Financial Council Appeals Ruling Stopping Sanusi Probe

The Financial Reporting Council of Nigeria (FRCN) has appealed against the judgment of a Federal High Court in Lagos which barred it from investigating the suspended governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi. Recall that Justice John Tsoho had on May 12, 2014 slammed a restraining order against the council, which had commenced investigations into the activities of the suspended CBN governor. But in the notice of appeal filed before the Court of Appeal in Lagos, council averred that the trial court erred in law by assuming jurisdiction in the case contrary to Sections 28 and 66 of the FRC Act, 2011. FRCN also picked holes with the decision of the court in relying on Exhibit 1 (Briefing Note) which the court had earlier declared to be inadmissible. The FRCN further wants the appellate court to note that while the lower court held that the council stepped outside its limits, it did not define the limits of the council’s power. No date has been fixed for the hearing of the appeal.