Mr. Akingbola argues that the Lagos court had no jurisdiction.
An Ikeja High Court on Wednesday fixed May 2 for ruling on a preliminary notice of objection filed by a former Managing Director of the defunct Intercontinental Bank Plc, Erastus Akingbola.
Justice Lateef Lawal-Akapo fixed the date after hearing arguments from the defence and prosecution lawyers.
Mr. Akingbola, in the application, is challenging the jurisdiction of the court to entertain the N47.1 billion theft charge preferred against him by the Economic and Financial Crimes Commission, EFCC.
His co-defendant, Bayo Dada, General Manager of Tropics Securities Ltd., also filed a similar application.
Moving the application, Mr. Akingbola’s lawyer, Wole Olanipekun, said the subject matter of the alleged offences related to banking operations and capital market issues.
Mr. Olanipekun argued 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.
According to him, the Appeal Court had struck out the theft charge preferred against Mr. Nwosu on the ground that the Lagos High Court lacked the jurisdiction to entertain the matter.
Mr. Olanipekun said the appellate court held that the charge emanated from capital market transactions which conferred exclusive jurisdiction on the Federal High Court.
“The information in Nwosu’s case, the counts, and the particulars of offences are actually the same as what we have in this case.
“The court is bound by the decision of the Court of Appeal. We urge Your Lordship to be guided by their decision in Nwosu’s case,” he said.
According to him, the EFCC ought to have asked the court to adjourn Mr. Akingbola’s matter indefinitely pending the outcome of their appeal against the judgment in Mr. Nwosu’s case at the Supreme Court.
He said the charge was also an abuse of court process because a similar charge involving Akingbola and the EFCC was currently pending before the Federal High Court, Lagos.
Mr. Olanipekun, therefore, asked the court to dismiss the charge against the former bank chief.
On his part, Mr. Dada’s lawyer, Taiwo Osipitan, said the constitution was superior to any other extant law including the EFCC Establishment Act.
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