E-Financial
Court Strikes Out N47.1Bn Theft Charge against Akingbola
Court of appeal in Lagos on Wednesday struck out a N47.1 billion theft charge against Erastus Akingbola, former managing director of Intercontinental Bank Plc.
Akingbola was charged by the Economic and Financial Crimes Commission (EFCC) alongside Bayo Dada, general manager of Probics Securities Ltd, before a Lagos High Court in Ikeja.
They were charged on 22 counts bordering on stealing and obtaining money by false pretences. Wole Olanipekun (SAN) and Taiwo Osipitan (SAN), counsels to the appellants, had challenged the jurisdiction of the court to entertain the charge preferred against them.
In a ruling delivered on May 2, 2014, Justice Lateef Lawal-Akapo, the trial court judge, dismissed their applications, holding that it was competent to entertain the charges preferred against the appellants.
The lower court then assumed jurisdiction in the matter. Dissatisfied with the ruling of the court, the appellants filed two separate appeals, urging the appellate court to set aside the decision of the lower court.
Delivering a unanimous decision on Wednesday, the appellate court allowed the appeal on the grounds that the subject matter of the alleged offences related to banking operations and capital issues were under the jurisdiction of the federal high court.
Justice Amina Augie, who delivered the lead judgment, held that the lower court judge took a narrow view of the issue when it assumed jurisdiction on the case.
Augie held that by failing to take notice of the decision of the appellate court in the case of Okey Nwosu vs EFCC, even when it was brought to his notice, the lower court judge erred.
She noted that the appellate court had, in Okey Nwosu’s case, held that the Ikeja high court, Lagos, where the charges were instituted against the defendants, had no jurisdiction over capital market-related issues.
Augie held that the refusal of the lower court to abide by the principle of Stare decisis was tantamount to judicial rascality, saying it would encourage the lower court to take up arms against the appellate court.
The court held that the subject matter of the alleged offences related to banking operations and capital market issues was outside the jurisdiction of the Lagos High Court.
It, therefore, held that the lower court failed in its duty as an unbiased umpire when it refused to study thoroughly the processes presented before it. Earlier in his submission, Olanipekun had urged the court to allow the appeal and set aside the decision of the lower court.
He argued that the trial judge erred in law when he assumed jurisdiction over the charge before him despite clear provisions of Section 251 of the constitution and Section 8(1) of the Federal High Court Act. Olanipekun submitted that Section 251 of the constitution vested exclusive jurisdiction in the federal high court over the subject matter, stressing that Section 272(1) of the constitution, which provided for the jurisdiction of the state high court, was subject to Section 251.
He further submitted that the lower court erred in law and came to a perverse decision in its interpretation and application of the word ‘’also’’, as used in Section 251(3) of the constitution. Olanipekun told the court that there was a similar charge involving Akingbola and the EFCC, which he said was currently pending before the federal high court in Lagos.
He also argued that the main witnesses listed in the proof of evidence at the federal high court were the same witnesses listed in the proof of evidence before the court.
The judgement of the appellate court was also adopted by Justice Samuel Oseji and Justice Abimbola Obaseki-Adejumo
E-Financial
FBNQuest Merchant Bank Reports Strong Financial Performance and Strategic Growth Initiatives in 2023
FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, successfully held its 9th Annual General Meeting recently.
The gathering served as a platform to present the Bank’s Annual Report and Financial Statements for the financial year ended December 31, 2023.
Amid the prevailing economic challenges, the Bank reported a robust financial performance and outlined strategic growth initiatives aimed at delivering sustainable value to its shareholders.
Mallam Bello Maccido, Chairman of the Board of Directors, commended the Bank’s resilience in navigating through the complexities of the operating environment in 2023.
He stated, “2023 was a year filled with unprecedented challenges that tested our resilience. Given the evolving economic landscape which was characterized by shifting government policies and volatile market dynamics, FBNQuest Merchant Bank stood resilient. Our ability to navigate through these challenges underscores our adaptability and unwavering commitment to excellence.”
The Bank reported a strong financial performance for the year 2023, with gross earnings improving by 43.1% year-on-year to N35.5 billion. Profit Before Tax (PBT) of N4.09 billion was recorded, representing a 36% increase year-on-year while PBT for the FBNQuest Merchant Bank Group was N9.98 billion, reflecting an increase of 91.5% year-on-year.
Mallam Maccido added “The asset management business achieved remarkable milestones, hitting above N600 billion in Assets under Management at the end of December 2023.
“The equities business also posted growth in PBT by 182% year-on-year.” In line with its commitment to providing robust and sustainable returns to shareholders, the Bank declared an interim dividend of N1.01 billion.
The Bank’s Board continues to ensure that its governance structures conform with international best practices and regulatory guidelines. At the meeting, shareholders approved the appointment of Mr. Afolabi Olorode as Acting Managing Director, noting that the approval of the Central Bank of Nigeria had been obtained for his appointment.
The retirement of Mr. Kayode Akinkugbe as Managing Director and Mr. Taiwo Okeowo as Deputy Managing Director was also acknowledged, both individuals having served the Bank meritoriously for eight years each.
Looking ahead to 2024, Mallam Bello Maccido expressed optimism about the improved outlook and opportunities for the Bank’s various lines of business.
He stated, “We are dedicated to accelerating revenue growth purposefully and responsibly. The Bank remains committed to delivering value to its stakeholders and driving growth in the years ahead. Its solid financial performance and strategic growth initiatives position it for continued success in the dynamic economic landscape.”
E-Financial
OPay clarifies New CBN directive, Reassures Customers
OPay remains committed to working closely with the Central Bank of Nigeria (CBN) and other regulatory bodies to fight money laundering, fraud, terrorism financing, and other illegal financial activities.
As a regulatory-compliant institution, OPay follows the rules set by the CBN and other regulators to ensure the financial system’s integrity. To achieve this, we have closed non-compliant accounts, implemented strict security measures, and educated customers to help combat fraud.
To support government efforts to clean up the financial industry, Opay and other Fintechs companies have temporarily paused onboarding new customers and creating new wallets. This action reflects our commitment to a secure financial environment and fighting against illicit activities.
Please note that existing accounts and wallets remain unaffected by the CBN’s directive. We want to assure our customers that their funds are secure, their data is protected and this is a temporary measure.
Customer satisfaction is our top priority, and we are committed to promoting financial inclusion and economic growth as key players in Nigeria’s financial ecosystem
E-Financial
CAC Says Operating PoS without Registration is Criminal Offence
Corporate Affairs Commission (CAC) has said that all financial technology operators (Fintechs) must register with the commission before July 7, 2024, noting that operating without registration is a crime according to the provisions of the law.
Hussaini Magaji (SAN), registrar general of the Commissio, stated this at the inauguration for the centre for bulk registration of Point of Sale (PoS) operators on Wednesday.
Magaji said, “It is the requirement of the law and the guidelines which Fintechs mandate PoS operators while obtaining their machines as outlined by the CBN to register with the CAC. Therefore, operating a PoS without registering with the CAC is a crime in Nigeria and the operator ought to be jailed.
“CAC on our part are enforcing the provisions of the law which mandates every legitimate business to register with the commission either as individual, business or merchant, and the PoS operators must register, and what we are doing now is to enforce parts of the provisions of the Companies and Alllied Matters Act (CAMA).”
Speaking further, he said, “CAC was asked to penalise PoS operators who are operating without registration with a N200 form. But because of the president’s position on encouraging small businesses, we agreed that no one should be penalized, which is why we have put a time limit on a date because we have had this sensitisation since December, and by July 7, 2024, we hope to close.”
Magaji added that the registration of all POS merchants and agents across the country would go a long way in reducing crime in the country.
He said, “We have a situation where ransom is paid with POS terminals, so with the registration, we will bring out the people whose machines were used to perpetrate the crime, because the CAC will capture all your information.”
He further noted that the registration centre would be open for 24 hours for Fintechs that might want to register manually, adding that the CAC had already created a structure for the Fintechs on the commission’s portal for ease of registration, where the certificate would be automatically generated and sent to their platform. CAC Opens Centre for Registration of PoS Operators
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