The Federal High Court, Lagos has fixed Monday August 30 for ruling on the application for bail brought before it in respect of Erastus Akingbola, the former Managing Director of Intercontinental bank.

Mr Akingbola is arraigned on a 22 count charge of fraud and financial impropriety.

Mohammed Idris, the presiding judge, fixed the date after listening to arguments from both Mr Akingbola counsel and that of the Economic and Financial Crime Commission, EFCC.

Felix Fagbohungbe, Mr Akingbola’s counsel requested the court to admit his client to bail pending the determination of the suit. Mr Fagbohungbe argued that his client never absconded from the country as alleged by the EFCC.

“The applicant never absconded or evaded arrest and trial”, he said, adding that his client has never been declared wanted up to that moment in court. He dismissed a newspaper report presented by EFCC, saying it cannot be admitted because it was not certified by the National Library. He added that it was not an advertorial and also not a substitute to a federal government gazette.

Mr Fagbohungbe also argued that his client remained in the UK, in order for him to personally attend to a civil case brought against him there by Intercontinental Bank.

Further, Mr Fagbohungbe said that his client decided to leave for the fear of his life, after a statement credited to the Central Bank Governor that all the removed bank executives should be tied to a stake and shot.

He also posited that for the fact that his client voluntarily returned home and submitted himself to the EFCC the next day is an indication that his client is ready to stand trial and will not jump bail.

Mr Fagbohungbe added that all the 22 count charge against his client are all bailable offences and none carry the death penalty or life imprisonment. Therefore he called on the court to use its discretion in granting his client bail without stringent conditions attached.

Serious economic crimes

However, the counsel to the EFCC, Mr Emmanuel Ukala, asked the court to deny Mr Akingbola bail arguing that the charges against him are serious economic crimes and should not be trifled with.

Mr Ukala said that whatever happens in banks can have a spiralling effect on the economy of the nation as a whole.

He also posited that the fact that the accused person has refused to submit his international passport to the EFCC raised the “probability that the accused person may not surrender himself to trial and may abscond easily”.

The former bank chief fled Nigeria in August last year, after he was sacked by the CBN during a major bank shake-up that swept through the country last year. His position at the bank has since been filled up by Mahmud Alabi, a nominee of the CBN.

http://234next.com/csp/cms/sites/Next/News/Metro/Politics/5611311-146/court_fixes_august_30_for_akingbolas.csp

Unfortunately,many lawyers in Nigeria will say a lot of incorrect things in order to defend thier clients,Akingbola fled Nigeria in August 2009,sanusi made the statement about 5 months later!How can his lawyer now be telling us that he fled because of Sanusi's statement?Moreso,was he the only one involved?Anyway,Nigerians are watching.

make una know bail am o, he's more fraudulent than Maddof

[quotemake una know bail am o, he's more fraudulent than Maddof
][quote][/quote]

BAD BELLE ! IS HE AS FRAUDULENT AS IBB, WT HAVE YOU DONE ABOUT THAT?

Time reveals all, sheat your swords of judgement and patiently wait for the truth to reveal itself.

the bail will be eventually granted.how can the effcc lawyer tender a newpaper without getting it certified.efcc need sanctioned the lawyer.

We all know the story. His lawyer can say anything in court. But I hope the court will not deceive Nigerians to deliver its judgement appropriately.

May be he has prepared enough GHANA-MUST-GO for this suit. Who knows?

Others that were involved stayed behind & you "disappear" only to "re-appear" barely a yearly later. Then, how can we disccrib such act?


Beta Soon 9ja!

Love it or not, the dude has got a good lawyer!

Nigeria?, once the case is in the court, he will be granted bail very soon, and that will be the end.

nigerians! our challenges are complex!
this is a man that singlehandedly started and nurtured intercontinental bank to wat it is today. whether u like it or not, this man has contributed positively to the economic development of this country. why are nigerians filled up with soo much hate and jealousy for people who are known for success and achievements?? im not saying he's a saint but we all know that our leaders play politics with virtually everything. That there is a credit crunch is no news but how its being handled in this country is sumtin else, chei! Banks went down all over the world, no fuss was made over it, no bank officer was arrested not to talk of sack or detention! Fine, this guys gave out naked loans, but that is naija for u, virtually nothing is done the right way! That is the nature of the operating environment. Sanusi cannot beat his chest and say that Akingbola, as a CEO was worse than the unaffected CEOs. How many businesses and companies have the likes of ibori, IBB, abacha and others established in this country at least to employ fellow nigerians and contribute to national economy? We have worse criminals who are still roaming the streets of naija with impunity! The least Sanusi should have done is to give them a decent exit and not this embarassment!
Nairalanders, i'll suggest we look at issues more objectively. Sentiments to national issues will lead us nowhere!

@ Elite. I think u are misunderstanding the situation.
He is not being charged only about the loans, he is charged for financial impropriety ie STEALING.
There are rules and regulations regarding the operation of banks and the responsibilities of the management staff to the owners which are the shareholders.
Unfortunately, if u break the law, u have to face the music.
He started up the company and has done great things but absolute power corrupts absolutely and he has acted like a power drunk dictator.

make una know bail am o, he's more fraudulent than Maddof



@ HAMID u are one hillarous dude u know , [img][/img]

So Chidi Mokeme is now a Police Officer. From Frying Pan to Fire.

So unfortunate! Yes, he was one of the major forces in the growth of intercontinental bank! but thennnnnnnnn, he broke the rulesssssssss!
OBEDIENCE IS BETTER THAN SACRIFICE!

elite:

nigerians! our challenges are complex!
this is a man that singlehandedly started and nurtured intercontinental bank to wat it is today. whether u like it or not, this man has contributed positively to the economic development of this country. why are nigerians filled up with soo much hate and jealousy for people who are known for success and achievements?? im not saying he's a saint but we all know that our leaders play politics with virtually everything. That there is a credit crunch is no news but how its being handled in this country is sumtin else, chei! Banks went down all over the world, no fuss was made over it, no bank officer was arrested not to talk of sack or detention! Fine, this guys gave out unclothed loans, but that is naija for u, virtually nothing is done the right way! That is the nature of the operating environment. Sanusi cannot beat his chest and say that Akingbola, as a CEO was worse than the unaffected CEOs. How many businesses and companies have the likes of ibori, IBB, abacha and others established in this country at least to employ fellow nigerians and contribute to national economy? We have worse criminals who are still roaming the streets of naija with impunity! The least Sanusi should have done is to give them a decent exit and not this embarassment!
Nairalanders, i'll suggest we look at issues more objectively. Sentiments to national issues will lead us nowhere!

I agree with the guy who said that if he has broken the law, he should face the music. But I am not so quick to judge. Like @elite said, this man has contributed to our economy more than all his enemies put together. Like I said, I don't believe he should be excused from his crimes if he has committed them, however, I feel that Sanusi and the EFCC are playing on the general mentality of poverty in Nigeria. The average Nigerian is happy when a rich man is arrested because they believe 'he stole our money'. In other words, they are using his wealth as an excuse for their poverty.

Sanusi's opinion seems to be right now only because he is in power. Why didn't Soludo complain when he was there? And in extension, why didn't the FG raise any eyebrows before things became so bad. That goes to say that really nothing was done in the dark. That was how banks were run in Nigeria. If things could have gone so bad, then we should start accusations from the CBN governor of that time to the President. But before we do that, I think we should study how big countries are run even in developed countries. We should try and see the things that go on behind the scenes that even the government sometimes knows about and pretends not to see.

Again, I am not against punishing a criminal. I only think that a person is not a criminal because those who have the 'happy power' have said so. We should allow events to unfold and see the big picture before we judge.

@080Nigeria -- You've said it all. Akingbola should not be labelled a criminal just because some people in power called him so, without an opportunity to defend himself. Let him respond to all the allegations before a competent court. While he was away, EFCC brought more than a 100 charges, only for them to substitute them with 28 charges when the case was eventually mentioned in court.

Sanusi seems to take advantage of most of us by delivering the sacked CEOs to the court of public opinion where so many people will be ready to pronounce judgement after listening to only the complainant.