By Jude-Ken Ojinnaka
A Federal High Court sitting in Lagos has fixed June 24 for hearing of all pending applications in the N50 billion suit instituted against the Central Bank of Nigeria (CBN) and its governor by the embattled former Managing Director/Chief Executive Officer of the defunct Intercontinental Bank Plc, Dr. Erastus B. O. Akingbola.
Justice Kehinde O. Ogundare, had initially fixed last Friday, for the hearing of all pending applications, after dismissing the Access Bank’s application for joinder.
But at the resumed hearing of the matter on Friday, Access Bank Plc through its counsel, urged the court to stay proceedings in the matter, arguing that the bank 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.
However, the counsel informed the court that appeal has not been entered.
He therefore urged the court to hear his application, which seeks to stay proceedings in the matter till the appeal is entered and determined.
Responding to Access Bank’s application for stay, Akingbola’s counsel informed the court that the application referred to by Access Bank, was served him on Tuesday, and that he is still within time to respond.
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The counsel also informed the court that the business of the day is to hear the application by Central Bank of Nigeria (CBN) and its Governor, challenging the court’s jurisdiction.
But CBN’s counsel informed the court that he is not opposed to the hearing of the preliminary objections.
Besides, counsel to the CBN Governor, informed the court that he was ready to move his application dated and filed February 5, 2024, challenging the court’s jurisdiction.
Consequent upon the submissions of counsel to parties Justice Ogundare, adjourned the matter to June 24, 2024, noting that his attention was just drew to the application filed by the Access Bank Plc.
Dr. Akingbola had instituted the suit marked FHC/L/CS/903/2009, 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.
Dr. 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 howsoever, 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 August, 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 anyway 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 virtue of 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 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 for: “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.”