The Financial Reporting Council of Nigeria has headed for the Court of Appeal to challenge the judgment of a Federal High Court in Lagos, which restrained it from inviting the suspended Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, to appear before its panel.
The appeal came barely one week after the Federal High Court had upheld Sanusi’s suit, which challenged the power of the FRC to investigate him over alleged financial recklessness.
Justice John Tsoho had in his judgment last Tuesday granted all the reliefs sought by Sanusi and restrained the FRC from going on with the probe.
However, the FRC, in its appeal dated May 15, 2014, faulted the May 12 decision of the Federal High Court on the ground of lack of jurisdiction, among others.
The FRC, in the appeal suit no FHC/L/CS/414/2014 filed on May 15, 2014 by its counsel, Bola Ajibola and Co, insisted that the Federal High Court erred by admitting that there was a likelihood of bias against Sanusi by the FRC panel.
The FRC prayed the Court of Appeal to set aside the judgment of the lower court.
It also contended that the Federal High Court erred in law by relying on exhibit 1 (briefing note), which it had earlier declared inadmissible.
It further said that the panel was not only set up for the suspended CBN governor, but that it involved other parties who appeared before it without complaining of bias.
The FRC also held that Sanusi did not comply with Section 66 (2) and (3) of the FRC Act before bringing an action against the council in court.
The FRC disagreed with the lower court that Sanusi’s claims were based on fundamental rights and not economic rights.
In appealing the decision, the FRC said the court erred by giving judgment against non-parties to the suit.
Another ground of appeal is the treatment of the FRC panel as a judicial panel, whereas it is an administrative panel, according to the FRC.