The Federal High Court in Lagos has fixed October 15, to hear all applications relating to a N20 billion bailout loan alleged to have belonged to Kogi State government, and kept by Sterling Bank Plc.
Justice Chukwujekwu Aneke fixed the date on Tuesday following an application made by counsel to the state government, Sam Erugo (SAN).
Erugo told the court that he needed time to study the counter affidavit filed by the Economic and Financial Crimes Commission (EFCC) to the processes.
Justice Tijjani Ringim had on August 31 granted an exparte application for an interim forfeiture of the sum after taking arguments from the EFCC’s counsel.
With the vacation over, the suit was reassigned to Justice Aneke and at the resumed hearing on Tuesday, Erugo told the court that his client had filed processes challenging the interim order granted by Justice Ringim.
He also told the court that the EFCC had filed its counter objections to the processes.
The counsel then asked the court to give him more time to respond to the EFCC’s counter processes.
Counsel to the EFCC, Rotimi Oyedepo, admitted to the court that he had been served with the processes and had equally filed his documents to counter the arguments raised.
After listening to both parties, Justice Aneke, adjourned the matter till October 15, for the hearing of all applications.
The EFCC had in August 31 informed the court that the N20 billion loan meant to augment the salary payment and running cost of the state government was kept in an interest-yielding account with Sterling bank.
It said instead of using the money for the purpose it was meant, Sterling Bank Plc acting on the instruction of the state government transferred the money from the loan account and placed some in a fixed deposit account.
It concluded that Sterling Bank Plc is yet to present any credible evidence to show that the facility is well secured.
In his ruling, Justice Tijjani Ringim granted the order to freeze the account pending the conclusion of the investigation or possible prosecution by the EFCC.
