An Appeal Court had ruled in favour of the bank chiefs.
Justice Lateefat Okunnu of an Ikeja High Court on Monday adjourned the trial of a former Managing Director of Finbank Plc., Okey Nwosu, and three others indefinitely.
Mr. Nwosu and three former directors: Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike, were charged for allegedly stealing N10.9 billion, belonging to Finbank (now First City Monument Bank).
Ms. Okunnu’s decision to adjourn the matter indefinitely was premised on three separate judgments delivered by the Court of Appeal, Lagos Division, on Nov. 21.
The Court of Appeal had, in the judgments, struck out the theft charges preferred against Messrs Nwosu, Famoroti and Ebubedike by the Economic and Financial Crimes Commission (EFCC).
The appellate court held that the Lagos High Court lacked the jurisdiction to entertain the charges because they emanated from capital market transactions.
It also held that such a capital market-based case should be handled by the Federal High Court.
During Monday’s proceedings, the counsel to Ocholi, Lanre Ogunlesi, urged the court to dismiss the charge against his client because of the appeal court’s judgments.
The EFCC counsel, Rotimi Jacobs, however, informed the court that the prosecution had filed an appeal against the three judgments at the Supreme Court.
“We have filed a notice of appeal in respect of the three judgments.
“The records have been compiled and our brief will also be filed this week.
“In the interest of justice, the matter should be adjourned sine die,” Mr. Jacobs said.
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