Justice James Tsoho of the Federal High Court in Lagos, yesterday stopped the Financial Reporting Council of Nigeria (FRCN) from further investigating the suspended Governor of the Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi.
In his ruling on the suit brought by Sanusi, Justice Tsoho held that the role played by the FRCN and the language of the briefing note by the defendant revealed that the defendants had already decided the fate of the plaintiff.
He said although the FRCN Act conferred investigative power on the Council, such powers should be limited to the object and purpose of the Act, adding that such investigations must be conducted in line with the rules of natural justice.
He said issues of bias was seen in the manner the investigation was conducted, and, therefore, disqualified FRCN from further investigating Sanusi.
Sanusi had, on March 26, filed the suit through his counsel, Mr Kola Awodehin (SAN).
He is seeking a declaration that the FRCN constituting itself into an investigating body in a manner contained in some newspaper publications of March 24 was ultra vires.
Joined as First and Second defendants were: The FRCN and The Executive Secretary of the FRCN.
In his motion paper, Sanusi is seeking a declaration, that the conduct, actions and decision of the defendant is ultra vires their powers.
He averred that the FRCN’s declaration in a briefing note dated June 7, 2013, and submitted to the President, were ultra vires as contained in the FRCN Act, 2011.
He sought a declaration that the defendant, having reached a conclusion as to his culpability as governor of CBN, as indicated in the briefing note and newspaper publications, could no longer conduct any investigation on the same matter.