Aloy~Emeka:

I ask again: What did Erastus Akingbola do wrong that is making some of us rejoice over his predicament?. The downfall of a man is not the end of his life. He was just removed, so what?. I am sure Intercontinental will pay him off with over $5M. Why do we Nigerians rejoice that someone has fallen?

I don't think anyone is rejoicing at his current predicament,for all intents & purposes the man is a trully great Nigerian. We're taking issues with the OP-who claims the sack was based on religious,tribal sentiments. 

I personally respect the man,he spoke at a business seminar I attended some years back & he was to say the least. . . . . . . . .  . inspirational. 

It seems that you don't get this. A child molester could speak at your church and then rape your kid sister. You shouldn't mix religion and money. Greed always wins.

qblaze:

It seems that you don't get this. A child molester could speak at your church and then rape your kid sister. You shouldn't mix religion and money. Greed always wins.

I'm not mixing religion with anything. Always take your time to read through posts carefully. NEVER jump to conclusions.

So please read through my post again.

I would tell you that Sanusi have just made a great mistake and yar adua would suffer for sanusi mistake. Yar adua have just some very days leave to reserve the decision or even yar adua too would know why sanusi made a mistake. sanusi just decleared war, even sanusi would eat his own finger. from 1 bank, Erastus Akingbola built the bank to 351 branches, No other bank in NIgeria have the record. The only bank that have reach the north, just thier website to verify. Sanusi have very days to correct his mistake. he is declearing war that he can not finish.

What are you ranting about here? What makes Akingbola better than the other sacke CEOs? This's a stupid and immature post. Who's Akingbola anyway??

1luvkipsus:



What are you ranting about here? What makes Akingbola better than the other sacke CEOs? This's a stupid and immature post. Who's Akingbola anyway??

He is not better than the others sacked, surely not.

I however do not believe Akingbola and the four others are the only cowboys we have in the industry.

Why the dayocokers of this world failed to do a thorough industry-wide appraisal and get all the "akingbolas" in the industry still baffles me.

@Illusion2

I wasn't referring to you but to the guy you quoted, Aloy Emeka. Sorry about the mix-up.

@ Illusion2

Maybe I'm schizophrenic but I just took your advice and read your post again. I do not agree that he is a great Nigerian. Criminals also make great speakers.

Sad

qblaze:

@Illusion2
I wasn't referring to you but to the guy you quoted, Aloy Emeka. Sorry about the mix-up.

ok NOW

qblaze:

@ Illusion2
Maybe I'm schizophrenic but I just took your advice and read your post again. I do not agree that he is a great Nigerian. Criminals also make great speakers.

You probably are . What makes him 'a criminal'. . . . . . . . . . , bare facts pls, no hearsay !

I'm not saying he's a criminal. Just pointing out the fact that he could be a dishonest chap.

qblaze:

I'm not saying he's a criminal. Just pointing out the fact that he could be a dishonest chap.

dishonesty is a relative term. . . .at last count many business men could be tagged as 'dishonest'. I mean we are not all perfect,I appreciate exposing scams 7 all,but we shouldn't make it sound like d man had no good in him.

I agree with what the CBN did which is hold them accountable for the state their banks are currently in, taking a cursory look however,I think there's enough blame to go round,I remember a lot of people that bought the Intercontinental shares some years back didn't get certificates for almost 2 years & this gimmick was going around.

So the fact remains that we have really weak intitutions(economic & political) & 'smart' people take advantage of this gaps. U CAN CALL THEM DISHONEST ,BUT ITS THE POOR REGULATORY FRAME WORK I WOULD BLAME

Dont really give a hoot bout the ex CEO. Am just worried about the affairs in the bank as i still have a substantial amount of cash in my savings with them.

@ Becomrich
Your allusions are funny indeed. But please, Sebastian Adigwe and not Nwosu attended CMS Grammar School. I'm an old boy.

pcicero:

@ Becomrich
Your allusions are funny indeed. But please, Sebastian Adigwe and not Nwosu attended CMS Grammar School. I'm an old boy.

Right word is "illusions", mate.

He is a bit loony just in case you are not frequent on or used to NL.

@ Sagamite
I might as well call you a self-acclaimed Encyclopedia. If what i'm quoting was what Becomrich wrote, they you might have to find different meanings for illusion and allusion. "

"Nearly all the people list by sanusi has something to do with pastor adeboye. really some people may say financial supporter.

Cecila Ibru is well know to be a friend of pastor adeboye and most time you would find out around him at the church program including breakfast.


Erastus Akingbola finance some of the church program and his well know by pastor adeboye. Erastus Akingbola is a pastor in a redeemed church."


intellectuals use fact and logic indeed

^^^^^^^

I don't understand your post above.

Hope EFCC arrests him.

Intercontinental denied this, Check Friday Guardian

adebanjou
Re: The Fall Of Erastus Akingbola
« #7 on: August 15, 2009, 04:41 AM »

Sanusi is starting a war, even yar adua would be in trouble. Yar adua better tell him to back out. They should call Sanusi and ask him to restore all of them. That all i can say.

Eratus Akingbola only wanted to collect money stolen by northerner back. Is that a crime


Recent Developments

On Wednesday, August 12, 2009, Intercontinental Bank commissioned an advertisement in The Guardian where it appealed to the President and released an abridged version of a list of purported debtors. The list which was released by A.O.S Practice, its loan recovery agents, included three popular petroleum marketing firms Rahamaniyya, Capital Oil and Tanzila Petroleum. Their respective promoters, Alhaji Abdulrahaman Bashir, Patrick Ubah and Alhaji Shehu Badamasi were also named. To put it mildly, the advertisement was ill advised and stupid. A few bankers who agreed to speak to me yesterday unanimously agreed that Intercontinental Bank was trying to undermine the CBN and prepare the public for a huge bad loan provision in its financial statements.



And i notice those sanusi remove all are associate of Pastor adeboye. Tell sanusi, he has few days to restore or even yar adua would feel the effect. Sanusi is starting a war, that yar adua would end up in trouble. That is my advise to yar adua.

Whats with this Erastus dude? Is he that good? How come he was booted out and fell like a park of cards. Can't see anything good about him

http://en.wikipedia.org/wiki/Madoff

Bernard Lawrence "Bernie" Madoff (pronounced /ˈmeɪdɒf/[3]; born April 29, 1938) is a former financier and convicted felon. Madoff, who once served as a non-executive chairman of the NASDAQ stock exchange, pled guilty to an 11-count criminal complaint, admitting to defrauding thousands of investors of billions of dollars. He was convicted of operating a Ponzi scheme that has been called the largest investor fraud ever committed by a single person.[4][5] Federal prosecutors estimated client losses, which included fabricated gains, of almost $65 billion.[6] Other estimates of the fraud, excluding the fabricated gains, are $13-21 billion.[7] On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.[8][9]

Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest on December 11, 2008.[10][11] The firm was one of the top market maker businesses on Wall Street,[12] which bypassed "specialist" firms, by directly executing orders over the counter from retail brokers.[13]

Madoff's sons contacted authorities on December 10, 2008, reporting that their father had just confessed to them that the asset management arm of his firm was a giant Ponzi scheme, and quoting him as saying it was "one big lie." [14][15][16] The following day, Federal Bureau of Investigation agents arrested Madoff and charged him with one count of securities fraud. The U.S. Securities and Exchange Commission (SEC) had previously conducted several investigations into Madoff's business practices since 1999, which critics contend were incompetently handled.[12]

plenty of similarities between the two, wouldn't you say

_{note: you're never as good as they say you are when you win, and you're never as bad as they say you are when you lose}

Whats with this Erastus dude? Is he that good? How come he was booted out and fell like a park of cards. Can't see anything good about him


Eratus, Eratus,

That name, Jim Ovia , and Cicilia Ibru have being at the top echelon of the banking industries for decades and now it seems as though they have been around for eternity, not only that, they were the most 3 flamboyant CEO’S they were also the most fashionable ones.

They were unstoppable wielding so much financial muscle in a country where politicians were revered to see bankers with so much influence and power was a first in Nigeria, one would undoubtedly not rule out envy and jealousy amongst the political class and elites. The advantage they had was they could splash their cash without any retribution from anybody or any quarter unlike the politicians who had to be ingenious and covert in their operation.

They were only allowed to flourish and got their strips and ranks from the OBJ / Soludo regime. You need to know that regime turned little or known millionaires into billionaires in dollars over night. Who was Femi Otedola before 1999.

nigeria and politricks

That email doesn't seem genuine at all. If it is, I challenge you to click the "forward" button on the email as if it were being forwarded to someone else, then COPY and Paste it!

The Economic and Financial Crimes Commission (EFCC) yesterday sealed off the Ikoyi, Lagos home of former Chief Executive Officer of Intercontinental Bank, Mr. Erastus Akingbola.

Akingbola’s six other houses in Lagos and London may also be sealed off today.

The commission has ordered eight banks to freeze over N346.1billion in Akingbola’s accounts.

It, however, said it has limited Akingbola’s access to only N1.4million per month for living expenses and legal services.

EFCC chair, Mrs. Farida Waziri, ordered that 12, Ruxton Road, Ikoyi, Lagos, be sealed off yesterday.

A source said: "The EFCC chair took the action in line with a court order secured by the commission on December 31.

"We have so far taken possession of the residence in Ruxton. We will seal off other houses in Lagos and London on Wednesday (today) based on the Mutual Legal Assistance Treaty with the United Kingdom (UK)".

The six other houses to be sealed off today are: Property at Milverton Road Ikoyi; Amazing Grace Plaza, Ligali Ayorinde Street, Victoria Island, Lagos; No 2, Bedwell Road, Ikoyi (suspected to be owned directly or indirectly by Akingbola); 26, Chester Terrace, London, England NW1 4ND (suspected to be the residence of Akingbola); No 65, Gove-End Road, London (suspected to be owned by Akingbola) and No 8, Connaught Street, London W2 2AH-England.

EFCC spokesman Femi Babafemi confirmed the story.

He said: "Our operatives went to Akingbola’s house to implement the court order."

Findings revealed that Mrs. Waziri has also written eight banks to freeze Akingbola’s accounts.

A document obtained yesterday named the accounts and banks as: "Special, current, savings, deposit or domiciliary in the name of Akingbola (and parties bound by the order) in Intercontinental Bank Plc (including accounts with numbers -0001200000029420; 0001210000005334; 0111001000352735; 0111001000352745; Access; Zenith; Fidelity Bank-02740201003714; Skye; First Bank of Nigeria Plc(in the name of Bankinson Nigeria limited) Associated Discount House Limited; and Intercontinental Bank (UK) Limited.

"The Mareval sums include N346, 185, 841, 243.75billion being the (a) total amount comprising the 28-count charge against the said Akingbola in (FHC/L/CS/443c/09) less the sums in counts four and five thereof being the subject of a civil recovery action in England against the said Akingbola by Intercontinental Bank Plc and (b) other sums in Naira being proceeds of economic crimes for which the said Akingbola is to be charged.

"The amount of £1,085,515million being the total amount which prima-facie investigation evidence shows were proceeds of economic and financial crimes by the said Akingbola".

Apart from the accounts, Akingbola’s shares and equities in 11 companies were frozen.

The companies are: Intercontinental Capital Markets Limited; Tropics Securities Limited; Summit Finance Company Limited; Tropics Finance and Investments Company Limited; Octopus Securities Limited; Regal Investment Nigeria Limited; Chartwell Securities Limited; Intercontinental Registrars Limited; Intercontinental Securities Limited; Yankuri Nigeria Limited; and Associated Discount House Limited.

The order, granted by Justice T. Abubakar of the Federal High Court, Lagos reads in part: "That an order be issued as specified in the form of the Schedule to the EFCC Act 2009 directing the Managers or such persons in control of the financial institution in Schedule I to this application to freeze all the bank accounts held directly, indirectly by or for the benefit or on behalf of Dr. Erastus B.O. Akingbola within Nigeria being accounts recipients of proceeds of economic crimes by Dr. Erastus B.O. Akingbola pending conclusion of trial of the said Akingbola.

"It is ordered that all assets being proceeds of economic crimes, held directly, indirectly by or for the benefit or on behalf of Dr. Erastus B.O. Akingbola within Nigeria listed in Schedule II to this application be temporally attached pending the conclusion of trial of the said Akingbola.

"I grant order of Mareval Injunction pending trial of the said "Akingbola, restraining the said Akingbola, his wife, Dr. Anthonia Tolulope; his children, relatives, solicitors, servants, associates, trustees, agents, privies and companies from removing, alienating, disposing of or dealing with or diminishing the value of assets whether held directly or indirectly or for his benefit within the jurisdiction of this court up to the amount set out in Schedule II."