N2.5bn fraud’: Court orders ICPC to unfreeze Pinnacle’s account

A Federal High Court sitting in Abuja on Friday ordered the
Independent Corrupt Practices and Other Related Offences Commission
(ICPC) to remove, with immediate effect, the restriction placed on the
account of Pinnacle Communications Limited domiciled with Zenith Bank
over a contentious N2.5 billion transaction.

The trial judge, Justice Nnamdi Dimgba, who gave the order said though
it was not in doubt that the ICPC had the powers, under the law, to
place a temporary post-no-debit restriction on the bank’s account of
Pinnacle if there was reasonable suspicion of fraud.

The ICPC, it would be recalled, had claimed that Pinnacle was
fraudulently recommended to the Minister of Information and Culture
for the release of N2.5 billion against the guidelines contained in a
White Paper.

Following the action of the ICPC, Pinnacle had filed a motion on
notice seeking the lifting of the post-no-debit order placed on its
accounts.

Delivering ruling, Justice Dimgba held that though the ICPC has
statutory power to temporarily freeze a suspicious account in
accordance with the provisions of Sections 44(2)(k) and 43(1) of ICPC
Act, yet a question begging for an answer was “whether such freezing
of an account lasts forever?”

“It is not for the ICPC (1st defendant) to freeze an account when it
has not concluded investigation on any suspicious account,” Justice
Dimgba said.

The court observed that since “June 14, 2018, when the account was
frozen, as at today this ruling is being delivered, six months has
elapsed, the account is still being frozen, and no charge filed
against the plaintiff.”

Dimgba contended that the word “temporary” as contained in the
relevant statute book should be within “a reasonable time” of which
six months is.

“I make bold to say that if there is a prima facie case against the
plaintiff, I am at loss why the 1st defendant (ICPC) has not filed a
criminal charge against the plaintiff. This court had shifted this
matter severally to give room for the 1st defendant to file charges
but no such step was taken.

“In fighting corruption, we should be conscious of signals we send to
the outside world; negative signals tend to scare away investors. The
court’s opinion in that judgement applies here.”

Justice Dimgba, however, said ICPC “is at liberty to file a charge
against the plaintiff if it has reasonable grounds based on the
outcome of investigation.”

Earlier, in the ruling, the court had dismissed the notices of
preliminary objection filed by the ICPC and the AGF.