Justice
Mohammed Idris of a Federal High Court sitting in Ikoyi, Lagos, Tuesday ordered
the Central Bank of Nigeria (CBN) to declare the whereabouts of the N191
billion in assets seized from the convicted former Managing Director of Oceanic
Bank Plc (now Ecobank), Mrs. Cecilia Ibru.
Mohammed Idris of a Federal High Court sitting in Ikoyi, Lagos, Tuesday ordered
the Central Bank of Nigeria (CBN) to declare the whereabouts of the N191
billion in assets seized from the convicted former Managing Director of Oceanic
Bank Plc (now Ecobank), Mrs. Cecilia Ibru.
Delivering
judgment in a suit filed by the President of Progressive Shareholders
Association (PSA), Mr. Boniface Okezie, Justice Idris held that the order must
be complied with within 72 hours.
judgment in a suit filed by the President of Progressive Shareholders
Association (PSA), Mr. Boniface Okezie, Justice Idris held that the order must
be complied with within 72 hours.
Okezie
had instituted the action seeking to compel the bank to release the information
under the Freedom of Information (FOI) Act.
The
judge also ordered CBN to declare what it termed the total cash and value of
property recovered from Ibru.
judge also ordered CBN to declare what it termed the total cash and value of
property recovered from Ibru.
“The
Central Bank of Nigeria is hereby ordered to declare the whereabouts of the
money recovered from Cecilia Ibru; and what part of this cash and property has
been returned to Oceanic Bank and/or its shareholders. What is done officially
must be done according to the law,” Idris said.
Central Bank of Nigeria is hereby ordered to declare the whereabouts of the
money recovered from Cecilia Ibru; and what part of this cash and property has
been returned to Oceanic Bank and/or its shareholders. What is done officially
must be done according to the law,” Idris said.
The
judge, however, refused the prayer of the plaintiff seeking the court’s order
to compel the CBN to also release information on the cost of its banking
reforms and the amount of legal fees and other fees paid to professionals and
professional bodies.
judge, however, refused the prayer of the plaintiff seeking the court’s order
to compel the CBN to also release information on the cost of its banking
reforms and the amount of legal fees and other fees paid to professionals and
professional bodies.
The
plaintiff in the suit had sought the court’s nod to compel the CBN to declare
how much of the money was paid to the law firms of Olaniwun Ajayi LP and Kola
Awodein (SAN).
plaintiff in the suit had sought the court’s nod to compel the CBN to declare
how much of the money was paid to the law firms of Olaniwun Ajayi LP and Kola
Awodein (SAN).
Okezie
also urged the court to declare how much was paid to Olaniwun Ajayi LP for the
prosecution of Ibru and how much of the money stood as commissions on the
property recovered from her.
also urged the court to declare how much was paid to Olaniwun Ajayi LP for the
prosecution of Ibru and how much of the money stood as commissions on the
property recovered from her.
The
prayers were turned down because the CBN was justified to have denied the
information by virtue of Section 15(1) of the FoI Act and the “legal
practitioner-client privilege” as contained in Section 16 of the Act.
prayers were turned down because the CBN was justified to have denied the
information by virtue of Section 15(1) of the FoI Act and the “legal
practitioner-client privilege” as contained in Section 16 of the Act.
The judge upheld the argument of the defendant’s counsel, Prof.
Gabriel Olawoyin (SAN), even as he added that the plaintiff did not give
sufficient evidence relating to “misconduct” in the payments to the law firms.
Okezie, had through his counsel, Chuks Nwachukwu, requested the information in
a letter dated January 26, 2012.
Gabriel Olawoyin (SAN), even as he added that the plaintiff did not give
sufficient evidence relating to “misconduct” in the payments to the law firms.
Okezie, had through his counsel, Chuks Nwachukwu, requested the information in
a letter dated January 26, 2012.
Nwachukwu
had stated in the letter that his client had observed that the two law firms
“have completely dominated representation of CBN and its related bodies in the litigation
sparked by the reforms”.
had stated in the letter that his client had observed that the two law firms
“have completely dominated representation of CBN and its related bodies in the litigation
sparked by the reforms”.
Source: Thisday
