Justice John Tsoho of the Federal High Court, Lagos has fixed 12 May to deliver judgment in a suit filed by the suspended Governor of Central Bank of Nigeria (CBN), Mallam Lamido Sanusi, against the Financial Reporting Council of Nigeria (FRCN) and its Executive Secretary.
Sanusi is challenging his invitation to appear before the investigating panel set up by the FRCN.
At Thursday’s proceedings, counsel to the parties, Kola Awodein (SAN), who represented the suspended CBN governor and Segun Ajibola (SAN), who represented the FRCN and its Executive Secretary moved and adopted their processes.
While arguing his client case, Awodein maintained that the FRCN should be stop from further investigating Sanusi because the organisation has demonstrated its bias by earlier indicting him without giving him the opportunity to defend himself.
The lawyer also argued that the council can not be a judge in its own cause, since the FRCN has investigated the allegations, reached conclusion and made recommendation to the Federation Government and as such, are no longer capable in the eyes of the law to conduct credible and fair investigation.
Awodein therefore prayed the court for a declaration that FRCN by constituting itself into investigating body in the manner contained in newspaper advertorials of 24 March, 2014 acted ultra vires.
He also sought a declaration that the conduct, action, decision and conclusion in respect of the plaintiff particularly as it manifested in a brief note of 7 June, 2013 sent to the President were ultra vires and contravened the rule of natural justice.
Awodein further wants the court to declare that the defendants do not have the powers to conduct the purported investigation as advertised in newspapers and an order restraining the defendants and their agents in any form from conducting any investigation, inquiry, hearing or proceedings whatsoever as advertised in newspapers as the defendants do not have the powers to conduct such investigation .
But in a counter affidavit and preliminary objection filed and argued on behalf of FRCN by Ajibola, the defendants submitted that the court lacks jurisdiction to hear the suit as the plaintiff has not exhausted the internal mechanism of resolution of grievances before taking this matter before the court
He insisted that the suit as presently constituted is premature, incompetent and declared that the court consequently lacks jurisdiction to hear it.
In his response to the main suit, Ajibola submitted that the FRCN through its secretary issued a note addressed to President Goodluck Jonathan wherein it expressed its observation on the discrepancies it noticed in the audited financial statement and explanatory note of the CBN.
The lawyer also stated that part of its recommendation was that there was need for thorough investigation of the activities of the CBN .
He further said that the investigation panel, other than the decision to invite the plaintiff, has not arrived at any other conclusion in respect of the investigation of the activities of the CBN for the financial year of 2011 and 2012
Ajibola, therefore, prayed the court to strike out the suit for being misconceived and premature.
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