1. The Financial Reporting Council of Nigeria (FRC) on Sunday disclosed that it had appealed the judgment of a Federal High Court which declared it incompetent to review the acquisition of the defunct Intercontinental Bank by Access Bank.
2. In its appeal against the judgment of the court presided over by Justice Mohammed Idris, the FRC held that the judge erred in law when he dismissed the preliminary objection filed by the council challenging the jurisdiction of the lower court to entertain the case pursuant to relevant provisions of the FRC Act.
3. The court had ruled that by a combined reading of the functions and objects of the FRC as contained in the FRC Act, 2011, the council had no powers to investigate mergers and acquisitions and other business combinations.
4. It also declared that: “The power to conduct such investigations is donated to Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) pursuant to their respective enabling Acts and not the FRC.
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