Fidelity bank card banner Emerald Energy Institute Camano banner

Ex-Intercontinental Bank employee exposes Akingbola as trial resumes

By News Express on 05/04/2019

Gmail icon

Views: 535

•Ex-MD of Intercontinental Bank, Erastus Akingbola
•Ex-MD of Intercontinental Bank, Erastus Akingbola

 A Federal High Court sitting in Lagos on Thursday heard how loans running into billions of naira owed to defunct Intercontinental Bank Plc by some companies were written off while some enjoyed some waivers.

The information came to light while a witness of the Economic and Financial Crimes Commission (EFCC), Jimoh Abdurahim, testified in the trial of the former Managing Director of the bank, Dr Erastus Akingbola.

Akingbola is facing a 22-amended charge bordering on misleading appearance of active trading in the shares of Intercontinental Bank, granting of reckless credit facilities, conversion, and mismanagement of depositor’s funds.

He, however, pleaded not guilty to the charge.

Abdurahim, a former chief investigator of the defunct bank, who now works for Access Bank Plc, informed the court that some of the companies which benefitted from the privileges allegedly belonged to former Managing Director of Access Bank Plc, Aig Imokhude; his successor, Herbert Wigwe, and the Senate President, Dr Bukola Saraki.

He gave the name of one of the companies as United Alliance Company Limited, with non-performing loans of N4.5 billion, N4.27 billion, and N10.97 billion.

He testified that he was aware of some other companies allegedly owned by Senator Saraki and his late father, which were also indebted to Intercontinental Bank.

The court also heard that the CBN-appointed MD of Intercontinental Bank, Lai Alabi, was also a former Managing Director of Songai Farms Limited, a company said to be established by the Senate President.

The witness mentioned companies such as Dice trade Nigeria Limited, which was said to be indebted to the defunct bank, in the sum of N1,892,313,792.14; Joy Petroleum Limited – N3.932 billion, Linkers Limited – N3,617,694,988.99; and Skye View Property, which loan of N200.8 billion was allegedly written off by Alabi.

While being cross-examined by counsel to Akingbola and a Senior Advocate of Nigeria (SAN), Mr Wole Olanipekun, the witness claimed that he was aware that Intercontinental Bank has merged with Access Bank.

He added that before then, Intercontinental Bank was larger and bigger than Access Bank in asset and capital base.

Abdurahim also informed the court that as at the time Access Bank took over Intercontinental bank, he was aware it had branches and subsidiaries internationally, including Ghana and the United Kingdom.

He claimed that at that time, Imokhude and Wigwe were MD and Deputy MD respectively at the Acess Bank.

The witness, however, said he would not confirm the suggestion put to him by Mr Olanipekun that “some people at the top” made Alabi the MD of Intercontinental Bank for the purpose of writing off their loans in the bank.

He also said he was not aware that the Central Bank of Nigeria (CBN) queried Alabi for writing off the loans.

After listening to the testimony, Justice Mojisola Olatoregun has fixed Friday for the continuation of trial.

In the 22 amended charges filed before the court, the prosecution had alleged that Akingbola, while he was MD and CEO of Intercontinental Bank between November 2007 and July 2008, was involved in reckless approval of credit facilities without adequate security for a number of firms.

The prosecution also claimed that for instance, Akingbola approved a credit facility of N8 billion each to Soo-Kok Holding Limited, Tofa General Enterprises, Cinca Nigeria Limited, Harmony Trust and Investment Limited, Stanzus Investment Limited.

The EFCC said the alleged illegal transactions were carried out between May 2008 and May 2009 in contravention of “accepted practice or Intercontinental Bank Plc’s regulations.”

The Commission maintained that Akingbola violated Section 15(1)(a)(i) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004, and was liable to be punished under Section 16(1)(a) of the same Act.

Sourced from a Channels TV report

 

Source News Express

Posted 05/04/2019 10:33:56 AM

 

 

CLASSIFIED ADS

 

You may also like...
Buhari signs Compulsory Gunshot Treatment bill, 5 others...

Okowa frowns at frivolous injunctions, swears-in 5 new...

Expect reforms and new policies in oil and...

BREAKING: Senator Diri floors Alaibe to emerge Bayelsa...

Jonathan announces recapture of Michika from Boko Haram,...

Resign or be impeached if you can’t pay...

Pope condemns Easter bomb attacks

Gunmen kidnap wife, children of Zamfara commissioner

HURIWA calls for Media, Military partnership for national...

2019: Arewa youths to conduct mock election for...

Mathematics lecturer killed in Benin

How to prevent glaucoma: Expert

 

Latest News Port Harcourt serial killer unmasked Buhari sacks Head of Service Oyo-Ita, hands job to Yemi-Esan Another suspected Port Harcourt serial killer nabbed Alleged rape: Adamawa teacher, 12-year-old schoolgirl are lovers — NUT chairman Pandemonium in Onitsha market as Police officer shoots vigilante chief 5 killed, several injured as gunmen attack Taraba communities Champions League: Man City win convincingly in Shakhtar, PSG beat Real Public outcry over N5.5bn voted for lawmakers’ utility vehicles nonsensical, says Senate Dickson fires aide over misconduct Governors meet over N614bn bailout deductions, others Nigeria, South Africa, xenophobia and the United Nations, By Bashir Maidugu RIWAMA issues final warning to defaulting service providers

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (541,556 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (443,462 views) Shameless Genevieve Nnaji exposes breasts in public (389,808 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (326,914 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (294,945 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (253,779 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (249,961 views) 10 cars more expensive than Jets (238,642 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (231,652 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (217,694 views) Lagos plane crash: Journalist releases victims’ names (196,010 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (193,595 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (102) Business & Economy (4,451) Business Verdict (80) Columnists (1,110) Complaints & Requests (96) Enterprise & Opportunities (215) Entertainment (664) Features (812) Global Business Monitor (442) ICT Monitor (63) International (3,963) Interview (203) Live Commentary (30) Love Matters (170) Maggie's Blog (414) News (51,468) Opinion (1,360) Pidgin (17) Politics (11,453) Religion (1,102) Sports (2,170) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera