Court To Deliver Judgement On Sanusi’s Suit Against FRCN May 12

Channels Television  
Updated April 18, 2014
The Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi addressing journalist after a Monetary Policy Committee meeting in Abuja on Monday, 21 January 2013
The suspended governor of the Central Bank of Nigeria Lamido Sanusi

A Federal High Court in Lagos State will deliver judgment in a suit filed by the suspended Governor of the Central Bank of Nigeria (CBN), Mr Lamido Sanusi, against the Financial Reporting Council of Nigeria (FRCN) and its Executive Secretary on May 12.

The court fixed the date after listening to the arguments of lawyers in the case, both of whom also adopted their written submissions and other processes already placed before the court.

Mr Sanusi is challenging his invitation to appear before the investigating panel set up by the FRCN.

At Thursday’s proceedings, presided over by Justice John Tsoho, counsel to the suspended CBN governor, Mr Kola Awodein, insisted that the FRCN should be stopped from further investigating Mr Sanusi because the organisation had demonstrated bias when it earlier indicted him without giving him the opportunity to defend himself.

The lawyer also argued that the council could not be a judge in its own case, after it had investigated the allegations, reached its conclusion and made recommendations to the Federal Government.

Mr Awodein is therefore seeking a declaration that the FRCN’s conduct, action, decision and conclusion in respect of the suspended CBN Governor, particularly as it manifested in a brief note of 7 June, 2013 which was sent to the President, contravene the rule of natural justice.

He also wants the court to declare that the Council and it’s executive secretary do not have the powers to conduct the purported investigation as advertised in the newspapers and further seeks an order restraining the defendants and their agents in any form from conducting any investigation, inquiry, hearing or proceedings whatsoever as advertised in newspapers.

In objection, Mr Segun Ajibola, counsel to FRCN  and its Executive Secretary, said that the court lacked jurisdiction to hear the suit as the plaintiff had not exhausted the internal mechanism put in place for the resolution of grievances.

Mr Ajibola also said that the FRCN through its secretary issued a note, addressed to President Goodluck Jonathan, expressing its observation on the discrepancies it noticed in the audited financial statement and explanatory note of the CBN.

Part of the council’s recommendation was that there was a need for thorough investigation of the activities of the CBN.

The FRCN counsel concluded that the investigation panel was not bias and had 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.

Mr Ajibola, therefore asked the court to strike out the suit for being misconceived and premature.