Ex -Chairman Fortune International Bank Macpeple Loses Bid To Stop Police Investigation

      In other to facilitate the effectual of other contracts awarded to the various companies in the Adamac group of companies in which Suffolk Petroleum services was one had applied for and obtain credit from several banks. Adawari Macpepple did not play any role neither did he exert any influence in the procurement of  the said loan, and there were no incident of insider abuse.

However, the company was shocked when on 6th of June, 2004 a statement of account in its name leading to a closing balance of N5,529,370,896,20 was sent directly to the office of the Chairman  of the company. The company protested but on the 10th of August, 2014 when the company presumed the issue had been resolved, but was surprise to receive a letter from the bank claiming the sum of N9,329,621,471.29 the company protested and while they were preparing for the reconciliation exercise.

Macpepple was surprised to receive from the Managing Director of the bank, Mr Fidelis Tilijie, another memo date 25th August, 2014 stating that given our present circumstances the financial statement in my opinion represents a fair assessment of the banks as presented by firm of accountant Akintola Williams. The company received a letter dated 14th of September, 2004 stating the company’s exposure  and indebtedness to the bank to be about  N4billion.

      However, Mr Tilije on 2nd of December, 2004 wrote a petition to Economic and Financial Crime Commission (EFCC) in which he alleged that the indebtedness of the company to Fortune bank was N16,227,353,579.67.

Thereafter,  after months of investigations, it was discovered that the bank charged excessive, arbitrary and onerous interest and other charges, charged of compound interest, carrying on of foreign exchange related transactions on the company’s account without mandate, EFCC also discovered that shell was owing the company millions of dollars, while it was also discovered there was no insider abuse.

Consequently, the plaintiff urge the court to declare that the loan obtain by the company  was not obtained under  pretence and that all the loan obtain  by the bank has been fully   paid and the company is no longer indebted to NDIC.

However, the Inspector General of police and the Commission of Police special fraud unit in a counter affidavit sworn to by one Inspector Adeola Ogunsanya whose team was directed to investigate the petition of Fortune International bank in liquidation against Henry MacPepple and related companies address to the Commissioner of Police special fraud unit dated 17th of November, 2016, averred that claims of the applicants are false and misleading as police is constitutionally positioned to receive complaints from members of the public including NDIC for investigation.

In an affidavit sworn to by Inspector Ogunsanya and filed before the court by Police legal officer Barrister Azubuike Sylvester from Police Special Fraud unit, the deponent averred that, as soon as police received the petition, investigation commenced, and Henry Adawari MacPepple  among others were invited in order to also hear from the Applicants . MacPepple volunteered his statement and was offered police administrative bail but instead of him to report back with relevant information that will assist the police in their investigation he ran to the court for protection from further investigation and possible prosecution in law court and fabricated lies against the police.

Consequently, Mr Azubuike contended that granting the applicants application will jeopardize the interest of the defendants and occasioned a miscarriage of  justice, as the case against the applicant under investigation is criminal in nature and is currently under investigation before this application from the applicants was filed. Consequently, the defendants urged the court to dismiss the applicant’s application with cost as it was ill conceived, nefarious, unscrupulous and a calculated attempt to mislead the court.

In a petition to the commissioner of Police Special fraud unit, by the NDIC, the depositor’s guarantee agency alleged that HENRY Adawari MacPepple was the erstwhile Chairman board of directors of defunct FORTUNE INTERNATIONAL BANK PLC, a position he occupied from April ,1999 till closure of the bank on the 16th of January 2006 by the Central bank of Nigeria.

During that time, several companies over which MacPepple had direct ownership or controlling shares transacted business with the bank at various times, NDIC alleged that Macpepple leverage on his position as board Chairman of the defunct Fortune International bank Plc as well as Managing Director/chief executive officer of Suffolk petroleum services limited a member of the Adamac group of companies located at plot 20, East-West road rumuodara, Portharcourt south South Nigeria  obtained a loan facility in the  sum of N2.3billion from Fortune International  bank without due process on the 1st of April, 2002 for Suffolk, Petroleum services limited, toward executing contract of procurement  and fabrication of KCDP jacket, but the loan facility was not used for the purpose it was advanced. The facility was unsecured  by any form of valid or sufficient collateral at the time of approval by the bank.

In the light of the above allegation, NDIC urge the Commissioner of Police special  fraud unit to use his good offices to conduct criminal investigation into the alleged fraudulent transactions.

      In her judgement ,the Presiding Judge, Mojisola Olatoregun, after appraising the submission of the two parties said “This suit was filed on the 31st of March, 2017 challenging the propriety of the invitation on issues bordering on obtaining money under false pretence, violation on the Bank and other Financial institutions Act. (BOFIA)  and whether the interrogation, investigation and harassment are not violations of BOFIA, the doctrine of lis  pendent, Section 6(6)(a) and section 36(1) of the 1999 constitution.

      I have carefully examined all these against the facts disclosed in the affidavit in support of the originating summons.  I found no urgency disclosed. I found no smell of danger disclosed. I found nothing to suggest that an irreparable mischief was to be let loose. I found no infringement of any right disclosed. On the contrary, or an invitation or interrogation to found out the truth without more cannot amount to a violation of any right under chapter 4 of the 1999 constitution as well as Sections 6(6)(a) and (b) of the same constitution.

     Failure to give the requisite notice in the absence of any disclosure of bad faith on the part of NDIC is inimical to the case of the Plaintiffs against NDIC.

    When statue stipulates a  condition precedent which as in Section 55(2) is  mandatory, that provision must be complied with. Condition precedent merely puts the jurisdiction of the court in abeyance pending the fulfillment.  Of  of the stated condition. The name o

 NDIC is struck out from this suit for want of jurisdiction

   I have aligned section  of the Police  Act which states :The Police shall be employed for the prevention and detection of crime, that apprehension of offenders, the preservation of law and order, the protection of life and property and enforcement of laws and regulation with which they are directly charged and shall perform such duties within or without Nigeria as may be required by, or under the authority of  the or any other Act and the fact disclosed in the affidavit of the plaintiffs and the defendants, to state that the Police has the constitutional duty to receive Petitions, invite parties and conducts interrogations. The suit is dismissed. There is no order as to cost.