The Federal High Court in Lagos on Thursday refused an ex parte application by the Chief Executive Officer of BGL Group, Albert Okumagba, stopping the Economic and Financial Crimes Commission (EFCC) from inviting or arresting him over alleged capital market malpractices.
Okumagba and his company, BGL Group, had been accused by the Security and Exchange Commission (SEC) of being indebted to various capital market investors, including the Rivers State Ministry of Finance, to the tune of about N5.8 billion up till June 2, 2015.
The commission had moved to probe BGL on not less than 40 petitions written against it (BGL) by various aggrieved capital market investors in the country, including the Rivers State Ministry of Finance.
BGL, through its counsel, Mr. Kolawole Reheem, appeared before Justice Mohammed Yunusa with an ex parte application seeking to restrain EFCC from enforcing a letter of invitation issued on Okumagba and others.
Raheem argued that it would be sub judice for the EFCC to take any action against Okumagba while the existing lawsuits had yet to be resolved.
While speaking, the judge observed that the applicants failed to seek for the leave of the court to hear the application during vacation.
He also refused to order the EFCC to appear in court to justify why Okumagba’s prayers should not be granted.
Rather than grant Okumagba’s prayers, Justice Yunusa asked that the processes be served on the respondents in Lagos as prayed in reliefs 5 and 6.
The judge adjourned the case till September 21, 2015 for the report of compliance with the service order.
