The Abuja Division of the Federal High Court has dismissed a suit by oil and gas services firm Marine Assets and Offshore Equipment Limited to stop its investigation by the Economic and Financial Crimes Commission (EFCC).

Justice Bolaji Olajuwon, in a judgment, said the suit instituted by the company and its general manager Olusegun Olaleye lacked merit.

Mr Olajuwon held that there was no merit in the case that sought to restrain the EFCC from investigating the payment of huge sums into the plaintiffs’ bank accounts by some firms for unknown reasons.

The firm and Mr Olaleye had filed the suit marked: FHC/ABJ/CS/1529/2020 to restrain the anti-corruption agency from investigating them.

The judge disagreed with the lawyer of the plaintiffs, Mike Ozekhome, that the investigation of the plaintiffs’ activities by the anti-graft agency amounted to harassment and was unlawful.

She agreed with the EFCC’s counsel, Ekele Iheanacho, that allegations of economic and financial crimes were established against the plaintiffs and others, which required the activation of the agency’s powers to investigate their activities.

She further held that contrary to the plaintiffs’ argument, the EFCC could investigate tax evasion within its powers to investigate economic and financial crimes.

The judge rejected all the reliefs sought by the plaintiffs and dismissed them for being unmeritorious.

The EFCC had claimed to be investigating them and others for conspiracy, money laundering and stealing about $38,198,624.08 paid into Marine Assets’ accounts within four months.

It stated that on January 25, 2019, it received intelligence “bordering on monumental case of conspiracy, money laundering and stealing against the first plaintiff (Marine Assets), its alter ego, and some associated companies and individuals.

“The intelligence reveals that the first plaintiff, its directors alongside other companies like Airsafe Aviation Global Limited, used multiple accounts to move funds in and out of Nigeria to the tune of $38,198,624.08 between September 2017 and December 2018, without any clear underlying/legitimate business transaction,” said the EFCC.

It added, “On receipt of the intelligence, the defendant (EFCC) commenced investigation by writing to relevant commercial banks, the Corporate Affairs Commission, the Federal Inland Revenue Services (FIRS) amongst other agencies of government.”

EFCC told the court that it interviewed “some individuals and companies” featured in the investigation (including the first plaintiff through its general manager (operations).

The agency added that “preliminary investigation revealed, among other findings, that both first plaintiff and Airsafe Aviation Global Limited were incorporated by the CAC in 2018 with the names of Messrs Chukwunwike ChuksMacjulie and Money Sheyi Godfrey as the directors and shareholders.”

Since incorporation, it alleged that there was no record of any business done by the first plaintiff and Airsafe Aviation Global Limited.

“Between March 2018 and April 2019, one Jokai Global Services Limited transferred to the UBA Plc accounts of the 1st plaintiff the sums of $89,716,591.37 and N18,555,337,336,86,” EFCC disclosed. “Between March 2018 and April 2019, the same Jokai Global Services Limited transferred into the UBA Plc account of Airsafe Aviation Global Limited the sums of $13,041,641.35 and N1,489,401,426.65.”

According to the anti-corruption agency, the transactions that generated the funds were vague and obscure, pointing out that none of the companies mentioned and others featured in the EFCC intelligence declared their activities by way of filing financial statements and annual reports to regulatory authorities.

“These companies never paid taxes despite the humongous payments they received into their accounts,” EFCC stated further. “The high volume of funds received into the accounts of the first plaintiff shortly after its incorporation necessitated the need to even inquire into its tax records with a view to determine the lawfulness or otherwise of the financial activities of the first plaintiff.” 

(NAN)