The Economic and Financial Crimes Commission will
arraign former Chief Executive Officer and Managing Director of
Intercontinental Bank Plc, Dr. Erastus Akingbola, and other former bank
chiefs over fresh charges before a Lagos High Court in Ikeja on Tuesday
(today).
While Akingbola will appear before Justice Habeeb Abiru, other former bank executive officers, including Okey Nwosu of Finbank, will be arraigned before Justice Lateefat Okunnu on May 16.
However, it was still unclear as at press time the judge before whom Mr. Sebastine Adigwe of Afribank would be arraigned.
The trip of Lagos State judges to South Africa stalled the arraignment of Akingbola on Wednesday over a fresh 29-count charge on theft of the bank’s money.
He was re-arrested by the EFCC on Tuesday last week for allegedly stealing about N47.1bn from Intercontinental Bank Plc.
The former bank chief was already facing charges of corruption and money laundering before Justice Charles Archibong of the Federal High Court, Lagos before his re-arrest last week.
The fresh 29-count charge, will bring to three the amended charges the EFCC is bringing against Akingbola since he was removed as the chief executive officer of the bank by the Central bank.
The EFCC said the alleged offences contravene Sections 390(7) and 427 of the Criminal Code Law Cap C. 17, Laws of Lagos State 2003 and Section 1 (1)(a) of the Advance Fee Fraud and other related Offences Act 2006.
The last amended charge filed at the Federal High Court, Lagos by the commission was a 26-count amended charge, dated December 13, 2010.
But the bank chief had in a motion through his counsel, Chief Felix Fagbohungbe (SAN), urging the court to dismiss the charge, said the prosecution was pursuing a piece meal prosecution to his detriment.
According to him, a 22-count amended charge dated January 26, 2010, was earlier filed after the initial 28-count charge dated December 21, 2009 was filed by the commission.
Akingbola’s wife, Anthonia, and one Mr. Bayo Dada, an associate of the former IB Plc’s managing director were said to have stolen about N50bn between March and May 2009.
Anthonia and Dada were alleged to have defrauded the bank by obtaining over N10bn from it under the false pretence that the bank was indebted to Tropics Securities Limited to purchase the bank’s shares on its behalf.
While Akingbola’s wife, now at large, was a shareholder and Director of Tropics Securities Limited, Dada was a General Manager with the firm.
It will be recalled that Akingbola was among the CEOs of commercial banks that were sacked by the Lamido Sanusi-led Central Bank of Nigeria in 2009 over offences ranging from reckless granting of loans and non-performing loans worth over N700bn.
By Ade Adesomoju Courtesy Of: Punch
While Akingbola will appear before Justice Habeeb Abiru, other former bank executive officers, including Okey Nwosu of Finbank, will be arraigned before Justice Lateefat Okunnu on May 16.
However, it was still unclear as at press time the judge before whom Mr. Sebastine Adigwe of Afribank would be arraigned.
The trip of Lagos State judges to South Africa stalled the arraignment of Akingbola on Wednesday over a fresh 29-count charge on theft of the bank’s money.
He was re-arrested by the EFCC on Tuesday last week for allegedly stealing about N47.1bn from Intercontinental Bank Plc.
The former bank chief was already facing charges of corruption and money laundering before Justice Charles Archibong of the Federal High Court, Lagos before his re-arrest last week.
The fresh 29-count charge, will bring to three the amended charges the EFCC is bringing against Akingbola since he was removed as the chief executive officer of the bank by the Central bank.
The EFCC said the alleged offences contravene Sections 390(7) and 427 of the Criminal Code Law Cap C. 17, Laws of Lagos State 2003 and Section 1 (1)(a) of the Advance Fee Fraud and other related Offences Act 2006.
The last amended charge filed at the Federal High Court, Lagos by the commission was a 26-count amended charge, dated December 13, 2010.
But the bank chief had in a motion through his counsel, Chief Felix Fagbohungbe (SAN), urging the court to dismiss the charge, said the prosecution was pursuing a piece meal prosecution to his detriment.
According to him, a 22-count amended charge dated January 26, 2010, was earlier filed after the initial 28-count charge dated December 21, 2009 was filed by the commission.
Akingbola’s wife, Anthonia, and one Mr. Bayo Dada, an associate of the former IB Plc’s managing director were said to have stolen about N50bn between March and May 2009.
Anthonia and Dada were alleged to have defrauded the bank by obtaining over N10bn from it under the false pretence that the bank was indebted to Tropics Securities Limited to purchase the bank’s shares on its behalf.
While Akingbola’s wife, now at large, was a shareholder and Director of Tropics Securities Limited, Dada was a General Manager with the firm.
It will be recalled that Akingbola was among the CEOs of commercial banks that were sacked by the Lamido Sanusi-led Central Bank of Nigeria in 2009 over offences ranging from reckless granting of loans and non-performing loans worth over N700bn.
By Ade Adesomoju Courtesy Of: Punch
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