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10 Years On, EFCC Reopens Erastus Akingbola’s Trial - Crime - Nairaland

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10 Years On, EFCC Reopens Erastus Akingbola’s Trial by Christianos: 5:20am On Mar 13
The Economic and Financial Crimes Commission has reopened before the Federal High Court in Lagos, the 10-year fraud trial of a former Managing Director of the defunct Intercontinental Bank Plc, Dr. Erastus Akingbola.

The trial, in the charge marked FHC/L/CS/443c/09, reopened on Monday before Justice Mojisola Olatoregun.

In the 26 counts filed before the court, the prosecution alleged that while he was MD and Chief Executive Officer of Intercontinental Bank, Akingbola, between November 2007 and July 2008, was involved in reckless approval of credit facilities, without adequate security for a number of firms.

The prosecution alleged that for instance, Akingbola recklessly approved a credit facility of N8bn each to Soo-Kok Holding Limited; Tofa General Enterprises; Cinca Nigeria Limited; Harmony Trust and Investment Limited; Stanzus Investment Limited.

The EFCC said the illegal transactions were carried out between May 2008 and May 2009 in contravention of “accepted practice or Intercontinental Bank Plc’s regulations.”

It said Akingbola violated Section 15(1)(a)(i) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004 and was liable to be punished under Section 16(1)(a) of the same Act.

In another instance, the prosecution alleged that under Akingbola’s watch as MD/CEO, Intercontinental Bank Plc had N87.6bn non-performing credit burden...

Source: https://punchng.com/efcc-reopens-erastus-akingbolas-10-year-trial/amp/

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Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by GOFRONT(m): 6:03am On Mar 13
Wetin he do na?

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Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by Mutuwa(m): 6:21am On Mar 13
Ride on
Criminals cases, especially this type are not statute barred.When you are happy, you enjoy the music, but when sad you understand the lyrics.

9 Likes

Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by auditor0471: 6:21am On Mar 13
Let him face the full justice, if found guilty. Justice is never late. Until people are held accountable for their action or inaction this nation will continue to wallow in poverty and shame.

12 Likes 2 Shares

Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by chloride6: 6:23am On Mar 13
8bn must have been their Single Obligor Limit..

The guy maxed out the loans to these One kind companies.

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Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by yousouphe(m): 6:24am On Mar 13
Oh why the guy do like that nah ?
Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by ddeola: 6:25am On Mar 13
The case is DOA shikena !

undecided undecided undecided
Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by helinues: 6:26am On Mar 13
The way the case was handled then . By now they should have been in jail but this is Nigeria. Ceiciila Ibru was forced to relocate to her village cos of shame.

10 Likes 2 Shares

Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by Iphupa: 6:28am On Mar 13
One of the biggest losers of the 2019 general elections,he would have been granted amnesty if Athiefku won.can i hear an atikulated from the yeast side

18 Likes 1 Share

Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by dahmie2013: 6:30am On Mar 13
It is so sad 2 see dis man suffer alone, after all he made everyone in dat bank enjoy. I remember deir slogan den, "happy customer, happy bank". He was a good boss, he believed in improving d welfare of staff & even drivers were well paid.
In as much as I am not pleased with how everything ended, I must confess he wasn't as bad as ppl portray him 2 be.

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Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by naijapips04: 6:32am On Mar 13
nice one. little by little the chicken is coming home to roost.

I hope Tinubu is ready.

I am beginning to love this next level.

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Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by ruffhandu: 6:34am On Mar 13
He just offended someone in APC perhaps, or wants to do something meaning with his life and they just want to keep him subdued.

5 Likes 1 Share

Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by grandstar(m): 6:35am On Mar 13
And we should be reminded that the exchange rate at that time was $1 = N120

That 8b today would be $66,666,666.00. That's 23b I'm today's money shocked shocked

Wow

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Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by geosuzzy(f): 6:35am On Mar 13
With this case reopened....saraki is the main target.... If u kW u kw

14 Likes 3 Shares

Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by texazzpete(m): 6:36am On Mar 13
dahmie2013:
It is so sad 2 see dis man suffer alone, after all he made everyone in dat bank enjoy. I remember deir slogan den, "happy customer, happy bank". He was a good boss, he believed in improving d welfare of staff & even drivers were well paid.
In as much as I am not pleased with how everything ended, I must confess he wasn't as bad as ppl portray him 2 be.

There's always the one person happy to defend a thief.

15 Likes 1 Share

Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by Echo50(m): 6:37am On Mar 13
9JA dnt appreciate good men but appreciate the worst men of all facet of life. Does 9ja have a law that govern the people and do they follow the law?
Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by AfonjaConehead: 6:40am On Mar 13
The north tactically used SLS,who was also a bank.player and knew the banking games, to destroy southern bank topshots and their banks.
I remember,these accursed coneheads were the most vocal against the southern bankers then.

Shareholders never complained and there weren't signs of the banks going under.

2 Likes 1 Share

Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by anochuko01(m): 6:40am On Mar 13
question is...where has he been ever since?
Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by czaratwork: 6:40am On Mar 13
I hope it is because of Saraki they reopened this case. They should leave Akingbola alone o.

2 Likes 2 Shares

Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by supereagle(m): 6:41am On Mar 13
GMB era no room for corruption.

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Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by Okeyc230: 6:41am On Mar 13
Structural failure akin to Nigerian state
Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by AfonjaConehead: 6:43am On Mar 13
ruffhandu:
He just offended someone in APC perhaps, or wants to do something meaning with his life and they just want to keep him subdued.

He offended nobody,the decision to decimate southern top bankers was taken somewhere in the north among the northern mafias.

5 Likes 1 Share

Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by Okeyc230: 6:44am On Mar 13
$12.6bn Gulf war oil money. When will the case file be opened?

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Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by princegeo(m): 6:44am On Mar 13
OGA go join APC
Case closed next level thins

Maybe he support pdp for the last election na

1 Like

Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by Enniez2018(m): 6:45am On Mar 13
Erastus again, kuku kee the man nah haba

1 Like

Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by Meritocracy: 6:49am On Mar 13
AfonjaConehead:
The north tactically used SLS,who was also a bank.player and knew the banking games, to destroy southern bank topshots and their banks.
I remember,these accursed coneheads were the most vocal against the southern bankers then.

Shareholders never complained and there weren't signs of the banks going under.

You should be mature by now, lets face reality and forget ethnicity.

10 Likes 2 Shares

Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by princeade86(m): 6:54am On Mar 13
Mutuwa:
Ride on
Criminals cases, especially this type are not statute barred.When you are happy, you enjoy the music, but when sad you understand the lyrics.
he will soon have hypertension now. That is when he will fall sick and be doing drama

7 Likes 1 Share

Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by Kishkosh: 6:57am On Mar 13
Mutuwa:
Ride on
Criminals cases, especially this type are not statute barred.When you are happy, you enjoy the music, but when sad you understand the lyrics.

Go and read about statute bar. A case that's started a long time ago isn't statute bar. They are not filling a new suit. The caption reads "reopens...."

4 Likes

Re: 10 Years On, EFCC Reopens Erastus Akingbola’s Trial by greensandy: 6:58am On Mar 13
Good move.

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