The Lagos Division of the Federal High Court has served the Financial Reporting Council of Nigeria (FRCN) and its executive secretary, Mr. Jim Obazee a court order on the application of suspended Central Bank of Nigeria Governor, Sanusi Lamido Sanusi.
According to the legal document issued upon application of Sanusi through his counsel, Mr. Kola Awodein (SAN), Dr. Konyinsola Ajayi (SAN), Mr. AB Mahmoud (SAN) and Professor Yemi Osibajo (SAN) of Olaniwun Ajayi LP, Plot L2 Banana Island claiming that the defendants “acted in bad faith and ultra vires its statutorily conferred powers and functions”, the FRCN and its executive secretary must appear before the court within seven days of receiving the order.
“The Financial Reporting Council of Nigeria of Elephant Cement House, 3rd Floor, Assbifi Road, Alausa Ikeja Lagos [and] the Executive Secretary of the Financial Reporting Council of Nigeria of Elephant Cement House,3rd Floor, Assbifi Road, Alausa, Ikeja, Lagos within seven days after service of this summons on them, inclusive of the day of such service, [must] cause an appearance to be entered for them to this summons which is issued upon application of Mallam Sanusi Lamido Sanusi (the Plaintiff) of c/o his Counsel,” the document read.
On appearance, FRCN and Obazee would be required to provide answers to queries regarding the propriety of it actions leading to the plaintiff’s suspension in February.
The courts was asked to determine: “Whether in light of the provisions of Sections seven, eight and 62 of the Financial Reporting Council of Nigeria Act 2011 the defendants are conferred with the statutory power to investigate the Central Bank of Nigeria and Plaintiff, other than for purposes related to or connected with its statutorily prescribed powers and functions.
“Whether, having not given the plaintiff the opportunity to make representations to the Financial Reporting Council of Nigeria before the formulation of the Briefing Note dated 07.06.2013 to the President, Federal Republic of Nigeria, the Defendants in bad faith, concluded in the said Briefing Note that the Plaintiff be (x) sacked immediately from office; and (y) criminally prosecuted for financial crimes; the Financial Reporting Council of Nigeria accorded the Plaintiff fair hearing in consonance with the rules of natural justice and the provisions of Section 36(1) of the 1999 Constitution of the Federal Republic of Nigeria ( As Amended)”.
A copy of an affidavit in support of the summons, wherein the plaintiff raised to 13 issues, was attached to the to the undated document.
Some of the issues raised in the affidavit were that the suspension was in bad faith and contravenes the principles of fair hearing, pointing out that he was not called upon by the defendants to provide clarifications of the several allegations made in the Briefing Note before it was forwarded to the president.
The affidavit also listed a “briefing Note on the Central Bank of Nigeria Audited Financial Statement for year ended 31st December 2012, a copy of the suspension letter issued to the plaintiff and a copy of the invitation letter summoning him to appear before the FRCN as exhibits to be presented in court.
