The Financial Reporting Council of Nigeria (FRC) has filed an appeal against the judgment of the Federal High Court sitting in Lagos barring it from investigating the governor of the Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi.
Justice John Tsoho had on May 12 stopped the FRC from investigating the suspended CBN governor because the council was biased.
FRC spokesman Mack Ogbamosa said in a statement on Sunday that the appeal is contained in Suit No FHC/L/CS/414/2014 filed on May 15, 2014 at the Court of Appeal, Lagos.
The appeal was filed by the FRC counsel, Bola Ajibola & Co.
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The FRC is arguing that the lower court erred in law by assuming jurisdiction in the case contrary to Sections 28 and 66 of the FRC Act, 2011.
FRC faulted the decision of the court in relying on Exhibit 1 (Briefing Note) which the court had earlier declared to be inadmissible.
It stated that while the court held that the FRC exceeded its powers, it did not define the limits of FRC’s power.
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The FRC is also saying that the court erred by admitting that there was likelihood of bias against Sanusi by the FRC panel when in fact the panel was not only meant for him but involved other parties who appeared before it without complaining of bias.
The FRC therefore said the court erred in law by ruling against non-parties to the suit.
Another ground of appeal is that the court ignored Sanusi’s non-compliance with Section 66 (2) and (3) of the FRC Act before bringing an action against the council in court.
The reporting council further contended that Sanusi’s claims were based on economic rights and not fundamental rights as the court ruled.
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The FRC said its panel was an administrative panel, not a judicial panel as the court held.
It disagreed with the assumption of likelihood of bias against Sanusi, saying he was not under investigation. It stated that the subject of the panel is activities of the CBN for the 2011 and 2012 financial years.
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