N12bn transferred into Akingbola’s account before CBN’s intervention - Intercontinental Bank, - As CBN orders banks to publish unaudited reports quarterly
From Dare Adekanmbi and Odidison Omankhanlen
Friday, December 11, 2009
THE new management of Intercontinental Bank Plc has said that the transfer of funds totalling N12 billion into the account of the sacked group chief executive, Mr. Erastus Akingbola, was done before the August 14, 2009 intervention of the Central Bank of Nigeria (CBN) and not after assumption of duties by the new managers.


This was contained in a statement signed by Mr. Lawrence Ndukwe, and made available to the Nigerian Tribune.


According to the statement, a refutal became necessary following reports in the media that the transaction was done post-CBN intervention of August 14, 2009.


“Putting the records straight, the management of the bank wishes to state that the transactions on the transfer of approximately £10 million were done between March and April 2009, whilst the transfer of N10 billion was done in May, 2009. Both transactions were done before the CBN intervention and assumption of office of the new management team,” the statement explained.


The statement added further that consequent upon the denial by the current management on the transaction, four senior officials of the bank had been invited for questioning by the Economic and Financial Crimes Commission (EFCC).


It reassured the public that the new management had, since assumption of duties, put stringent controls in place to forestall a recurrence of such transactions.


Meanwhile, in line with its zero tolerance for any misdemeanour in the banking sector, the Central Bank of Nigeria (CBN) has rolled out more disclosure requirements to banks, warning that erring bank chief executives will be made accountable for his action.


In his opening address at the 6th Annual Corporate Financial Reporting Summit of the Nigerian Accounting Standards Board (NASB) in Lagos on Thursday, CBN Governor, Mallam Lamido Sanusi, stated that henceforth, banks in the country would now be required to publish their unaudited reports on quarterly basis, stating that it would enable the regulators and users of such financial reports to be better informed on the financial status and performance of the banks.


Other areas of disclosure that were strengthened in the new guidelines, according to the CBN governor, included risk management, corporate governance, capital structure and adequacy, executive compensation, regulatory sanctions and penalties. Others are disclosure of related companies, persons engaged as service providers and suppliers to a bank; disclosure on Board of Directors’ performance; concentration of assets liabilities and off balance sheets and disclosure on loan quality, among others.


Sanusi, who was represented by the Director, Banking Supervision, Mr. Samuel Oni, further observed that the revelations from the recent joint audit examination conducted on all the banks, in concert with the Nigeria Deposit Insurance Corporation (NDIC), showed that the industry needed cleansing, stressing that disclosure deficiencies were found to have largely contributed to weak internal controls and impudent risk management practices in banks.

Innocent until proven guilty

@Poster,,,Remember the guy is a pastor ooooo,,,,Touch not my annointed and do my prophet no harm!!!

SO was Intercontinental Bank established to collect tithes?
What do we call this one now-surely not Islamic Banking?

REAL TRUTH:

@Poster,,,Remember the guy is a pastor ooooo,,,,Touch not my annointed and do my prophet no harm!!!

am sure only WELL CONNECTED CHURCH RCCG can produce such gifted and annointed PASTOR.

chosen04:

am sure only WELL CONNECTED CHURCH RCCG can produce such gifted and annointed PASTOR.

Hmmnmmm chosen,,I no dey ooooo,,,Touch not my annointed and do my prophet no harm,,,even if he steals money or runs down a bank or clears church money,,,,let God judge ooo,,,na so dem teach us for church,,,,Erastus is annointed with annointing oil and mantle oooo

“Putting the records straight, the management of the bank wishes to state that the transactions on the transfer of approximately £10 million were done between March and April 2009, whilst the transfer of N10 billion was done in May, 2009. Both transactions were done before the CBN intervention and assumption of office of the new management team,” the statement explained

CBN failed in their role!!!

How can such amount be transfered out of Nigeria without clearance from CBN.

CBN has always being the real criminal allowing all our money to be transfered abroad by 'armed robber rulers'

They should shut-up or do their work properly!

why is the hand of God always on evil. pastor thief!

Why is it that one cannot place trust on anything that glitters in this country ? These transactions occured in Soludo's time at the helm of CBN's affairs - isn't Soludo supposed to be genius that revolutionised the banking industry in the country ?
I also remember when Lamido started, "He's here to achieve a hidden agenda", was what we st.upid Nigerians were crying. The same st.upid Nigerians whose life savings was serving as the Largesse for these heartless scallywags.
Yes innocent until proven guilty, but there is no explanation for such amounts of money going into that man's accounts for any reason. The only explanation would be if the accounts were not his - of which we still await verification.

Akingbola, if i were him i will come back home and give all the money back and face the music because i am a pastor

our church has a bigger role to play to stop fraud in Nigeria, buy wait they want big tithe so they have to keep there mouth short collect billions use to make our church bigger to save more soul

in the last days of akingbola, he was seen at the Bleep church to ask forgiveness of sin, but make no mistake we are all guilty, only the expose one is held and given bail

akingbola sir, i miss you , so come home and i forgive you just bring my money and shares back.

whether we like it or not Nigeria will get better and our Satan will move to another country.