A/Court dismisses N47.1bn theft charge against Akingbola

Mr. Akingbola and  Bayo Dada, General Manager of Probics Securities Ltd,  were charged on 22- counts bordering on stealing and obtaining money by false pretence.
Justice Lateef Lawal-Akapo had however in a ruling delivered on May 2, 2014, dismissed their applications and held that it was competent to entertain the charges preferred against the appellants. The lower court had then assumed jurisdiction in the matter.
But Mr. Akingbola and the other accused then filed two separate appeals, praying the Court of Appeal to set aside the decision of the lower court.
The appellate court, in a unanimous decision yesterday, allowed the appeal on the ground that the subject of the alleged offences related to banking operations and capital issues, fell under the jurisdiction of the Federal High Court.
In her lead judgment, Justice Amina Augie held that the lower court judge was wrong to have a  assumed jurisdiction on the case.
She said the lower court judge erred when he failed to take notice of the decision of the appellate court in the case of Okey Nwosu vs EFCC, even when it was brought to his notice.
The judge noted that the appellate court had in Okey Nwosu’s case held that the Ikeja High Court, Lagos, where the charges were instituted against the defendants, had no jurisdiction over capital market-related issues.