EFCC Amends Charges, Re-arraigns Former Bank Chief, Erastus Akingbola – Channels Television

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The Economic and Financial Crimes Commission (EFCC) has re-arraigned the former Managing Director of the defunct Intercontinental Bank, Erastus Akingbola.

He was re-arraigned on a further amended 22-count charge before a Federal High Court sitting in Lagos. The former bank chief has again pleaded not guilty to the charge.

This is the third time Mr. Akingbola would be arraigned on the counts which border on the misleading appearance of active trading in the shares of Intercontinental Bank, granting of reckless credit facilities, conversion and mismanagement of depositors’ funds.

He was first arraigned in 2010 before Justice Mohammed Idris on a 26-count charge.

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The case was later transferred to Justice Charles Archibong who after two years struck it out for a lack of diligent prosecution by lawyers to the EFCC.

In the further amended charge, Count 1 says, “That you Dr. Erastus Akingbola. while being the MD & CEO of Intercontinental Bank Plc, between Nov. 2007 and July 2008 at Lagos and within the jurisdiction of the court, caused to be created a misleading appearance of active trading in the shares of Intercontinental Bank on the Nigerian Stock Exchange, by being connected with the utilization of an aggregate sum of N179,385,000,000 (billion) of the bank’s funds for the purchase of Intercontinental Bank Plc.’s shares and you thereby committed an offence contrary to Section 105(1) (a) of the Investment and Securities Act 2007 and punishable under Section 115(a) of the Same Act.”