A Lagos High Court, sitting in Ikeja, yesterday heard that the former Managing Director of the defunct Intercontinental Bank (now Access Bank), Dr. Erastus Akingbola, did not carry out the transactions for which he is being tried by the Economic and Financial Crime Commission (EFCC).
A defence witness, Mrs Ayoola Akande, spoke during cross-examination by counsel to the prosecution, Mr Emmanuel Ukala (SAN).
Dr. Erastus Akingbola and his associate, Mr. Bayo Dada, are facing charges of allegedly stealing N4.7 billion belonging to the defunct Intercontinental Bank.
Mrs Akande said Dr Akingbola did not benefit from the money transfer.
She told the court that contrary to the EFCC allegation, the $8.54 million and the 3.1million pounds were not made from the Domiciliary Account of the bank or that of its former chief executive officer.
Mrs Akande said: “It was Regal Investment that provided funds for the US dollars we purchased. The US dollars were not purchased for the use of Regal Investment.
“It was not my original statement that the US dollars were purchased by Regal Investment and not by the bank or by the first defendant, Akingbola).
“I also said that cash was lodged into the account for the transfer. There were no cash lodged into the account of the first defendant for the transfer.”
Justice Habeeb Abiru fixed further hearing in the matter till July 25.
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