Justice Tijjani Ringim of the Federal High Court in Lagos on Friday dismissed a N52 million fundamental rights enforcement suit filed by Industry and General Insurance Plc (IGI) against the Economic and Financial Crimes Commission (EFCC) over alleged shares manipulation and fraud.
Justice Ringim in his judgment on the suit dismissed the suit for being incompetent, frivolous and aimed to mislead the court.
The insurance giant, IGI had approached the court in a suit marked FHC/L/CS//2021, seeking an order of perpetual injunction restraining the EFCC from further harassing, inviting, summoning and demanding from it or any of its directors and employees, documents, assets, monies and any information relating to its Private Placement offer.
Apart from the EFCC other defendants in the case are: Ahmed Ghali, EFCC Lagos Zonal Head; Ronke Idayat Sulaiman, EFCC’s Team B Lead, Capital Market and Insurance Fraud Unit; Osom Property Limited; Royal Descent Limited; Frososom Nigeria Limited; Ilekhuoba Osaretin and Fendo Constructions Limited, as first to eight respondents.
IGI had among other claims asked the court to declare that the first, second and third defendants lack the powers to question a pure civil and commercial transaction between it and fourth, fifth, sixth, seventh and eighth defendants, to with its Private Placement of its shares for the fourth, fifth, sixth, seventh and eighth defendants, in 2007 and that the fourth, fifth, sixth, seventh and eighth defendants’ acceptance of the offer and subsequent allotment of the shares to the fourth, fifth, sixth, seventh and eighth defendants, by the Plaintiff.
However, all the respondents in their various counter-affidavits urged the court to dismiss IGI’s suit, for being frivolous, incompetent, premature and aimed to intimidate the first to third defendants from continuing an investigation into the exact where about of the funds paid by the fourth to eight defendants in the custody of the applicant.
EFCC in its affidavit deposed to by one of its operatives, Izuchukwu Collins, and filed and argued by its lawyer, Okezie Chineye, averred that all the depositions contained in the applicant’s affidavit are completely false and misleading.