Akingbola stole but he created jobs for the people, what do we say of IBB and OBJ who stole and yet they are telling us whether we like it or not they must rule us. Haba, Akingbola is ok. He donated to the church at least he didnt us it to invite Joe for his daughters wedding. Neither did he use it for tummy tuck. Ok he stole but he used it to set up inspiration fm and gave job to many he didnt use it to pursue polictical office. Ok he stole but Intercontinental Bank was rated amongst the biggest banks in the world did he bribe oyinbos to add Intercontinatel in the list. At least we can see his works at Unilag and many higher institution. Where is IBB and OBJ's landmark, gulf war windfall where is it. Please anyone who is accusing Akingbola based on what the newspaper are saying and not based on know fact is only been unfair to him. Let he who is without sin cast the first stone. The man helped the poor.
If he is jailed IBB and OBJ must follow suit.

totorimi,There is no excuse or justification for what Akingbola or whatever they call him has done, A thief is a thief and should be treated as a thief, My Mother use to tell me when i was a young lad that there is no small lie(all lies are lies), Anyways,i wonder why he fled the country because all these are mere accusation, it has to be proved beyond reasonable doubt by a court of competent jurisdiction that actually accommitted the crime(and at the moment remains innocent), Remember,i guess your parents must have told you as a young Lad that "A CLEAR CONSCIENCE FEARS NO ACCUSATION" am i right I bet you if CBN had not come to the rescue of this banks you would have seen the damage the actions of this bank executives would have done to the poor masses.
I wonder why our leaders and Chief Executives continue to behave as if they have inferior brains compared to their counter parts in the western world, I only pity his children, if all these accusations are true because there is a saying in my place that a snake can only give birth to a snake.So if he is a thief, he can only give birth to thiefs, period.

Wetin d guy do, who r the investors saying they want their money and they were not given?

i wan money

To be Honest with You, the EFCC is only setting up Jonathan , so that he can loss the election and they can have a northerner as president.

totorimi:

Akingbola stole but he created jobs for the people, what do we say of IBB and OBJ who stole and yet they are telling us whether we like it or not they must rule us. Haba, Akingbola is ok. He donated to the church at least he didnt us it to invite Joe for his daughters wedding. Neither did he use it for tummy tuck. Ok he stole but he used it to set up inspiration fm and gave job to many he didnt use it to pursue polictical office. Ok he stole but Intercontinental Bank was rated amongst the biggest banks in the world did he bribe oyinbos to add Intercontinatel in the list. At least we can see his works at Unilag and many higher institution. Where is IBB and OBJ's landmark, gulf war windfall where is it. Please anyone who is accusing Akingbola based on what the newspaper are saying and not based on know fact is only been unfair to him. Let he who is without sin cast the first stone. The man helped the poor.
If he is jailed IBB and OBJ must follow suit.

Anini sef gave money to the poor

Painting the guy as some sort of robin Hood doesnt help his case one bit.
For OBJ and IBB there time just hasnt come yet so thats no justification for stealing!!

I'm happy Akingbola has returned to face these accusations against him.
I don't need to ever-emphasize the need not to jump to conclusions about his guilt or innocence. While the courts do their job in getting to the root of these issues, fact remains, and clearly too that Erastus Akingbola founded a Nigerian institution---Intercontinental Bank.

a typical nigeria is the one that is full of envy and jealous.
one year after Sanusi injected 100b into intercontinental, the bank has lost more that 500b.
what was the inter share value before the injection.
their customers withdrew billions of naira after the sacking.
the bank is still operating with a devalued status that sanusi caused
so if sanusi didnot come or did not take action those banks would go under? BIG LIE. not intercontinental nor oceanic

the man is still an innocent untill proof otherwise by a competent court of law not SANUSI nor EFCC

if you work in a bank in nigeria nigerians go call you all sorts of names

let us open our eyes and mind and follow the events unfolding.

to hell to all the bad belle people.

^^^Hmnn,let's wait and see

People with clean hands don't run in the manner he ran.
The stay and defend their name, their integrity.The way he ran only shows he didnt have any such to protect and those who paid for it were innocent bankers who were just making a living.
Founding or starting up a company gives no one the right to use other people's money anyhow.
Let the courts do their job and let all thieves get their fingers burnt.

reindeer:

People with clean hands don't run in the manner he ran.
The stay and defend their name, their integrity.The way he ran only shows he didnt have any such to protect and those who paid for it were innocent bankers who were just making a living.
Founding or starting up a company gives no one the right to use other people's money anyhow.
Let the courts do their job and let all thieves get their fingers burnt.

The only part of your statement I agree with.

AKINGBOLA & CO WERE ONLY SCAPEGOATS VIRTUALLY ALL D BANKS MD R GUILY OF D SAME OFFENCE.SANUSI ONLY CHOOSE D ONCES HE HAD GRUDGES WIT.LETS WAIT 4 D COURT ANYWAY.

ahhhhh, no more owambe for this amala man oh!!!

Quote from: Tudór on Yesterday at 01:13:17 PM
Ah, so the old fool is back?
His Criminal mentor and spiritual father Pastor Eunuch Adeboye probably urged him to come back and loot some more in the name of jesus.

Either way, its more money for G.O.
I heard theres now anti-efcc offering at RCCG? It mandates God to protect your riches from EFCC.


Are you insane, thread is talking about Akingbola, you are calling Pastor Adeboye a thief.
So you think because there is freedom of speech and you are an atheist or whatever, you can just go around mocking people anyhow. If you have a problem with Adeboye then just go to his house at the Redemption camp and start raining all your abuses there.

And when people are talking, you too would be claiming maturity, just take a look at what you have written as to what the title of the thread is and you will see how much stupidity you just displayed.

Anyways someone said you already dead and i wont be surprised if after a while nobody sees your post anymore.

Why don't you go on an Islamic thread and start cursing Prohpet Mohammed or calling Allah a fool and see if the fundamentalist wont trace your ip all the way to your present location and teach you a lesson.

It pains me that a lot of crap has settled into religion, but showing this kind of attitude is unacceptable. Even the adverts potraying Jesus as Gay was banned and seriously taken as an offence by the christian community.

If you feel you have a problem of abusing religion then maybe you should just keep quiet.
Someone voted as the Legend of our time by us Nigerians and also makes the times list at no 49 for 50 most influential people in the world is whom you open your filthy mouth to talk about in this manner!

Why don't you start your own atheist synagogue or do something to even gain you intl recognition rather than throwing weightless written punches on NL.

odedele:

AKINGBOLA & CO WERE ONLY SCAPEGOATS VIRTUALLY ALL D BANKS MD R GUILY OF D SAME OFFENCE.SANUSI ONLY CHOOSE D ONCES HE HAD GRUDGES WIT.LETS WAIT 4 D COURT ANYWAY.

Good talk!

and for those who are close to both sides, you will definitely know that this grudge had been there for a long time. Finally Sanusi had his opportunity when he was the head of the CBN. I just felt Mr Ak overstayed in the position and could have avoided this mess if he had stepped down knowing that Sanusi was going to go after him. Anyway im close to the heart of the matter and i know one thing is that MR AK will definitely come back to Naija has he already has and his family would soon return when all this is over

If you feel you have a problem of abusing religion then maybe you should just keep quiet.
Someone voted as the Legend of our time by us Nigerians and also makes the times list at no 49 for 50 most influential people in the world is whom you open your filthy mouth to talk about in this manner!

The so called list top 50 whatever has Osama on it as well

dayokanu:

The so called list top 50 whatever has Osama on it as well

Please show me oh and tell me under what category they put Osama. Of course you would know that they have categories like Heroes, Leaders, Artists, Thinkers, Essay and so on.Im waiting.

Harzan:


@Jencejyde:
U must be out of your mind. Doe, i fault d guy for writting odds about PAPA Adeboye but that doesnt mean U shud compare him to Prophet Muhammed or Allah.

Common, U are also wrong!

My apologies if you felt i compared Papa Adeboye to Prophet Mohammed or Allah. Infact i did not, i was only trying to express how it would sound if the two(Prophet Mohammed or Allah) were to be insulted with such magnitude, please i did not and will not compare, i only made reference to, but if you believe i shouldn't have, then i am very sorry.

But then again if you follow this fellow called Tudor you will know why the rush of blood, the blasphemy has got to stop.
Yoruba people say "Taba Sukun, oye ka si ma Riran" Even when crying we should not say we are blind and cannot see.
I don't know if Christians(Pentecostals, Anglicans, Methodist, Catholics and others) seem to be enjoying the way one individual sits behind a computer somewhere throwing abuses at institutions that have been in existence for decades.

If you all beleive its right and should continue, then i certainly don't agree. I can't say corruption and evil has not crept into christianity with all the things we see around us. yes it's true and should be Condemmed, but not to go as far as allowing God's name be masacared all in the name of we are on a public forum.

I believe moderators are here and should really do something about this.

1: Barack Obama
2: Hu Jintao
3: Nicolas Sarkozy
4-5-6: Economic Triumvirate
7: Gordon Brown
8: Angela Merkel
9: Vladimir Putin
10: Abdullah bin Abdulaziz Al-Saud
11: Ayatollah Ali Khamenei
12: Kim Jong Il
13-14: The Clintons 15: Timothy Geithner
16: Gen. David Petraeus
17: Sonia Gandhi
18: Luiz Inácio Lula da Silva
19: Warren Buffett
20: Gen. Ashfaq Parvez Kayani
21: Nuri al-Maliki
22-23: The Philanthropists
24: Nancy Pelosi
25: Khalifa bin Zayed Al Nahyan
26: Mike Duke

27: Rahm Emanuel
28: Eric Schmidt
29: Jamie Dimon
30-31: Friends of Barack
32: Dominique Strauss-Kahn
33: Rex Tillerson
34: Steve Jobs
35: John Lasseter
36: Michael Bloomberg
37: Pope Benedict XVI
38: Katsuaki Watanabe


39: Rupert Murdoch
40: Jeff Bezos
41: Shahrukh Khan
42: Osama bin Laden
43: Hassan Nasrallah
44: Dr. Margaret Chan
45: Carlos Slim Helú
46: The Dalai Lama
47: Oprah Winfrey
48: Amr Khaled
49: E. A. Adeboye
50: Jim Rogers

Adeboye experienced a miracle recently on a long and dangerous stretch of highway near Lagos, he says. [b]His car was out of gas, and the gas stations were empty. Then God spoke to him, clearly, and said to keep driving. Adeboye drove 200 miles on empty. Could his gas gauge have been broken? No, he insists, God intervened "because of the need … in a crisi[/b]s." Adeboye knows well what some in the West have forgotten: in today's world, everyone needs a Daddy.

http://www.elifeonline.net/elife19-Jan-Feb/enochadeboye.htm

dayokanu:

1: Barack Obama
2: Hu Jintao
3: Nicolas Sarkozy
4-5-6: Economic Triumvirate
7: Gordon Brown
8: Angela Merkel
9: Vladimir Putin
10: Abdullah bin Abdulaziz Al-Saud
11: Ayatollah Ali Khamenei
12: Kim Jong Il
13-14: The Clintons 15: Timothy Geithner
16: Gen. David Petraeus
17: Sonia Gandhi
18: Luiz Inácio Lula da Silva
19: Warren Buffett
20: Gen. Ashfaq Parvez Kayani
21: Nuri al-Maliki
22-23: The Philanthropists
24: Nancy Pelosi
25: Khalifa bin Zayed Al Nahyan
26: Mike Duke

27: Rahm Emanuel
28: Eric Schmidt
29: Jamie Dimon
30-31: Friends of Barack
32: Dominique Strauss-Kahn
33: Rex Tillerson
34: Steve Jobs
35: John Lasseter
36: Michael Bloomberg
37: Pope Benedict XVI
38: Katsuaki Watanabe


39: Rupert Murdoch
40: Jeff Bezos
41: Shahrukh Khan
42: Osama bin Laden
43: Hassan Nasrallah
44: Dr. Margaret Chan
45: Carlos Slim Helú
46: The Dalai Lama
47: Oprah Winfrey
48: Amr Khaled
49: E. A. Adeboye
50: Jim Rogers





http://www.elifeonline.net/elife19-Jan-Feb/enochadeboye.htm

Well sourced!
But have you noticed that the man Adeboye is the only and First Nigerian to make that list, and if you read the source, you will find out the reasons why he was chosen to be on that list compared to osama's.

Clap for your brother, it is not easy oh! hope to see you there too and for the right reasons.

@Jencejyde:
Apology well accepted. I think these religion differences should be personal biz and not what NLers will b arguing upon.

@Jencejyde and dayokanu:
Please U guyz should not change the topic of this thread.

I rest my case.

Harzan:

@Jencejyde:
Apology well accepted. I think these religion differences should be personal biz and not what NLers will b arguing upon.

@Jencejyde and dayokanu:
Please U guyz should not change the topic of this thread.

I rest my case.

Thank you and i remain humble.

hope it doesn`t[img]http://s07.flagcounter.com/count/DymW/bg=ffffff/txt=ffffff/border=ffffff/columns=1/maxflags=1/viewers=3/labels=0/[/img]

Jencejyde:

Well sourced!
But have you noticed that the man Adeboye is the only and First Nigerian to make that list, and if you read the source, you will find out the reasons why he was chosen to be on that list compared to osama's.

Clap for your brother, it is not easy oh! hope to see you there too and for the right reasons.

Yeah the main reason Adeboye is there was because he was the first human to drive 200miles on an empty tank. At that rate, If he can commercialize it, We wiould achieve a cleaner environment, No need to use Petrol and Oil prices would drop.

Tudor you have a major problem and you need help fast!

[size=18pt]The Takeover Agenda [/size]
Written by Demola Abimboye
Sunday, 08 August 2010

Erastus Akingbola, embattled former chief executive officer of Intercontinental Bank PLC reveals in a petition to the attorney-general and minister of justice how a plot was hatched to take over the bank from its owners

His return to the country was as miraculous as his departure a year earlier, beating eagle-eyed security operatives in Lagos and Abuja on both occasions. Twelve months after his 21-year-old baby – the Intercontinental Bank PLC, IB, PLC – was kidnapped from him by the Central Bank of Nigeria, CBN, and he escaped being captured by going on self exile in the United Kingdom, Erastus Akingbola, former managing director of the bank, flew quietly into the country August 3, 2010, through the Nnamdi Azikiwe International Airport, Abuja.

The following day, he reported voluntarily at the headquarters of the Economic and Financial Crimes Commission, EFCC, at 10.15a.m. accompanied by Felix Fagbohungbe, his lawyer. By press time last Friday, August 6, he was yet to be released.

Akingbola’s unscheduled return to the country has created new dimensions to the various legal battles instituted against him on allegations first, of “money laundering” and later, “breach of fiduciary relations” or the ones he filed to clear his name from the charges and the takeover of his bank by the CBN. It also opened a new vista in his attempt to retrieve the bank he holds as dearly as his baby from the CBN as well as unearthed the politics of the travails of the former president of the prestigious Chartered Institute of Bankers of Nigeria, CIBN.

In a fresh petition to Mohammed Adoke, attorney-general and minister of justice, Akingbola has revealed that rather than allegations of stealing money of IB PLC, the duo of Sanusi and Bukola Saraki, governor of Kwara State, have used the so-called reforms of the banking sector by the former soon after he became governor of the CBN on June 4, 2009 to plot a systematic take-over of the 21-year-old bank. The grand plan is being executed by Mahmoud Lai Alabi, former employee of the governor who once turned around WEMA Bank PLC before selling it to SW8 Investments Limited.

The document obtained exclusively by Newswatch was titled: “Fraudulent takeover of Intercontinental Bank PLC by Dr Bukola Saraki, Mallam Lamido Sanusi & Mahmoud Lai Alabi.” The former IB PLC boss revealed that about two and a half years ago, the governor who was former managing director of Societe Generale Bank of Nigeria, SGBN, which belonged to the Saraki family; had requested that his distressed bank be merged with Akingbola’s outfit. But the deal failed principally because of SGBN’s debt crisis which forced the CBN to revoke its licence a couple of years earlier. “We conducted a due diligence exercise and noticed N30 billion negative capital. So the board of IB PLC turned it down. Saraki was very unhappy,” Akingbola said.

Saraki never betrayed his emotions but bid his time. He continued to do business with Akingbola and obtained about eight billion Naira loans for his companies. Time to have his pound of flesh soon came when it was time to renew the appointment of Chukwuma Soludo as CBN governor. Saraki was alleged to have prevailed on the late President Umaru Yar’Adua not give the professor of Economics a second term. Instead, he took Sanusi to the late president as the next man for the coveted job. “Being my customer, Saraki confirmed this personally to me,” Akingbola wrote.

On June 4, 2009, government announced Sanusi’s appointment as CBN governor. Barely two weeks in office, on June 18, he began a probe of 10 banks including IB PLC. To Akingbola, this was unusual, as the regulatory institution had just completed a comprehensive examination of the bank as part of normal protocol and gave it a clean bill of health. The fresh examiners concluded work mid- July and the bank waited for their report. “Suddenly, they returned claiming that several accounts, which they had verified and agreed with us as performing were now re-classified non-performing,” he told the justice minister.

The manipulations notwithstanding, IB PLC’s ratios were reportedly alright. Yet, the examiners returned four more times to re-classify more accounts as “non-performing.” These included accounts Akingbola and the bank’s board regarded as their bests. The embattled banker said these unusual re-classifications forced him to ask some of the examiners what the problem really was. “They confided that the new CBN governor was bent on removing certain bank CEOs, and wanted to show that IB PLC was too exposed to bad loans.”

They revealed further that Sanusi had formed a team in CBN reporting to him directly and that each completed examination report was turned down if it was not damning enough. They were then ordered to go back until they achieved certain ratios. “One of the examiners showed me a report on IB PLC, which was favourable. This had been rejected by the CBN governor as it did not justify or warrant my removal.”

Worried by the development, Akingbola claimed he sought Saraki’s assistance since he recommended Sanusi’s appointment. The Kwara State governor reportedly said Sanusi was unhappy with him and Cecila Ibru of Oceanic Bank because the duo had contributed six billion Naira to stop his confirmation by the Senate. “I refuted this allegation by telling Saraki that my religion would never allow me to do such a thing, as no human can undo what God has ordered in Heaven.”

Akingbola revealed that he did not stop there. He met Sanusi and asked him about the six billion Naira Senate bribery allegation. “He said he had put that behind him, as ‘not all king makers in council will support the choice of a new Emir.’ I once again reiterated my innocence, based on my religion that the God I serve will never permit me to try to block someone else’s good fortune.”

Still not convinced he had cleared himself from the festering mess, Akingbola told Aliko Dangote, president, Dangote Industries, the strange CBN’s repeated examinations and the bribery allegation by Sanusi. He promised to intercede. Surprisingly, Sanusi told Dangote that it was Saraki who revealed to him the bribery plan and that Akingbola even lobbied him to assist him become the CBN governor. Saraki had allegedly incited Sanusi against the Intercontinental boss to facilitate his removal and takeover of IB PLC. “It has now become evident that both Saraki and Sanusi used the opportunity of the worldwide financial crisis of 2008-2009, to jump into certain banking institutions and take them over. The crisis had been acknowledged and was being well-managed by Soludo, the former CBN governor. The entire industry was affected, as others worldwide,” Akingbola said.

He noted that the Nigerian economy was hit by four economic catastrophes: the oil price drop from $147 per barrel to $30 forcing oil importers to refuse to sell in a hurry at this new low price, so banks had to give them time for the price to improve; the worldwide stock market collapse that led all foreign investors in the Nigerian Stock Exchange to hurriedly sell their shares thereby further depreciating the NSE index which had adverse effect on the banking industry; the CBN devaluation of the Naira by 40 percent which meant that importers with unsettled bills had to source more Naira to buy Dollar, and thus strained bank customers and the loan portfolio of the banks and a panic among overseas banks that had dollar placements with Nigerian banks. They immediately gave notice and withdrew their funds. IB PLC lost $1.2 billion in this way.

The petitioner said that rather than the new CBN governor perform the role of ‘lender of last resort,’ he used the crisis to takeover banks for his mentor. To date, no report of the examination was made available to any of the sacked CEOs, the management or the boards. They had no opportunity to learn how the CBN came to its decision, nor were given opportunities to respond to the examination reports as is the usual process. “My removal by Sanusi was done in flagrant disregard of the legal provisions regarding the removal of the bank directors (i.e. Section 35 of the bank and other Financial Institution Act, Cap. B4 Laws of the Federation, 2004) as there was no lawful special examination ordered into the affairs of Intercontinental Bank PLC, as required by law. Since no order for special examination of the bank’s affairs was signed by Sanusi, as required of him by the law of this country, his order for my removal is improper and unlawful,” he insisted.

Akingbola recollected that two lorry loads of policemen were sent to IB PLC to remove him, saying it was like a bad movie, a big surprise that a person could be driven away from a business he had started and nurtured for 21 years in one hour; and without any opportunity to contest it. “I was surprised that the next morning (Saturday), all the papers carried personal interview with Sanusi, in which he accused all the CEOs of various misdeeds. This showed that it was pre-planned and well-rehearsed.”

In the evening of August 19, the deposed bank chief executive received a call that Sanusi, under the powers that President Yar’Adua delegated to him, had ordered the EFCC, police and State Security Services, SSS, to arrest him and that two lorry loads of personnel were en route to his house. He hurriedly left the house, mindful of all that had transpired in the previous 72 hours. At that instant, he recalled a professional disagreement he had with Sanusi while he was CEO of First Bank PLC. That time Sanusi’s staff were de-marketing IB PLC by spreading false stories that the bank was distressed. Although Akingbola complained to Soludo who reprimanded him, this sad memory convinced him that Saraki and the new CBN boss wanted to take over IB PLC by fraudulent means. He believed that if they should capture and put him in their custody, they could kill him “in order to silence any opposition to their plans.” He voted with his feet.

Alabi was appointed by the CBN as the new CEO of IB PLC. Instructively, he was an employee of Saraki as chairman of Songa Farms and several development funds in Kwara State. On assuming office, one of his first achievements was to write off Saraki’s loans to the tune of seven billion Naira. The loans were given to Linkers, Dicetrade, Skyview Properties and Joy Petroleum. He also wrote off loans totalling N32 billion for the friends of the governor and Sanusi. According to Akingbola, all the written-off loans had been classified as “good” and “performing” by CBN examiners. More importantly, Saraki secured his loans with his properties in Ikoyi and Victoria Island, Lagos and Abuja.

The CBN examination report of May 2010, was said to have complained about this massive “cash gift” to Saraki. It also noted that there is a N95 billion loan over-provision, which means IB PLC was deliberately marked down previously.

Next, Alabi recruited former SGBN staff as executive directors and loan managers. For example, Gbenga Alade, formerly of SGBN, is now executive director, ED, Risk Management. “As each of the senior management of IB PLC was being terminated, Alabi was recruiting and replacing them with former Societe Generale Staff, in order to complete the takeover. It is clear, from these actions that I was removed to smooth the takeover of IB PLC for Saraki,” Akingbola said, adding “In fact, Saraki is running IB PLC by proxy. Saraki has now used his political power to takeover IB PLC after his failed peaceful merger attempts.”

He is peeved that Sanusi claims to have injected N100 billion, less than 10 percent of IB PLC’s value, and as such now owns the bank 100 percent. But before the take over, the bank had a balance sheet of N1.6 trillion, paid-up capital of N230 billion, 330 branches, two foreign subsidiaries, 10 well- established subsidiaries and 12,000 members of staff. “Where is the justice,” Akingbola wondered.

Worse still, when CBN injected the fund, he wrote to the board that it was a seven-year loan. Akingbola is worried by CBN’s desperation to sell the bank within a year of the loan. Consequently, he has appealed to Adoke to institute independent investigation into the “so-called” banking reform of Sanusi, the fraudulent N32 billion loan write-off at IB PLC and all the allegations against the banks’ CEOs. Also he called on the government which believes in the rule of law, to reverse the fraudulent takeover of IB PLC and return it to its board, management and shareholders. “Even with the deliberate damage being done to the banks and their stock prices on a daily basis, if we are given six to nine months, the banks will be restructured to normal, favourable and fair positions,” he pleaded.

But saraki has denied the allegation that he is owing the sum of seven billion Naira, being outstanding debt of three companies allegedly linked to him. The governor who spoke through Fatigun Akintoba, special adviser, communications and strategy, described the claim as frivolous, mischievous and a calculated attempt to mislead the unsuspecting public and drag his name into the mud. He said Saraki had resigned his appointment as a director in all companies that he has had interests, including Limkers Nigeria Limited and Skyview Properties Limited and that he was not involved in the day-to-day operations of the two companies. He claimed that neither the governor nor any member of his family was at any time whatsoever a shareholder or director of Joy Petroleum Limited.

The governor stated that Limkers which was alleged to be owing N1.89 billion, has paid N1.7b, that is about 90 percent of the loan. Therefore, the issue of waiver does not arise.

Skyview Properties’ loan was a “margin facility” which gave the total control of the management of the said shares, for which the loan was secured, to the bank. In addition to the value of the shares, the company paid N343 million. “This should be noted, as in similar situations, other customers have insisted that their exposures are only covered to the extent of the values of the shares in the books of the banks,” he said.

Akintoba said Alabi is not an ex-staff of Saraki as claimed by Akingbola and this is not the first bank in which he has been saddled with such responsibility by the CBN. He was at Spring Bank and Wema Bank before the emergence of Lamido Sanusi. “It should be noted that Alabi’s involvement in Shonga Holdings Limited as a non-executive chairman was a service to his home state based purely on merit. Shonga Holdings does not belong to Saraki but a registered corporate entity owned by the new Nigerian farmers and four major banks as shareholders; and it is the holding company for commercial farming enterprise.

Saraki said it is unfortunate that the issues raised in the petition were laced with political mischief and a calculated ploy to heat up the polity and distract the public attention from Akingbola’s ineptitude and inadequacies.

Saraki said he has no shares in Intercontinental Bank, therefore, the issue of his running the bank by proxy does not arise. Also, the claim that he was instrumental to the appointment of Lamido as CBN governor, who in turn chose Alabi to replace Akingbola was baseless and unfounded. He charged Akingbola to face and address the problems at hand rather than shifting blames and giving political colouration to the issues.

On the issue of the merger between SGBN and Intercontinental Bank, contrary to Akingbola’s claim in the petition, the failure of the merger did not affect the relationship between the two of them because after the merger deadlock, Akingbola came to seek his favour on the survival of Intercontinental Bank. First, he did a letter for him to intervene on his behalf from the late President Yar’Adua to give Intercontinental Bank more time to build its capital. It was after the merger that he also came to ask Saraki to plead with Bio Ibrahim, former transport minister, to get lucrative account of the ministry and its parastatals like Nigeria Port Authority, Nigerian Maritime Safety Agency, NMSA, Nigeria Shippers Council, Nigeria Railway Corporation and National Inland Water Ways.

Besides the petition, however, investigations by Newswatch revealed that contrary to CBN’s assertion that IB PLC borrowed money to stay alive, the bank as at August 14, when the apex bank removed Akingbola, was not owing CBN one kobo even though it was normal for banks to borrow from it. Conversely, it owed the inter-bank market N73 billion as at that time. Yet it was not the heaviest debtor. However, all efforts to get CBN to release the list of all banks borrowings from it proved abortive. A source said the CBN should have shown which bank borrowed what over a period so it becomes very transparent. “Borrowing from Central Bank is not a crime. Why is the facility there if you think we shouldn’t use it? Have you forgotten that Unity Bank, even though it was found to be seriously under-capitalised was let off the hook. The same thing with WEMA. And what about ETB owned by Mike Adenuga,” the source asked.

But the source said that now that Akingbola is back in Nigeria, he should defend his reputation already shot to pieces. Currently, he is involved in five suits. He instituted one while four were against him – three locally and one in London, the United Kingdom. The ousted banker fired the first salvo on August 18, 2009, when he sued the CBN for wrongful removal. In the case marked FHC/L/CS/903/09, Akingbola through F.O Fagbohungbe & Co, his lawyers, had prayed the court to quash Sanusi’s order which purportedly ousted him from office “for not being in good faith, contrary to due process of law, discriminatory, ultra vires, illegal, unconstitutional, null and void.”

He prayed the court to reinstate him to his lawful position as group managing director of the bank and issue a perpetual injunction stopping Sanusi, CBN, it servants or officers from unlawfully interfering, harassing, victimising or disturbing him in the exercise of his duties. He averred further that Sanusi did not comply with the provisions of Section 33(1), 35(1)(d) and (2)(d) and (e) of the Banks and Other Financial Institutions Act, BOFIA, cap B3, laws of the Federation of Nigeria 2004, in making the order of August 14 which removed him from office.

Akingbola contended that the CBN did not carry out “special examination” of the bank’s books and affairs on June 18, 2009, and that there was no information to Sanusi that the bank was failing within the context of Section 35 of BOFIA and that despite repeated requests for the report of the Joint CBN/NDIC Ad hoc Assignment,” Sanusi “refused, ignored and neglected” to furnish him with a copy. He said that Sanusi and CBN, both respondents, did not make recommendations including shoring up the capital base of the bank for the board of directors’ consideration. He is, therefore, claiming 50 billion Naira exemplary damages against Sanusi and CBN.

On August 19, Abdullahi Mustapha, judge of the Federal High Court, granted Akingbola the permission to challenge his sack. Consequent upon Akingbola’s audacity, the CBN petitioned the EFCC to help it recover some of the alleged bad loans. It, however, took the anti-graft agency four months to institute a case number FHC/L/CS/443c/2009: The Federal Republic of Nigeria v. Erastus B.O. Akingbola. The case was filed on December 21, 2009. The 28-count charge bordered on money laundering and other economic crimes amounting to N346 billion against Akingbola. Count one said he “created or caused to be created a false and misleading appearance of active trading in the shares of Intercontinental Bank on the Nigerian Stock Exchange by approving the utilisation of an aggregate sum of N179.385 billion of the bank’s funds for the purchase of Intercontinental Bank’s shares.

He was also accused of causing the bank to transfer 8.540 million pounds in favour of Fuglers Solicitors, London on March 13, 2009, and another 1.3 million pounds on July 13, 2009, being “money derived from an illegal act with the aim of concealing the illicit origin and thereby committed an offence contrary to and punishable under section 14(1) (a) of the Money laundering (Prohibition) Act, 2004.

Other counts included transfer of various sums from the bank to some companies in which he is a majority shareholder such as N5.5 billion on April 2, 2008, to Summit Finance Company Limited and subsequently shared it out to other directors and he got N255 million; N1,729,312,500 to the same company on March 20, 2008; N4,406,081,973.82 to Tropics Properties Limited in May 2009, N1,214,368,896.81 to Tropics Securities Limited; N4,379,549,129.37 to Bankison Nigeria Limited in May 2009, and N1,214,368,896.81 to Tropics Securities Limited; all with intent to conceal their origin.

Loans were also allegedly given to companies belonging to companies owned by other directors of the bank. These include eight billion Naira Soon-Kak Holding Limited linked to Ikechi Kalu; N8 billion to Tofa General Enterprises linked to Isyaku Umar; N8 billion to Cinca Nigeria Limited where Hycinth Enuha is a director and N8 billion to Harmony Trust and Investment Limited. Raymond Obieri, IB PLC chairman is a director in this outfit.

Akingbola dismissed the counts saying that there was no evidence to support the claim that he misappropriated N346 billion and 10.9 million pounds. On December 23, 2009, EFCC instituted suit no FHC/L/CS/1492/2009: Chairman, EFCC v. Dr. E.B.O Akingbola for Mareva injunction and to freeze his accounts. This application was heard in the chambers of the trial judge during the Christmas vacation of that year and judgement given on December 31, 2009. The judge froze Akingbola’s accounts and “temporarily attached” his assets pending conclusion of his trial. He, however, allowed him access to N1.4 million per month as living expenses and retaining legal advisers, “being amount equivalent to his last take home pay as chief executive of Intercontinental Bank PLC.”

But the order has been challenged by Akingbola and is pending in an appeal number CA/L/388/2010. In the appeal, Akingbola among other grounds condemned the ex-parte application and that it was heard in chambers during the Christmas vacation contrary to Order 46 Rule 4 of the Federal High Court (Civil Procedure) Rule 2009 which precluded all judges of the Federal High Court from hearing civil matters from December 23, 2009 and January 5, 2010. “All the applications were heard on December 30, and determined on December 31, while no summons was filed by EFCC for an urgent hearing of the application,” his lawyers deposed.

Fred Agbaje, a constitutional lawyer, told Newswatch that a judge can hear an ex-parte application in chambers and that even a hearing can be heard likewise once both parties agreed. Also, he said, in special cases such as security matters or where a minor is involved and the judge wants to protect the people’s identities, matters can be heard in chambers. Outside of these two scenarios, all cases must be heard in the open court. “But in this case, since there was no summons for urgent hearing, with due respect to the judge, he has embarked on a voyage of illegality.”

To freeze Akingbola’s assets outside Nigeria, a suit was also instituted by Intercontinental Bank in the High Court of Justice in England in folio No. 1680. Other defendants in the matter are Kayman Company Limited, Verndale Properties Limited, Jasmine Properties Limited, Caelum Limited and Sanami Limited. On December 23, 2009, Justice Nicol issued a freezing injunction that Akingbola must not “remove from England and Wales any of his assets which are in England and Wales up to the value of 10.5 million pounds or in any way dispose of, deal with or diminish the value of any of his assets whether they are in or outside England and Wales up to the same value.” He, thereafter, listed all the assets but told Akingbola that he had a right to apply to vary or discharge the order. He has since done so. Hearing in the matter comes up in December.

In November last year, the Securities and Exchange Commission instituted proceedings at its Administrative Proceedings Committee while on March 2, 2010, it initiated another action at the Investment and Securities Tribunal, IST, Abuja, marked IST/OA/12. Instructively, issues pleaded in this case were, in fact and content, the same as in all other cases whether locally or abroad. Consequently, Fagbohungbe told IST that the application before it was another avenue or means of persecuting Akingbola, albeit through an abuse of judicial process with a serious likelihood of creating chaos and bringing the tribunal on a collision course with not just the Administrative Proceedings Committee of SEC but also the Federal High Court, Court of Appeal and the High court in England whose decision would be recognised and enforced in Nigeria.

He urged IST to condemn the action of the applicant in perpetually litigating either directly or through privies on the same subject matter. “The conduct is tantamount to forum shopping, contemptuous of the judicial system and a gross abuse of judicial process,” he pleaded.

The lawyer cited Fatayi-Williams, J.S.C. in the case of Savage v. Uwechia (1972) 3 S.C. 206 at 212 when he held that: “It is our view and this view has been expressed many times in this court that there must be an end to litigation. To borrow the homely phrases used by Spencer-Bower and Turner, a plaintiff should not be allowed to take two bites at the same cherry. To allow the plaintiff in the instant case to do so is to connive, albeit unintentionally at a gross abuse of the process of this court.”

The crisis in the banking sector since the sack gale of August 2009, has impacted negatively on the economy. About 7,000 bankers have lost their jobs by early January this year while more than 14,000 were pencilled down for retrenchment. The worst hit banks were IB PLC and Oceanic Bank. Both sacked about 2,500 workers. WEMA bank sacked 1,000 while others like First Bank, Fin Bank, First City Monument Bank, Diamond Bank and StanbicIBTC have retrenched hundreds of their staff.

When the sack gale was becoming too devastating, Sunday Salako, acting national president, Association of Senior Staff of Banks, Insurance and Financial Institutions, ASBIFFI, warned that the sack whirlwind violated the nation’s labour laws as well as the agreement the union reached with most banks. Also the federal government called on the banks to halt the mass sack of workers. Adetokunbo Kayode, then labour minister, then had to caution the banks that they could not do what they liked and warned them to stop further retrenchment.

The manufacturing sector has also felt the effect of the banking reforms. Most companies no longer enjoy loan or overdraft facilities. The attendant credit squeeze has forced them to retrench workers or close shops.

As yet it is not clear what the CBN intends to do to the banks whose CEOs were removed last year. When he first took them over, Sanusi went all over the world to look for buyers for the banks. But the noise was so loud then that his plan had been exposed. Interested buyers quickly backed off. All the international investors who were interested knew it would be continuous litigation against those banks. “Where have you even seen the governor of a central bank going round media houses and going round the international community telling them that my banks are bad? Who will buy those shares? That was why the shares kept coming down. And let me tell you, if today the government is courageous enough to return the banks to their owners, the share prices will go up immediately,” a source told Newswatch.



Reported by Soji Akinrinade and Bala Dan Abu

Jencejyde:


Are you insane, thread is talking about Akingbola, you are calling Pastor Adeboye a thief.

Did you attend school at all??
The thread is about Akingbola, EFCC, his crimes and return to face justice. I made refrence to his criminal mentor Adeboye as his possible reason for returning, how does that not follow? Is Daddy G.O not his criminal mentor??

So you think because there is freedom of speech and you are an atheist or whatever, you can just go around mocking people anyhow.

Er, yes. Especially when they are thieves like Daddy G.O.

BTW, Incase you dont like ''freedom of speeh'', you can always emigrate to iran.

If you have a problem with Adeboye then just go to his house at the Redemption camp and start raining all your abuses there.

I generally have a problem with liars and thieves like G.O. Its nothing personal

And when people are talking, you too would be claiming maturity, just take a look at what you have written as to what the title of the thread is and you will see how much stupidity you just displayed.

I think it is you who has displayed stupidity.

Anyways someone said you already dead and i wont be surprised if after a while nobody sees your post anymore.

Ahh, the threats and fear factor, innit?
When these fools are exposed for the phoneys and liars they are they begin threatening your life. No be today

Why don't you go on an Islamic thread and start cursing Prohpet Mohammed or calling Allah a fool and see if the fundamentalist wont trace your ip all the way to your present location and teach you a lesson.

Did Allah or mohammed steal from intercontinental bank? Did allah or mohammed receive millions from a thief like Akingbola and purchase luxurious jets?? What exactly is the relationship between Allah or mohammed with Akingbola?

Bringing them up just exposes your stupidity and paints you as extremely daft.

It pains me that a lot of crap has settled into religion, but showing this kind of attitude is unacceptable. Even the adverts potraying Jesus as Gay was banned and seriously taken as an offence by the christian community.

Where were adverts potraying jesus as gay banned?

Look here fool, in the civilised world ''freedom of speech'' is existent. If you cannot tolerate other peoples views about your religion then you can always go hang yourself.

If you feel you have a problem of abusing religion then maybe you should just keep quiet.

because

Someone voted as the Legend of our time by us Nigerians and also makes the times list at no 49 for 50 most influential people in the world is whom you open your filthy mouth to talk about in this manner!

So what?
nigerians are not averse to worshipping criminals, are they? So its no surprise.

Why don't you start your own atheist synagogue or do something to even gain you intl recognition rather than throwing weightless written punches on NL.

Atheist synagogue?
You are indeed silly.
I'm not seeking international recognition. Thany you

In Every Yoruba Family, there are 2,3 Thieves. Some times all the Family are Thieves

Our Big thieving EGBON is in town, Thus let the drumming continue!!!!!!!

@wily are u saying there's somn wrong with your brain?never knew you are an armed robber

Speaking about Akingbola, why is someone deleting an article I posted from Newswatch about his position on this case. Anybody who needs more information should please read the Sunday edition of the magazine to get a full and better understanding of Akingbola's position. Unless something dark and evil resides inside you, there is no reason to execute an innocent man even before he's tried in a court of law.