FORMER Group Managing Director and Chief Executive of Intercontinental Bank Plc, Dr. Erastus Akingbola, yesterday called on the federal government to probe what he described as reckless destruction of the banking industry by a handful of men who are still pretending that they are working in the nation's interest.

Akingbola, who is being prosecuted by the Economic and Financial Crimes Commission (EFCC) over alleged misappropriation of N364 billion belonging to the bank faulted the ongoing banking reform by the Central Bank of Nigeria (CBN), saying it was aimed at hijacking other people's businesses by a cabal.

In a statement at the weekend, Akingbola, who blamed his ordeal on Kwara State governor, Dr. Bukola Saraki; CBN governor Lamido Sanusi and the CBN-appointed incumbent Managing Director/CEO of Intercontinental Bank Mahmoud Lai Alabi, also called for the return of the bank to its shareholders.
Akingbola, it would be recalled recently returned to the country to face charges of fraud levelled against him by the EFCC. But describing the allegations against him as "absurd," the former Intercontinental Bank boss said: "I am happy that I am now in the law courts where the truth, by the grace of God, will surface. I repeat that I did not steal or misappropriate one kobo from Intercontinental Bank Plc throughout my 21 years service to the bank."


He accused the Alabi-led management of sinister motive, saying: the numerous pointers to the sinister motive behind the take-over of Intercontinental Bank by the trio was that Mr. Alabi, barely few days after assumption of office as MD/CEO, fraudulently wrote off N7.5 billion out of the N8.5 billion loan Bukola Saraki and his companies took from the bank.


Describing the write-off as a cash gift, Akingbola questioned if the action was in the interest of the depositors that the CBN governor claims that he is protecting, adding that the Alabi management has been busy spending money he left in the bank.
Part of the statement read: Just like any other bank trading in the industry, Intercontinental Bank had Interbank takings of N73 billion which is more than acceptable for a N1.6 trillion bank. However, today, under the Mahmoud Lai Alabi management, the bank owes the CBN over N100 billion and owing the Interbank market over N300 billion, showing a massive exposure of N400 billion in less than one year of the take-over; and Sanusi is not calling for Lai Alabi's head for obvious reasons.


Even if the bank was in trouble, as alleged by Lamido Sanusi, why were its shareholders and Management not given the same opportunity Unity Bank and Wema Bank was given to recapitalise their banks? I think it is now clear that the motive behind this so-called Banking Reform was simply to hijack other people's businesses. It is clear that Alabi has been sent to the bank to loot it for his mentors and destroy the Akingbola Legacy.


Alabi is paying himself N7 million per month (N84 million per year), yet he is still using the Bank's money to fuel his car and generators. I never earned up to N5 million per month throughout my 21 years of building the bank.


Lai Alabi has bought for himself and each executive director 3 bulletproof jeeps each. I only used two official cars at any one time throughout my 21 years stay in the bank. Lai Alabi and his Executive Directors had granted themselves Housing loans of N100 million each having worked for just a few months.


�Before I left the Bank, we had 350 branches in Nigeria, 40 branches in Ghana, one UK office and ten stand-alone subsidiaries. Now Mahmoud Lai Alabi is selling off the Branches and other assets of the bank with impunity and diverting the proceeds.



�Before I left the Bank, we had 12,000 members of staff. Now Mahmoud Lai Alabi has retrenched over 3,000 of them (and he is set to sack more). I think employment provision should be a major measure of an economy that is doing well.


�Before I left the Bank, Intercontinental was an international bank that every Nigerian, and indeed lovers of the Black race, that arrived at London Heathrow Airport, Terminal 5 was proud of. Now Lai Alabi wants to turn the Bank into a Regional Bank restricted to the south-west of Nigeria alone. These are the same people who are appealing to banks from other nations to come and buy over Nigerian banks but are busy trying to shrink Nigerian banks.


http://www.champion.com.ng/displaycontent.asp?pid=695

Now you tell us, what kind of two-faced, corruption-bedeviled, dumb-arse Saviour is this mallam, Mr mallam sanusi?

yawn

whats with this before i left the bank

don't you mean before i ran away like a thief

not to worry.

sanusi is ready for you.

^^ yeah right , but u have nothing to say about sanusi's crooked, vitiated and depraved actions

Hmmm,Sanusi's can hide and camouflage his sinister plot all he wants,one day,the light of probity will surely shine on his wicked and criminal acts and he will have to answer for all his wickedness

@Macjive01
This is stale news you dolt! It's dated September 2010.

First you post 'news' that a Witch 'confessed' to powering DaGrin. Now you post this stale rant from a drowning thief. Methinks you need to get a life ASAP.

These Guys(Akingbola, Saraki and Sanusi) are six of twelve and half a dozen , interpreted to mean they are two sides of the same coin.
Look at the man talking about depositors and shareholders as if they care. How come the same depositors and shareholders were kept in the dark, until the power play resulted in one  of them getting severely politically injured.

Honestly, I am not fooled. While I do not doubt the truth of his allegations, what I cannot stand is the tendency to make himself look like a victim. He got what he deserved. If the game is all about power, then you have to be on the right side.
If it is about the interest of shareholders, then don't do what you cannot be proud of to say on the front pages of the Newspaper.

I thought he said he was a Pastor, how come his lifestyle does not reflect the humility associated with his calling?. Maybe, he is a 'modern day definition of the prosperity(by whatever means) ministry.

it was clear to everyone intercontinetal was in big trouble

my wife has an account there

two months before hurricane sanusi, in a desperate bid to raise liquid cash, intercontinetal issued a bizarre directive via text - the minimum balance in any account should be n10,000

of course, there was an outcry, and so they softpedaled, akingbola spoke on radio ads apologising for the mistake

the next week, they started one of those promos - win car, houe etc - just have minimum 10k balance in your account

two weeks later, there was a nationwide atm outage over the weekend. no accountholder could withdraw money

another apology from akingbola

we also know how he famously ran to ota to be obj to stop the hammer of sanusi

i have actually heard that sanusi may have goofed with some of the mds appointed.

and i find this really disturbing, because it is more indicative of a deep failing in society (than of bad choices by sanusi) , the inablity of the people at the helm to do the right thing, and put company first

a sense that people are waiting for their turn to chop and live large rather than their turn to become icons who charted a new direction for a company

as long as nigerians are like this most companies will die after one generation - since the family affair thing rarely work

[size=14pt]In as much as I don't support unruly and wanton excesses of share-holder's equity being lavishly plundered by supposedly fund managers and trustees, this idea of a CBN Governor taking over a private concern is not only sad but depressing. This spurious and suspicious concept whether it is an unnecessary high handiness on the part of the CBN can be detrimental to would be investors in future,  it is also a slight to the whole ideology of capitalism and all it stands for to say the least.

I believe whatever excesses Akingbola had as per liquidation or insolvency are issues within the ambit of allowable risk otherwise the CBN Governor in charge b4 Sanusi would have screamed blue-murder.

This sacrilegious and revolting idea of someone's sweat taken away from them and giving to another person is theft let us be clear and sincere about this without mincing words, calling it daylight robbery would be an under-statement,  so also  is the silly  idea of  a chief executive resigning or retiring his/her  post after 10 years service, the idea smacks of idiocccy that should  not be entertained.

Is it now the responsibility of the state albeit through her financial institutions  to tell a private citizen when he/she should  retire disregarding the millions of share-holders who should have a say on how their joint commonwealth is run.  Have we not gone down this familiar road before where  a bank was robbed blindly by executive fiat by the same familiar names involved in this theft( Alas the Saraki's) and the Societal Generale saga. It would appear this shameless penchance and conspiratoy behavior has become the mainstay of this family.

Societal Generale being a french subsidiary bank, has no respect of due process and it would appear it encourages such flagrant brigandage and misuse of the people's money, having recently read a piece(I[b] belief there is some truth in it)[/b]  where it was indicative that french troops operating in Northern Ivory Coast broke into banks in that country and catered away their loot of course in connivance with a Man Nigeria is now supporting in that country.[/size]

am joyfully anticipating the day my dear state governor bukola saraki will be arrested on corruption charges, this over-ambitious bas tard and his families have sucked kwarans dry, God go punish them all and hin LovePeddler sister.

^^^ cast ur vote and protect it is the solution.