The former Managing Director of the defunct Intercontinental Bank PLC, Erastus Akingbola has been re-arraigned by the Economic and Financial Crimes Commission (EFCC) before a Federal High Court in Lagos.
The case against Akingbola – EFCC filed a lawsuit against Akingbola for alleged Money Laundering. The prosecutor, Rotimi Jacobs (SAN) had informed the court on Wednesday of an amendment in the charge filed, praying to the court to accept the charge and cause the plea of the defendant to be taken afresh.
The anti-graft agency amended the 22 count charge marked FHC/L/443C/2009; Akingbola pleaded not guilty to all.
While serving as the MD of Intercontinental Bank, he was accused of creating a misleading appearance of active trading in the shares of the bank in the Nigerian Stock Exchange (NSE) between November 2007 and July 2008.
It was also alleged that Akingbola was connected with the utilisation of an aggregate sum of N179.4 billion of the bank’s fund, for the purchase of the bank’s shares, thereby inflating the rate of the bank’s shares on the NSE.
Among the allegations against the former Managing Director includes the withdrawal of 1.3 million dollars and 8.5 million dollars from the bank’s GBP NOSTRO account at Deutsche Bank in London. He later deposited the sum into the account of Fuglers Solicitors with the Royal Bank of Scotland in London.
What he used the fund for – The defendant was said to have withdrawn the money, set up a Life Boat Settlement Trust, then used the name to purchase property. Akingbola was said to have known that the sums represented proceeds of crime which includes stealing, this is according to the prosecution.
Action contravenes bank provisions:
- The offences contravene the provisions of sections 105(1) and 105(a), of the Investment and Securities Act, 2007.
- It also contravenes the provisions of sections 13 (1), 15(1)(a), and 28(3) of the Banks and Other Financial Institutions Act, Cap B3, Laws of the Federation 2004.
- The offence also contravene the provisions of sections 14(1) of the Money Laundering Prohibition Act, 2004.