By Onyewuchi Ojinnaka
The Economic and Financial Crimes Commission (EFCC) prosecution witness in the ongoing trial of former Chief Executive Officer of the defunct Intercontinental Bank Plc, Dr. Erastus Akingbola, has told Justice Mojisola Olatoregun of the Federal High Court, Lagos Nigeria, that he did not extend invitation to the former bank boss in the course of his investigation into the bank’s records and transactions.
The witness, Mr Abdulrahaman Jimoh who was the Chief Examiner of the bank at the time, while being cross-examined by Akingbola’s counsel, Chief Wole Olanipekun (SAN), also told the court that he was neither an accountant nor a chartered banker.
Jimoh, who in answer to most of the questions put forward to him said, “I am not aware” , also told the court that he was not aware whether Intercontinental Securities Limited (ICSL), a subsidiary of Intercontinental Bank Plc fully liquidated the loan obligation to one Regal Finance Limited, adding that he did not bother to ask.
When asked if ICSL as a subsidiary of Intercontinental Bank can obtain facilities from other financial institutions, the witness said “I don’t know”.
In his answer to a question posed to him by Olanipekun as to whether a bank Managing Director and Chief Executive Officer, can obtain facilities from other financial institutions; he said such facilities can only be obtained with a board approval. He however, later change his answer to “I don’t know”.
When asked if as Chief Examiner of Intercontinental Bank Plc he has authority to examine the transactions and books of other corporate entities under International Bank, he said ‘yes’.
On whether in the course of his investigation, as Chief Examiner of Intercontinental Bank Plc, he looked into ICSL books and ledgers, he said ‘no’.
In his answer to Olanipekun’s question as to whether he asked Intercontinental Bank if they have taken action on the alleged indebtedness of Regal Finance Limited, he said he did not ask. He further said he did not look into the books of ICSL before writing his report.
When asked if Akingbola is the owner or co-owner of Regal Finance Limited he said ‘no’.
The witness further told the court that he did not know whether his predecessor in office was an accountant. On whether he has knowledge of the foreign exchange market the witness said ‘no’.
Jimoh further told the court that he did not know anything about capital market operation in the country and whether the CSCS is the only organ in the country that has the platform for transactions of shares of quoted companies in the country.
When asked if he knew anything about bank’s General Ledger particularly that of Intercontinental Bank where he was the Chief Examiner, he said “I don’t know anything about Intercontinental Bank General Ledger.
Beside, he said he has no idea if any public offer was made by Intercontinental Bank Plc or the process of buying or selling shares in the country
The witness in his answer to other questions put to him by Olanipekun said: ” I don’t know”.
During the proceeding, the witness curriculum vitae was tendered and admitted in exhibits.
It would be recall that at Wednesday’s proceedings, the witness under cross-examination told the court when reminded that he had earlier made a claim under oath before Justice A.O Abiru of the Lagos Court that he obtained an MBA degree in Business Administration from the University of Ilorin in the year 2002, contrary to his claim on Wednesday that he only holds a B. A. degree in Business Administration, Jimoh reversed himself by saying he did not obtain a Master degree in Business Administration.
He however, added that he only attended courses in MBA programme which was later aborted.
Following his answer to the questions, Olanipekun showed him his earlier statements before Justice Abiru where he claim to have obtained an MBA degree from University of Ilorin to which he could not contradict.
The witness also admitted that his service was briefly dispensed with while in the employment of Intercontinental bank.
Hearing in the matter continues April 4, 5 and 11.
