Posted by 9jabook.com on August 26, 2009 at 11:27pm
By Kingsley Ighowenghian, Wale Igbintade and Tunde Opeseitan, Lagos
* Arrests Intercontinental Bank Chairman, Obieri
* Court Orders Release Of Nwosu, Adigwe
* Grants Ibru Leave To Enforce Rights
Economic and Financial Crimes Commission (EFCC) Chairman, Farida Waziri, has disclosed that the detained bank executives will be arraigned soon, because "it is within the law for every Nigerian to seek legal redress against perceived wrong but we want to counsel the Bench not to consider any frivolous interlocutory application from bank debtors at this particular point in time."
She confirmed on Tuesday at a press conference in Lagos that the EFCC has arrested Intercontinental Bank Chairman, Raymond Obieri, and two other non-Executive Directors of the bank.
Others being held include Samuel Adegbite, Toyin Phillips, Sani Adams, Bayo Dada, John Maha, Jibrin Isah, and Dayo Famoroti, Henry Onyemen, Niyi Opeodo, and Peter Ololo.
She said their offences range from money laundering, advancing loans under fictitious conditions, and conspiracy involving huge sums.
According to her, the banks are listed as granting a total N747 billion non-performing loans by May 31, the day the tenure of Chukwuma Soludo expired as Central Bank of Nigeria (CBN) Governor.
She added that she met on Tuesday with all the new bank Managing Directors (MDs) to prepare a final list of loan defaulters.
Waziri disclosed that a court order has been obtained to detain the suspects beyond 48 hours, because their alleged offences are far beyond civil matters.
She said many bank executives are holding meetings and strategising to escape arrest and prosecution for their economic crimes.
Waziri did not state the amount recovered from bank debtors, only saying: "The figure is impressive, and we are compiling the amount, which will be released soon."
She said some debtors are still running around to pay up, and if they fail to do so, "All defaulters will be arraigned as conspirators alongside the bank chiefs."
Waziri accused those involved of economic sabotage, and pledged that the EFCC would not allow them to escape with their loots.
She urged all stakeholders to co-operate with the EFCC as it goes after loan defaulters.
However, judicial reprieve has come for former Finbank MD, Okey Nwosu, and former Afribank MD, Sebastian Adigwe, as a Lagos High Court on Tuesday ordered the EFCC to release them on bail.
They were detained eight days ago, over allegations of financial misappropriation in their former banks, sequel to their sack on August 14 by the CBN.
Also fired were the MDs of three other banks - Erastus Akingbola (Intercontinental), Cecilia Ibru (Oceanic), and Barth Ebong (Union)
Both Akingbola and Ibru have not reported to the EFCC for questioning.
Ebong is still in detention along with about 15 MDs of the subsidiaries of the five troubled banks, and others arrested in the latest raid.
On Tuesday, the court restrained the EFCC from engaging in any act that could undermine or jeopardise the rights of Nwosu and Adigwe to freedom as stipulated in the Constitution.
Justice Raliat Adebiyi also directed the applicants to serve the EFCC with all the processes at its Lagos office not later than seven days.
Wole Olanipekun, counsel for Nwosu and Adigwe, while moving the application for bail argued that their detention beyond the legal period violated their fundamental human rights.
He said despite the fact that his clients met the conditions for the administrative bail granted them by the EFCC, it refused to release them.
In the main suit, Nwosu and Adigwe are seeking N50 billion damages each against the EFCC and a public apology for the violation of their fundamental human rights.
They also want a declaration of the court that:
"The acts of the (EFCC) founded on the highly publicised purported order of removal issued by the (CBN) on the basis of the conclusions/recommendations of a purported special examination report of the (CBN) which the applicants were never availed the opportunity to rebut and particularly the arrest and detention were unlawful, are unconstitutional and a gross breach of the doctrine of fair hearing as in the Constitution."
Adebiyi also granted Ibru the leave to enforce her fundamental human rights against the EFCC.
Ibru through her counsel, Niyi Akintola, filed two ex-parte applications against the EFCC and joined as co-respondents, the federal Attorney General and Justice Minister, Inspector General of Police, State Security Services (SSS) Director General, and the CBN Governor.
Adebiyi granted some of the requests of Ibru.
He also directed that Ibru should serve the court process on the co-respondents while EFCC should be served directly.
"Leave of the court is granted for the accelerated hearing of the applications. Leave is also granted to (Ibru) to enforce her fundamental human rights against the respondents," he ruled.
Adebiyi ordered that Ibru should not be harassed, intimidated or embarrassed by the respondents, and that she should not be subjected to inhuman or degrading treatment that would be inconsistent with Section 34 of the Constitution
But the court stressed that it could not restrain or prevent the EFCC from performing its statutory functions, saying if it wants to investigate or arrest Ibru, it should do so within the confines of Section 35 of the Constitution.
The case was adjourned to September 7 for hearing.
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