FRC appeals judgement on acquisition of Intercontinental Bank

The Financial Report­ing Council of Nigeria (FRC) has appealed the judgement of a Federal High Court, which declared the council incompetent to review the acquisition of the defunct Intercontinental Bank by Access Bank.

In its Notice of Appeal filed by the counsel, Bola Ajibola and Co, the FRC is appeal­ing the entire judgement of the court in Suit No. FHC/L/ CS/485/2014: Aigboje Aig- Imoukhuede and Herbert Wigwe V. Financial Report­ing Council of Nigeria.

In its appeal against the judgement of the court pre­sided over by Justice Moham­med Idris, the FRC held that the judge erred in law when he dismissed the preliminary objection filed by the council challenging the jurisdiction of the lower court to entertain the case pursuant to relevant pro­visions of the FRC Act.

In a press statement at the weekend, FRC spokesman, Mack Ogbamosa, said the FRC also contended that since the respondents did not state anywhere in their Originating  Summons that the decision of the appellant they were ag­grieved with, which led to the filing of the instant action, was not taken by any directorate of the appellant, the ground re­lied upon by the lower court as a basis for dismissing the preliminary objection was not factual.

In the Notice of Appeal, the FRC also asserted that it was erroneous for the learned trial judge to rely on the statement contained only in the respon­dents’ Written Address in op­position to the Preliminary Objection that the decision that led to the filing of the instant action was not made by any of the appellant’s di­rectorates in arriving at the conclusion that the decision of the appellant that led to the fil­ing of the instant suit was not made by any of its directorates

It further claimed in its ap­peal that the principle of pre­sumption of regularity laid down by Section 168 of the Evidence Act was not ob­served.

The FRC also challenged the judgment on the ground that the judge erred in law when he held that Exhibit AA6B was admissible in law and further erred by placing reliance on the erroneously admitted document in award­ing judgment in favour of the respondents.

Another ground of appeal was the contention that the learned trial judge erred in law when he held that the appellant did not have the vi­res to investigate the respon­dents.

The FRC also contended that the learned trial judge erred in law when he equated the use of the words “fraudu­lent sale” in the Akingbola petition dated March 25, 2014 with the commission of a crime and thereby came to the erroneous conclusion that an administrative panel such as that set up by the appellant had no vires to investigate criminal allegations.

The FRC also contended that since the acquisition of the defunct Intercontinental Bank Plc by Access Bank Plc breached Sections 11 (a), (b) & (c) of the FRC Act, the ap­pellant had the powers to in­vestigate the said acquisition.

Source: sunnewsonline.com


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