IN an unprecedented debt recovery drive in the country, the Economic and Financial Crimes Commission (EFCC) has recovered the sum of N25 .6 billion from some of those owing the five banks whose managing directors were sacked recently by the Central Bank of Nigeria (CBN).

      The commission's boss, Mrs. Farida Waziri, who disclosed this in Lagos yesterday at a media briefing also announced that16 bank executives and about 68 loan defaulters were currently in its custody.

      Also, hearing of the suit by the sacked former Chief Executive Officer (CEO) of Intercontinental Bank Plc, Dr Erastus Akingbola, to reclaim his position was yesterday deferred by a Federal High Court, Lagos till September 14, 2009.

      But there were indications from the EFCC's Awolowo Road, Ikoyi Lagos office, yesterday that all the bank chiefs being held by the anti-graft agency on account of the alleged bad loans, may stay in custody longer than they had expected.

      Besides, the chairman of Global Fleet Group, Jimoh Ibrahim and Sani Dangote, chairman of Dansa Group of Companies were at the anti-graft agency yesterday over their alleged indebtedness.

      A breakdown showed that N7.7bilion was recovered from those indebted to Intercontinental Bank Plc; N1.6 billion (FinBank Plc), N7.6bilion ( Afribank Plc), N8.03 billion ( Oceanic Bank Plc), N659.2 milion ( Union Bank Plc).

      Meanwhile, Waziri also pledged that the commission would obey the two orders from the Lagos High Court in respect of the applications by Sebastian Adigwe and Okey Nwosu, former CEOs of AfriBank and Fin Bank.

      However, she said: " In view if the magnitude of the amount involved in this case and the nature of the cases, but consciously balancing the need to uphold the rights of suspect/accused persons especially their presumption of innocence pending trial and the commission as an institution with an avowed commitment for the Rule of law, due process and respect for institutions has decided to forthwith and without further assurance comply with the said court orders by granting bail to the suspects affected in the following terms:

      . Deposit of Bank guarantee in the sum of N1 billion in favour of the Commission to secure the attendance of the accused persons;

      Such Guarantee to be procured from banks not involved in the current CBN/NDIC/EFCC investigations.

      . procurement of Bank guarantee certificate. To provide tax clearance certificate of the preceding three years payable as at when due and in tandem with the amount of the Guarantee.

      . A surety in respect of each suspect/ accused person; such surety must be a serving /current minister of the Federal Republic of Nigeria who will provide a landed property in Victoria island, Lagos, or Ikoyi, Lagos, Maitima in Abuja, Asokoro, Abuja whose title and value will be verified and found acceptable to the commission.

      She said the commission would to extend similar conditions to all other suspects in its custody "in line with appropriate constitutional provisions".

      However on Akingbola's fate, Waziri stated that EFCC learnt that he was abroad, adding that the process of bringing him back would commence soon.

      She said companies mentioned that are allegedly connected with serving and past governors would be checked out through the Corporate Affairs Commission to determine if there is any link.

      She explained out that for the debt recovery exercise, the borrowers have been grouped into two categories.

      The first group are those with legitimate business intentions and have continued to service their loans, while the second comprises those whose loans did not follow due process and are non-performing.

      She said some bank chiefs in trouble at present abused their offices by granting unsecured loans in total disregard to banking regulations to the second group of borrowers.

      The Court, presided by the Chief Judge (CJ), Justice Mustapha Abdullahi, assigned Akingbola's matter to Justice Ibrahim Auta, saying he would soon retire from service.

      Before, the adjournment, yesterday, Akingbola's counsel, Chief Felix Fagbohungbe (SAN), who led a team of 17 lawyers, has asked the court to take the substantive suit together with the preliminary objection (PO) raised by the CBN and its governor, Mallam Sanusi, questioning its jurisdiction to entertain the matter.

      He urged the court to invoke order 29, rule one of the Federal High Court rule by pairing the two separate preliminary objections with the originating summons.

      But the counsel to the CBN's governor, Mr. Konmyinsola Ajayi (SAN) raised an objection, asking the court to hold the question of jurisdiction tenaciously.

      He argued that under order 29, rule one, the Court was obliged to pair POs with the originating summon only if oral evidence would not be given during the trial.

      He submitted that paragraph 9 of the first respondent's affidavit had shown that extensive oral evidence and huge documents of evidence would be used in the case.

      The counsel also cited the Supreme Court decision of 2007, which held that originating summon should not be used to deny the respondent the right to be heard.

      According to him, the case in question did not fall within the specie of those which allow the PO to be paired with the Originating summon since oral evidence is to be used.

      Counsel to the second respondent, Mr Kola Awodein also in his objection said since the applicant was seeking a judicial review of the CBN's action, it would be fair for the judge to rule on the matter and transfer it since he was retiring.

      Justice Abdullahi before deciding to transfer the matter to another judge however said, he did not see why the applications should not be taken together.

      He however transferred the matter "in the interest of fairness to the new judge."

      In the substantive suit, Akingbola is asking for a judicial review of the CBN's action, which sacked him.

      Joined as co-defendant with Sanusi is the CBN.

      However in their preliminary objections, the defendants asked the court to dismiss the suit or in the alternative strike it out for lack of jurisdiction.

      They also urged the court to set aside the leave granted to the applicant to commence the action or in the alternative make an order that leave to serve by substituted service be set aside.

      The reliefs sought by the respondents were based on the following:

      *That the court is Coram no Judice, and if not, that it should decline to exercise its jurisdiction in the matter.

      *That the applicant lacks locus standi to institute or maintain the action against the first respondent and that the applicant has no right to maintain the proceedings and that it will neither be just nor convenient to grant any declaration or injunction.

      The reason for delayed trial, according to a source at the EFCC, may not be because it wants to arraign them alongside the numerous bank debtors who are being arrested by officials of the commission as declared by Waziri on Tuesday, but that it might because of "forces from above who are dictating to her on when to act and how to go about it".

      The source said "madam is being overwhelmed by powerful forces from the CBN and NDIC" which are constraining her to act swiftly in handling the matter.

      The source also said that another reason why they cannot be arraigned immediately as provided by law, was because "the commission is yet to draft charges against the suspects."

      He said: "Your question is why are those being held by the commission staying longer than provided by law just like in the days of Nuhu Ribadu where suspects are kept for months in custody because the commission was looking for evidence to charge them. That is not the case here. Madam wants every person arrested to be charged immediately, but the authorities at the CBN and NDIC think differently.

      "As I speak to you now, we are still compiling evidence in order to draft the charges against the suspects. Some of them have got court orders asking us to release them on bail and madam is looking into them in order not to disobey any court order.

      "So the suspects will be charged as soon as investigations are concluded on them and their charges drafted."

      Meanwhile the Guardian gathered yesterday that Adigwe and Nwosu may be granted bail in compliance with a Lagos High Court order on Tuesday.

      Chief Wole Olanipekun (SAN) lead counsel to the suspects speaking through one of the lawyers, Dr. Nnamdi Dimgba said Mrs. Waziri "gave her words" that the suspects may be granted bail.

      The duo and other bank executives who were arrested soon after they were removed from office on August 14, 2009 by the Sanusi had been in the EFCC's detention since then.

      With the feelers coming from the commission, it is not yet clear when the bank executives and their debtors now in EFCC custody, will be arraigned.

      In the meantime, the Nigeria Bar Association (NBA) has criticised Waziri's alleged call on the judiciary "not to consider frivolous interlocutory applications from both the ex-bank executives and debtors at this critical time when the commission was doing all within its power to recover huge debts of the affected banks".

      NBA in a statement by its national publicity secretary, Muritala Abdulrasheed, expressed fundamental concern at the "attempt to blackmail and arm-twist the judiciary into injudicious and unjudicial positions".

      The NBA urged the judiciary to "ignore the so-called appeal and the arm-twisting inherent therein and continue to carry out their hallowed responsibilities in the EFCC cases in keeping with their oaths of office and certainly without fear or favour, let or hinderance."

      The statement reiterated NBA's approval of proactive steps taken by Sanusi to stem the rot in the banking sector, but categorically rejected any demonization and criminalization of suspects as it is presently being witnessed.

      "It said: "Indebtedness is not a crime, but it is a hallowed principle of our own criminal jurisprudence that all citizens are deemed innocent until the contrary is proved. We expect and demand no less in the ongoing spectacle."

      Alhaji Sani Dangote was said to have reported at the EFCC early in the morning and left almost immediately. And at about 12.30pm, Ibrahim came in the company of his lawyer, Femi Falana, and an unidentified woman. in a black Toyota Avalon saloon car with plate number FG 274 C43.

      At about 1.00pm, Wale Olanipekun (SAN) who is counsel to Adigwe and Nwosu came in a black SUV with number, Lagos FV 768 EAY.

      Ibrahim who was in a jovial mood when he was stepping out with Mr. Falana at about 1.35 pm told reporters that his company has already paid N3.1 billion to Oceanic Bank, out of the total indebtedness of about N8billion.

      He explained that as soon as reconciliation was done,"if there is any figure against us, we will pay within 24 hours."

      Smiling broadly, he joked: "EFCC doesn't kill people.

      Just come here and explain; if you pay, you become their friend, but if you don't pay you are in trouble."

      A letter whch he circulated shows that on May23,2007 Oceanic bank wrote him, approving the reversal of approximately N2 billion as being excess charges and accrued interest on Global Fleet accounts.

      The letter said: "With this reversal the total exposure of Global Fleet group as at date comes down to N12 billion which we believe will be further reduced with your presence in Lagos and re-commencement of account activity".

      Similarly, when Olanipekun was about to leave the EFCC premises at about 1: 30pm, he spoke with journalists.

      According to him, prior to the briefing by Waziri, the EFCC boss had promised to release his clients (Adigwe and Nwosu) yesterday.

      He added: "We had one-on-one discussion and she said they would be released today. I believe her because she is a colleague in the legal profession."

The Guardian Newspaper, Lagos