The recent removal of Managing Directors of five banks in the country, took a new twist yesterday, as a Federal High Court sitting in Lagos, granted the former Managing Director of Intercontinental Bank Plc, Dr. Erastus Akingbola, leave to challenge for the purpose of quashing, his removal as the MD of the bank by the Governor of the Central Bank of Nigeria (CBN), Mallam Lamido Sanusi.

The out-going Chief Judge of the Federal High Court, Justice Abdullahi Mustapha, granted the leave, following an ex-parte application by Akingbola’s counsel, Chief Felix Fagbohungbe (SAN).

The court granted the first prayer of Akingbola, which was for “an order of this court granting leave to the applicant (Akingbola) to apply for judicial review by seeking an order of certiorari for the purposes of vacating and quashing, the order of Central Bank of Nigeria dated 14/8/2009, made by the Governor of Central Bank of Nigeria, Mallam Sanusi, on behalf of the Central Bank of Nigeria”. Further hearing in the matter has been adjourned till August 25, 2009.

Defendants in the suit are Mallam Sanusi and the CBN.

Akingbola is meanwhile, further praying the court to declare that there was no order made as at 18/6/2009 or at anytime at all by Mallam Sanusi for a “special examination” into the books and affairs of Intercontinental Bank Plc, during the management headed by the applicant as the Group Chief Executive”.

Other reliefs sought by him, include:
* A declaration that the “Joint CBN/NDIC Ad_Hoc Assignment” conducted on the books and affairs of Intercontinental Bank Plc, from 18/6/2009 during the management headed by the applicant as Group Chief Executive of Intercontinental Bank Plc, is not a “special examination” as required by the Banks and Other Financial Institutions Act, Cap. B3, Laws of the Federation of Nigeria, 2004

* A declaration that the purported examination or investigation ordered by the 2nd respondent, (or conducted at its instance) into the books and affairs of Intercontinental Bank Plc, based on the letter of 18/6/2009 and signed by one E. O. Owajulu, a Deputy Director, on behalf of the Director of Banking Supervision of the 2nd Respondent during the management headed by the Applicant or at any time whatsoever, did not comply with the requisite enabling statutes, due process of law and the rules of natural justice.

* The sum of N50billon as exemplary damages against the Respondents, jointly and severally.

http://www.vanguardngr.com/2009/08/19/efcc-quizzes-ebong-nwosu-ibru-trails-others/

Democrazy of crase.Fela talk am

Akingbola+Ibori(debtor)+Yaradua(debtor's padi) vs CBN+Sanusi(pawn)+Yaradua(pawn's padi)
At the end,all that will be left is Ibori,Yaradua and CBN.
In Naija,boss no dey die