Bank chiefs: After arraignment what next?

Once the Central Bank of Nigeria took the courageous decision to sack the managing directors and boards of Intercontinental Bank Nigeria Plc, Union Bank Nigeria Plc, Afribank Nigeria Plc, Oceanic International Bank Plc and FinBank Nigeria Plc, the Economic and Financial Crimes Commission; EFCC swiftly moved in, arrested the executives and their collaborators and promptly […]

Once the Central Bank of Nigeria took the courageous decision to sack the managing directors and boards of Intercontinental Bank Nigeria Plc, Union Bank Nigeria Plc, Afribank Nigeria Plc, Oceanic International Bank Plc and FinBank Nigeria Plc, the Economic and Financial Crimes Commission; EFCC swiftly moved in, arrested the executives and their collaborators and promptly charged them to court. Almost all the executives with the exception of Erastus Akingbola of Intercontinental Bank have had their days in court. And thanks to the EFCC, over N87billion of the money have been recovered.

That otherwise seasoned bankers threw the ethics of their profession over board; circumvented regulation while misinforming regulatory agencies about the health of their institutions was enough evidence that graft was not exclusive to the public sector. But in sacking the executives and charging  them to court both the CBN  and  EFCC sent a forceful message that executive indiscretion in the financial sector was not only unacceptable but would not be condoned. It is expected that the executives of other banks that were not affected by the recent tsunami would learn from the exercise.

But the essence of the exercise should not end at the level of deterrence.  Last week the Federal High Court in Lagos granted the bank executives bail. Many of them left the court premises in buoyant mood, a sharp contrast to the gloomy countenances they wore on the day they were arraigned. Watching some of them locked in warm embrace with their relations and associates one would think that the bail granted them by Justice Dan Abutu meant that they had been discharged of all the charges against them. Fortunately that was not the case.

But the questions that most people are asking are: Now that the bank executives have been released on bail, what next? Will the matter simply thaw and slip from the consciousness of the people? What are the guarantees that this case would enjoy accelerated hearing until justice is done?

The background to these questions borders on apprehension by the populace that the case might suffer the fate that befall all other matters instituted against corrupt public officials by the EFCC. The case instituted against corrupt former state governors are stalled in various courts in the country, not due to lack of diligent prosecution by the commission but a judicial system that is hostage to manipulation by attorneys. I understand that in some of the cases even pleas have not been taken.

Defence attorneys always find one reason or the other to stall proceedings. Where they are not challenging the jurisdiction of court, they are filing appeals against a ruling by court against a dubious application. The commutative effect of the antics of these lawyers is that the cases are turned into the proverbial Barbers chair, in perpetual motion but no progress.

Meanwhile the accused persons are free, enjoying their loot and acting in manner that suggests that they are above the law. Would the case of the bank executives be allowed to be stalled while those who perfected the shenanigans that heated up the system walk the boardrooms as free men?

This question would be resolved in the coming months. However, it is important that this case be handled expeditiously. A lot is at stake; the integrity of the accused, the health of the five banks and by extension the national economy. The EFCC has set the tune for speedy trial by promptly arraigning the suspects in court. The CBN has also acquitted itself well by making available the result of its examination of the health of the banks, its diagnosis and the culpability of the executives. When hearing resumes in the case in November, Nigerians would expect the trial to progress without the familiar hiccups that had truncated similar cases in the past.

As it is now, only the courts can determine the pace of trial, not EFCC or the CBN. The onus is on the judiciary, given the importance of the case and the amount involved, to ensure that frivolous interlocutory applications by counsels are not entertained. It is indeed in the interest of both the prosecution and the defence that the matter is discharged expeditiously. For the accused persons, their reputation cultivated in careers that span decades are on the line. Having pleaded not guilty to the charges brought against them, it would serve their interests if proceedings are not delayed to enable them clear their names.

The prosecution too will save time and resources if the matter is not unduly delayed. I need not belabour the fact that justice delayed is justice denied. Justice in this case would be seen to have been done the day the accused persons are either acquitted or convicted on the charges against them.

I expect all Nigerians and those who have the interest of the country at heart to demand nothing less. And this is the time for individuals and organizations that have been concerned about the slow progress of corruption cases in courts to speak out and ensure that this case is not derailed. The Nigerian Bar Association for instance must stand up now and be counted because the fate of this case would be decided by its members.  The array of Senior Advocates of Nigeria, SANs already assembled by the bank executives for their defence, are determined to earn their fees. It will not matter to them if these executives actually abused their positions to enrich themselves and their cronies.  

Considering the attention that this case has attracted both internally and around the world, the Nigerian Judiciary is also under watch by the world. How it handles the matter will affect how the world perceives the institution and by extension, the seriousness of Nigeria in fighting the war against corruption.

Whatever critics would say about the judiciary, there is no denying the fact that the institution is blessed with some of the brightest minds. I am particularly happy that this matter is before Justice Abutu, a judge who has a reputation for fearlessness and thoroughness. I understand that he took the case when all his colleagues were on recess. That gesture speaks of a jurist who is mindful of the implication of delay for the rule of law.

Abubakar, journalist and public affairs analyst lives in Abuja