Bank Chiefs Moving to the Federal High Court, Lagos
Hope of reprieve from custody for Mrs Cecilia Ibru, former managing director and chief executive officer of Oceanic Bank plc, and 14 other detained bank chiefs were on Friday dashed as a Federal High Court sitting in Lagos ordered that they be retained in custody until September 14 and 15, 2009 when ruling would be given on their applications for bail. Justice Dan Abutu, newly-appointed Chief Judge of the Federal High Court , who is also the trial judge said that he would rule on all the applications for bail for the 15 bank executives being detained over their involvement in the granting of N747billion non-performing loans on the said dates.
Other detainees affected by the court order include: former managing director and chief executive officer of Union Bank plc, Mr. Bartholomew Bassey Ebong; former managing director and chief executive officer of Afribank plc, Mr Sebastian Adigwe and former managing director and chief executive officer of Finbank plc, Mr Okey Nwosu. Others are Messrs Raymond Obieri; Hyacinth U.F.Enuha, Ikechi O. Kalu; Christopher Adebayo Alabi; Samuel Adegbite; Alhaji Isyaku Umar; Bayo Dada and Elder ( Dr ) Sanni Adams- all former directors of Intercontinental Bank Plc. The rest are managing director of Falcon Securities Limited, Mr Peter Ololo and Messrs Henry Onyemem and Niyi Albert Opeodu.
In opposing their applications for bail, prosecution counsel, Mr Abubakar Mahmoud, SAN, leading 10 0ther counsel submitted that the offences for which all the 15 suspects were being held were very grave offences that bordered on economic sabotage and threats to the economic health of the nation. Besides, he told the court that the EFCC had incontrovertible evidences to the effect that many of the suspects, if admitted to bail, would interfere with the trial by “influencing prosecution witnesses”. He also disclosed the preparedness of the EFCC for the speedy trial of the suspects. He prayed the court to discountenance claims being made by some defense counsels about the ill-health of one of the suspects saying that the suspect was receiving adequate medical attention from the EFCC. “Since no claim had been made that the accused is not being offered adequate medical attention, it would not be right for the court to release him on bail on that condition”, he said.
Different defence counsel appeared for the 15 suspects. Chief Akin Olujimi , SAN former Attorney-General of the Federation and Minister of Justice, in concert with Chief Adeniyi Akintola, SAN and Mr Wale Akoni, SAN, led 9 other lawyers to argue bail in favour of Ibru. Chief Wole Olanipekun, SAN, Professor Gabriel Olawoyin, SAN; Mr. Augustine Alegeh, SAN and Mr. Lasun Sanusi, SAN, led 14 others to defend the bail applications of the seven former directors of Intercontinental Bank plc. Olanipekun and Chief Anthony Idigbe, SAN also led 13 other counsel to argue bail in favour of Nwosu while Idigbe and three others led arguments in favour of Adigwe. Mr. Femi Falana and three other counsel stood in for Mr Peter Ololo while Professor Alfred Kasumu, SAN, Idigbe and Olanipekun appeared for Ebong and the two directors of Union Bank charged with him.
All the defense counsel hinged their arguments for bail on the fact that the offences for which all the suspects were being tried were bailable. They also prayed the court to offer them bail on “very liberal conditions”. It would be recalled that all the 15 suspects and one firm: Falcon Securities Limited were arraigned on Monday August 31, 2009. The bank chiefs were being held in connection with the trouble in five banks, necessitating the sack of their managing directors and executive directors by the Central Bank of Nigeria. The EFCC had been making frantic efforts to recover loans amounting to N747billion granted various individuals and organizations by the five banks. Till date, the Commission had recovered over N67billion from loan defaulters who were initially given seven days within which to repay their loans to the banks. The arraignment of the 16 suspects is the biggest single arraignment made by the EFCC since its inception in 2003.
By Media & Publicity Unit.
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