Cases like this questions the commitment of GEJ's administration in fighting and eradicating corruption from our great nation, Nigeria. Such cases also questions the credibility of our judicial system.
Guardian News reports that respite came Wednesday for the former Managing Director of the defunct Intercontinental Bank Plc, Dr Erastus. Akingbola and General Manager of Tropics Securities Limited, Bayo Dada, as an Appeal Court, Lagos, struck out the N47billion theft charge preferred against them at a Lagos High Court by the Economic and Financial Crimes Commission (EFCC) for lack of jurisdiction.
Meanwhile, the appellate court also struck out the ruling of Justice Charles Archibong (now retired) against the EFCC over the detention of Akingbola and Dada on May 4, 2011 for bereft of reasons.
The appellate court in an unanimous decision delivered by Justice Amina Adamu Augie, held that the very fabrics of the offence of stealing in the case was woven around banking rules and that the charge had situations ridden with factors, which the Federal High Court has jurisdiction.
According to the judge, Akingbola do not go to the bank to steal but the alleged stealing was done in his capacity as the managing director of the defunct bank.
Justice Lateef Lawal-Akapo of a Lagos High Court, Ikeja had on May 2, 2014 dismissed two separate applications filed by Akingbola and Dada seeking to quash the charges of stealing of N47billion preferred against them for lack of jurisdiction.

The court distinguished the matter from the one in which the Court of Appeal quashed the charges instituted against a former Managing Director of Finbank Plc, Mr. Okey Nwosu, before another judge of the Lagos High Court, Ikeja.

Justice Lawal-Akapo said, “The offences canvassed in Okey Nwosu case had their roots in capital market. In the present case, the offences charged are stealing, receiving stolen property and advance fee fraud.
“Thus, I hold that the charges are within the confine of the state High Court.”
The judge also dismissed allegation that the charges instituted against them amounted to double jeopardy and abuse of court process as similar charges had been instituted against them at the Federal High Court, Lagos.
“I find no merit in the applications and they are accordingly dismissed,” the judge ruled.
Dissatisfied with the decision, the duo through their counsel, Wole Olanipekun(SAN) and Prof Taiwo Osipitan(SAN), approached the appellate court in separate appeals urging it to determine whether the court has jurisdiction considering its decision in Okey Nwosu’s case.

But in its judgment, the appellate court held that the two cases are similar, since the same witnesses in the charge at Federal High Court was the same in the proof of evidence in the Lagos High Court.
The appeal court in its lead judgment delivered by Justice Augie (presiding) adopted by other members of the panel; Justice Samuel Oseji and Justice Abimbola Obaseki-Adejumo, held that the lower court judge took a narrow view of the matter when he assumed jurisdiction on the matter.

The court held that the lower court judge fell into a serious error when he failed to abide by the decision of the appellate court on the case of Okey Nwosu vs. EFCC even when it was brought to his notice.

http://mistaebuka..com.es/2014/12/what-n47b-theft-charge-against.html#more

is the reporter literate?

erastus is a thief theres no too way about it. he stole cash frm intercontinental bnk investors and nigerians money SlS exposed them during 2009.

jonathan buhari will soon gba igi relay guess why cos north is voting strictly hard for buhari infact I doubt if yu smell a vite from north.


incompetent fool

Stealing is not corruption hence not a crime.

Clueless society under the cluelessness of a clueless Mr. Clueless.

...and the OP blames GEJ? are you aware that the judiciary is independent?

What do you expect when the head is rotten?

EFCC under GEJ is non-existent.

sublimes:
...and the OP blames GEJ? are you aware that the judiciary is independent?

The Judiciary is not independent under Jonathan. That's only a story for the gods!

Did you know how Justice Salami was removed without a recourse to the constitution and the Judicial Council?

The title is misleading. From the report, same case was brought up in both the Lagos High Court and the Federal High court with same set of witnesses. The Appeal Court only dismissed the case at the Lagos High Court, trial still continues at the Federal High Court.

"

sublimes:
...and the OP blames GEJ? are you aware that the judiciary is independent?

...are you aware that the 'independent' judges and Judicial Commission members are appointed by the President?.

Hmmmmm. A case of lack of the most elementary comprehension skills.
Who posted this?

Do you APC guys have to inject your myopic conjectures into everything?
Starting with the poster's uninformed editorial about this case, it's evident that his dirty colored political viewing lenses need to be cleaned a little. Akingbola is one of the greatest Nigerians of the 21st century-like it or not!
There're not many mortals out there who could dare perform the feat he made building Intercontinental bank, before an over jealous CBN governor removed him in the most unfortunate and illegal of circumstances.

This judgement shows that no matter how much you use government machinery to victimize people, one day, the truth shall be revealed.
Blaming everything on GEJ is pure politics, because we know better. Some of the judges are even antagonistic to GEJ, some were appointed by previous regimens and yet some opportunistic APC operative would come here to smart about GEJ permitting corruption, because a judge ruled against his own limited perception of a case.
Shame on you guys, especially if you are too lazily to do a basic research before coming here to spew nonsense.