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Court Trashes Industrial And General Insurance Plc Suit Against EFCC Over allotment Fraud

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A Federal High Court sitting in Lagos, yesterday, dismissed the suit by Industrial and General Insurance Plc, IGI, against the Economic and Financial Crimes Commission, EFCC, and seven others, seeking to stop the anti-graft agency from investigating an alleged N141 million private share allotment fraud involving the firm.

Justice Tijjani Ringim, the trial judge, held that the EFCC has the powers under the law to investigate public fraud and financial crimes in the security exchange sector.

The plaintiff, IGI in the suit against the EFCC, Ahmed Ghali, the Lagos Zonal Head of the EFCC; Ronke Idayat Suleiman, Team B lead, Capital Market and Insurance Fraud, CMIF, unit; Osom Properties Limited; Royal Descent Limited; Frososom Nigeria Limited; Ilekhuoba Osaretin and Fando Construction Limited, had urged the court to declare that 1st to 3rd defendants lack the powers to question “purely civil commercial transaction” between it and the 4th to 8th defendants.

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