Tuesday, July 12, 2011

SEC lauds court’s ruling on Okereke-Onyuike

The Securities and Exchange Commission, SEC, yesterday, commended  the decision of a Lagos High Court sitting in Igbosere, that the court can neither be deterred nor prevented from exercising powers conferred on it by law in discharging its duties of capital market regulation and development.

Trial judge, Justice Ayotunde Philips, had in a  judgment in the fundamental rights enforcement suit by Prof. Ndi Okereke-Onyuike, weekend, restrained the  Economic and Financial Crimes Commission, EFCC, and the Inspector-General of Police from arresting her,  without first establishing that she has committed a crime.

Counsel to SEC,  Mr Babatunde Fagbohunolu, SAN, who spoke, yesterday, commended the judge for acknowledging that as a regulatory body, it was not precluded alongside other security agencies from investigating Okereke-Onyuike,  to obtain redress, if  they were suspicius that she had breached any law or committed infractions of capital market regulations.

The court had held that it was imperative that security agencies must first establish reasonable suspicion against a suspect before arresting him or her.

No comments:

Post a Comment