By Onyewuchi Ojinnaka
,The Federal High Court sitting in Lagos Nigeria, on Thursday adjourned further trial of the Chairman / Chief Executive Officer (CEO) of the defunct Intercontinental Bank Plc, Dr Erastus Akingbola, till October 24, 2019.
The trial of Akingbola who is currently facing trial over alleged N179billion fraud was put on hold till October 24 due to the absence of the trial judge , Justice Mojisola Olatoregun in court.
It would be recalled that the Economic and Financial Crimes Commission, (EFCC), had on March 12, 2019 re-arraigned Akingbola, on a N179 billion fraud charges.
Akingbola’s re-arraignment before the Federal High Court in Lagos followed a further amendment to the charges, which the EFCC had earlier instituted against him in 2009.
Justice Charles Archibong, now retired, first handled the case and had struck out the charges, citing lack of diligent prosecution.
Not satisfied with the ruling of the court, the prosecution (EFCC) went on appeal, which later overruled Justice Archibong and ordered Akingbola to return to the Federal High Court to continue with his trial.
Disatisfied with the decision of the appellate court, Akingbola went to the Supreme Court challenging decision of Appeal Court but the Apex Court affirmed the decision of the Court of Appeal.
Consequently, the 10-year-old case was reopened before Justice Mojisola Olatoregun.
At the resumption of proceedings, before Olatoregun, the prosecuting counsel, Mr. Rotimi Jacobs (SAN), brought before the court a further amended charge and urged the court to allow Akingbola to be re-arraigned.
The judge granted the prayer and Akingbola was consequently re-arraigned.
As opposed to the initial charge which had 26 counts, the further amended charge was reduced to 22 counts only.
In the charge, the anti-graft agency alleged that while Akingbola held sway as the Managing Director and Chief Executive Officer of defunct Intercontinental Bank Plc, he used N179,385,000,000 belonging to the bank for “fictitious transactions.”
The Commission further claimed that Akingbola used the sum of N179billion to buy Intercontinental Bank Plc’s shares, thereby inflating the market price of Intercontinental Bank Plc’s shares on the floor of the Nigerian Stock Exchange (NSE).
According to the prosecution, the action of Akingbola was a contravention of Section 105(2)(a) of the Investment and Securities Act 2007, adding that the offence is punishable under Section 115(a) of the same Act.
The EFCC also accused Akingbola of reckless granting of credit facilities to five firms, which did not furnish the bank with adequate security for the loans.
According to the anti-graft agency, the firms, which were each granted a loan of N8billion without adequate security under Akingbola’s watch, were Soo-Kok Holding Limited; Tofa General Enterprises; Cinca Nigeria Limited; Harmony Trust and Investment Limited; and Stanzus Investment Limited.
By this action, the EFCC submitted that the former bank boss violated Section 15(1)(a)(i) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federal Republic of Nigeria, 2004, and liable to be punished under Section 16(1)(a) of the same Act.
In one of the counts, the EFCC alleged that Akingbola took £1.3million from Intercontinental Bank Plc’s GBP NOSTRO account at Deutsche Bank, London, and remitted same into the bank account of Fuglers Solicitors with the Royal Bank of Scotland Plc, London.
The prosecution claimed that the £1.3million was paid to Fuglers Solicitors for the purpose of buying a property in the name of Life Boat Settlement Trust, which Akingbola set up.
It stated that Akingbola knew the £1.3million to be proceeds of crime, “to wit: stealing and thereby committed an offence contrary to Section 14(1) of the Money Laundering (Prohibition) Act, 2004.”
Akingbola had however, pleaded not guilty to the 22 counts.
