Date Published: 12/17/09

N200bn Suit: Court dismisses Akingbola's Case against EFCC

A Lagos High Court in Ikeja, presided over by Justice  Morenike Obadina, on Wednesday, December 16 dismissed the N200billion case jointly instituted by four companies  owned by the former Chief Executive Officer of  Intercontinental Bank Plc, Mr. Erastus Akingbola, against the Economic and Financial Crimes Commission {EFCC}, Attorney-General of the Federation and Minister of Justice as well as the Inspector- General of Police.

The court ruled that the case  lacked  merit and awarded N20,000 cost in favour of the EFCC.

Akingbola was one of the bank executives  sacked by the Central Bank of Nigeria {CBN} in August for giving out non-performing loans totalling over N700 billion to corporate bodies and individuals .While some of the affected bank executives were arrested and arraigned by the EFCC, Akingbola evaded arrest and ran out of the country.

Shortly after, his lawyers sued EFCC and others on behalf of his four companies namely; Tropics Finance and Investment Ltd, Tropics Property Ltd, Tropics Security Ltd and Tropics Holdings Ltd with each company  claiming N50billion as damages for alleged invasion of privacy and business residence, closure of business premises, continuous threat of further invasion and for the freezing of the companies accounts by the EFCC which was listed as the first respondent in the suit.

The claimants regarded the actions taken against them by the anti-graft agency as a violation of their fundamental rights while they urged the judge not only to award N50billion each in their favour but to also grant a perpetual injunction against the respondents from arresting and occupying their premises including that of Akingbola.

Ruling on the prayers Wednesday morning in a judgment that lasted for over an hour, Justice Obadina reviewed the submissions of the counsel to both parties and dismissed all the claims of the plaintiffs as lacking merit while stating that the EFCC Act 2004 empowered the anti-graft commission to do what it did to the companies .

She declared that the  EFCC  action was lawful.