A Federal High Court sitting at Ikoyi Lagos has adjourned the hearing of all pending applications in the N50 billion suit, filed by the former Group Managing Director (GMD) of the defunct Intercontinental Bank Plc, Erastus Akingbola till June 26, 2024....CONTINUE READING THE ARTICLE FROM THE SOURCE
Justice Kehinde O. Ogundare initially, had fixed last Friday for the hearing of all pending applications, after he had dismissed the application for joinder filed by Access Bank Plc.
However, at the resumption of proceedings last Friday, Access Bank Plc through its lawyer, I. S. Afolabi, urged the court to stay proceedings in the matter, as his client had filed a notice of appeal before the Lagos division of the Court of Appeal, seeking to upturn the decision of the lower court, which dismissed its application for joinder.
Afolabi however, informed the court that an appeal had not been entered.
He therefore urged the court to hear his application, which sought to stay proceedings in the matter till the appeal is entered and determined.
In response to Access Bank’s application for stay, Akingbola’s lawyer, Osibanjo, informed the court that the application referred to by Access Bank, was served to him on Tuesday and that he is still within time to respond.
Osibanjo also informed the court that this particular proceeding, was to hear the Central Bank of Nigeria (CBN) and its Governor, challenging the court’s jurisdiction.
CBN’s lawyer, however, informed the court that he is not opposed to the hearing of the preliminary objection but in the light of the appeal filed by Access Bank, the court.
Also, the lawyer to the CBN Governor, informed the court that he was ready to move his application dated and filed on February 5, 2024, challenging the court’s jurisdiction.
Based on the submissions of the counsels, Justice Ogundare, adjourned the matter to June 24, 2024, based his attention has just been drawn to the applicant filed by Access Bank Plc.
Akingbola had instituted the suit marked FHC/L/CS/903/2009, which is seeking judicial review of the order made on August 14, 2009, by the Governor of the Central Bank of Nigeria (CBN), which removed him as the Group Chief Executive Officer of the defunct Intercontinental Bank Plc.
Akingbola is specifically seeking the following reliefs against the CBN and its governor: “an order setting aside, vacating, nullifying and quashing the order of the first respondent appointing Mr. Joseph Olushola Ajewole and Mr, Lai Alabi, or any other person whosoever, as Acting Deputy Managing Director and Managing Director, respectively, of Intercontinental Bank Plc;
“An order setting aside, vacating, quashing, and nullifying the Order dated 14/8/2009, made against the Applicant by the first respondent, on behalf of the second respondent, to wit: “removing him as an officer cum Chief Executive of Intercontinental Bank Plc, effective immediately from the date of the Order. And removing him as a director of Intercontinental Bank Plc, effective immediately from the date of the order.
“An order of certiorari quashing the said Order of the first respondent made against him, for not being in good faith, contrary to due process of law, discriminatory, ultra vires, illegal, unconstitutional, null and void.
“An order of the Court reinstating him to his lawful position as the Group Chief Executive and Managing Director of Intercontinental Bank plc;
“An order of perpetual Injunction restraining the respondents, their officers, servants, agents, privies, assigns or any other persons deriving their authorities in any way whatsoever from the respondents, from unlawfully interfering, harassing, victimizing or disturbing the applicant, in any way whatsoever, from the execution of his lawful duties as the Group Chief Executive and a Director of Intercontinental Bank Plc, and from stopping in any way, whatsoever, the benefits, privileged or perquisites enuring to the applicant by his aforesaid office;
“The sum of N50 billion, as exemplary damages against the respondents, jointly and severally.”
However, the CBN Governor and the apex bank in their preliminary objections dates and filed on August 25, 2009, asked the court to dismiss the suit or alternatively to strike out the suit.
The respondents also asked the court for an order to set aside leave to commence the action. And an order that leaves to serve by substituted service and service thereby be set aside.
The respondents listed the following grounds for the orders sought: “that the Court is coram no judice; and if not,
“That the Court should decline to exercise its jurisdiction on the matter. That the applicant lacks locus standi to institute or maintain the action against the first respondent; (and if he has standing to sue).
“That the applicant has no cause of action; (and if at al). And that the applicant has no right of action to maintain the proceedings, and that it will neither be just nor convenient to grant any declaration or injunction in this matter.”