Home News JUST IN: Akingbola Lied About Buying Shares for Intercontinental Bank, Says Witness

JUST IN: Akingbola Lied About Buying Shares for Intercontinental Bank, Says Witness


The trial of Erastus Akingbola, a former Managing Director of the defunct Intercontinental Bank Plc, continued on Thursday, March 14, 2019 before Justice Mojisola Olatoregun of the Federal High Court sitting in Ikoyi, Lagos, with a prosecution witness detailing how he laundered the bank’s funds on the pretext of buying shares without securities.

Akingbola is standing trial for an amended 22-count charge bordering on abuse of office, conversion of funds belonging to Intercontinental Bank Plc and stealing to the tune of N900,321,710,311.40, £8.5 millon and £1.3 million.

At today’s sitting, the second prosecution witness, Abdulraheem Jimoh, a former Chief Inspector with the defunct Intercontinental Bank Plc, under cross-examination by the defence counsel, Wole Olanipekun, SAN, told the court that he was aware that the bank operated a “Nostro Account”, which was the aggregate of the bank’s funds transferred to offshore correspondent banks.
The witness also stated that funds must be available in the bank for the offshore banks to be functional.

However, when asked if he knew that the bank funded its “Nostro Account” and if funds were transferred offshore, he said “no”.

Jimoh, during cross-examination, gave further evidence into his investigations, saying, “I wrote to ICSL Securities Limited, a subsidiary of Intercontinental Bank that was into share buying and sales.
“The content of my letter to the company was to know if Intercontinental Bank bought any shares from ICSL.

“Their response was that the bank did not buy shares from ICSL, but that those placements were made to the company by Intercontinental Bank on the instructions of the defendant.

“The placements were made without adequate securities under Akingbola’s watch as the Managing Director of the bank.

“Although I did not find out if the placements were re-paid to Intercontinental Bank, and generally placements do not attract interests.”