateef Lawal-Akapo, in a ruling, declared that the charges preferred against Akingbola and co-defendant are within its competence and purview to determine.
Akingbola and co-defendant – a former financial officer of the bank, Bayo Dada, had file two separate applications before the court, seeking to quash the N47.1 billion theft charge preferred against them by the Economic and Financial Crimes Commission (EFCC).
Justice Lateef Lawal-Akapo, in a ruling on the applications, dismissed them for lacking in merit.
Akingbola and Dada had challenged the jurisdiction of the court to entertain the 22-count charge filed against them by the EFCC.
Chief Wole Olanipekun, the lead counsel to Akingbola, while arguing his application, told the court that the subject matter of the alleged offences related to banking operations and capital market issues.
Olanipekun submitted that only the Federal High Court had the jurisdiction to entertain such matters according to Section 251 of the 1999 Constitution of the Federal Republic of Nigeria.
He cited a judgment delivered by the Court of Appeal, Lagos Division, on November 21, 2013 in a matter filed by a former managing director of Finbank, Okey Nwosu, against the EFCC to back his position.

Administrative mix-up on Monday forced a Lagos High Court, Ikeja, to adjourn the re-arraignment of a former managing director of Intercontinental Bank Plc, Mr. Erastus Akingbola till March 24, 2014.

Justice Lateef Lawal-Akapo fixed March 24, 25 and 27 for re-arraignment and commencement of Akingbola’s trial following the mix up which led to the omission of his matter from the list of Monday’s proceedings.

Akingbola and his co-defendant, Bayo Dada were present in court but the judge noted that the matter was not listed.

The Counsel to the Economic and Financial Crimes Commission (EFCC), Mr. Godwin Obla, admitted that it was not proper to arraign the defendants since the case was not listed for the day.

Akingbola and Dada were charged to court for allegedly stealing N47.1 billion belonging to the defunct Intercontinental Bank.

They are facing a 22-count charge of stealing and obtaining money by false pretences.

Akingbola and Dada had pleaded not guilty to the 22 count charges of stealing preferred against them by the commission.

The duo were earlier arraigned on May 31, 2011 before Justice Habeeb Abiru before the judge was elevated to the Court of Appeal.

The matter was later re- assigned to Justice Adeniyi Onigbanjo and the defendants were re-arraigned on February 26 this year.

Their case file was again transferred to Justice Lawal-Akapo following the recent changes in the state judiciary that moved Justice Onigbanjo to the Commercial Division of the court.

A former managing director of Intercontinental Bank Plc, Erastus Akingbola, has lost in his bid to quash theft charges brought against him by the Economic and Financial Crimes Commission (EFCC).

Justice Adeniyi Onigbanjo of a Lagos High Court, Ikeja dismissed Akingbola’s application for quash of the charges.

The trial judge held that Akingbola’s application is lacking in merit.

The EFCC had arraigned Akingbola and the General Manager of Tropics Securities Limited, Mr. Bayo Dada in court for allegedly stealing N47.1 billion belonging to the bank.

The former boss of Intercontinental bank had in an application filed by his counsel, Chief Wole Olanipekun (SAN) on July 10 prayed the court to quash the charges preferred against him by the commission.

He told the court that there was not enough proof of evidence to link Akingbola to any of the counts in the charges brought against him.

Olanipekun argued that since the EFCC failed to obtain a fiat from the Lagos State attorney general, it lacked the power to initiate criminal proceedings against his client at the state high court.

But EFCC counsel, Mr. Emmanuel Ukala (SAN), opposed the application and urged the court to dismiss it.

An Ikeja High Court, Lagos, on Tuesday ordered that the former managing director of the defunct Intercontinental Bank, Erastus Akingbola, be allowed to continue on the previous bail condition granted him by Justice Habeeb Abiru.

The court also granted the same privilege to the General Manager, Tropix Security Limited, Bayo Dada, who is standing trial alongside Akingbola.

The duo, who were initially arraigned by the Economic and Financial Crimes Commission on May 31, 2011 were re-arraigned before Justice Adeniyi Onigbanjo, following the promotion of Abiru to the Court of Appeal.

They were brought to court on a 22- count charge of stealing and obtaining under false pretence a total sum of N30.09 billion and property of Intercontinental bank.

Justice Abiru had struck out seven out of the 29 initial charges preferred by the EFCC.

The judge struck out counts 15, 16, 17, 18, 20, 22, 24 and 26, which all related to Akingbola’s wife, Anthonia, who is said to be at large.

While Akingbola is standing trial on 17 counts of stealing, Dada is in dock on five counts of obtaining money under false pretence.

The defendants pleaded not guilty to the offences against them, which the EFCC said contravened Sections 390(7) of the Criminal Code, Laws of Lagos, 2003, and Section 1(1) (a) of the Advance Fee Fraud Act, 2006.

Referring to the ruling by Abiru, Counsel to EFCC, Godwin Obla, notified the court that only two defendants- Akingbola and Dada are being held since Abiru struck out the seven charges against Mrs. Akingbola.

Obla told the court that the prosecution was willing to proceed with trial as the matter was of public concern.