After what seems
like a relief from his chains of legal battles home and abroad over his
fraudulent practices in his capacity as the Managing Director of the
defunct Intercontinental Bank, Dr. Erastus Akingbola who was found
guilty of stealing and diversion of billion of depositors funds to buy
properties in the United Kingdom and purchase of shares for himself to
manipulate its share price in the stock market, is struggling to make a
return.
Perhaps unaware
that there is nothing left of his reputation after the land judgement
delivered by Mr. Justice Burton of the Royal Courts of Justice, Strand,
London in a suit instituted by Intercontinental Bank soon after the
Economic and Financial Crimes Commission charged him for fraud in 2010,
Akingbola who was ordered to refund the about N165bn stolen from the
Bank through various fraudulent means, is still struggling to find
relevance in the society.
Akingbola who is
trying to exploit current situation to bury some of his unwholesome
practices while in office such as granting and guaranteeing loans to his
companies to the tune of N16bn in respect of Tropic Finance and
unlawful share purchase scheme of N145bn and about £10.5million in
respect of Furgler Payment claim, has begun to run from pillar to post,
seeking sympathy from the President of the country and many government
financial regulatory bodies, but it seems nobody is ready to look his
way because of the weight of evidences against him.
Unfortunately for
the former Banker, the story of how he looted Intercontinental Bank is
still fresh in the memory of Nigerians. According to available facts
presented by Jimoh Ibraheem, the Bank’s Chief Inspector who was
prosecution witness in the high profile case of fraud and stealing
against Dr. Erastus Akingbola. He detailed how funds were transfered to
the offshore account of Dr. Akingbola.
Led in evidence by
defence counsel, Godwin Obla, Abdulraheem told the court that he was
once invited by the EFCC to give statement about the movement of funds
from Intercontinental Bank to various companies account on the
instruction of Akingbola while he held sway as Managing Director of
Intercontinental Bank.
He went on to identify a copy of the statement he wrote on
28 January, 2011. Obla consequently urged the court to admit the
document as exhibit but defence counsel, Felix Fagbohungbe, SAN
objected, arguing that he needed time to study the document. The
objection was over ruled by the court and the document was admitted as
exhibit.
Another document authorizing the transfer of £1.3 million
was also tendered by Obla. After certifying that he recognized the
document, the witness informed the court how he was ordered via an
instruction memo to transfer the sum of 1.3 million pounds to the
account of a British Law Firm, Fulgers Solicitors. “I was authorized by
Dr Akingbola to inform the Head of Funds Department, prior to the
instructions; there were discussions that the said amount be transferred
to the account of Tropic Finance Limited. The instruction came via a
memo and the order was swiftly carried out. Mr. Akin Fabunmi who is the
Head of Funds Department carried out the instruction, “he stated.
A copy of an unsigned memo conveying Akingbola’s
instruction to effect the transfer was given to the witness to confirm
if that was the memo containing the instruction. The witness confirmed
the document which was subsequently admitted as exhibit. As to the where
about of the originals, Jimoh said all original documents relating to
the trial were lost in the cause of investigation.
He continued that the instructions were carried out and the
funds were transferred to the account of a British Law Firm, called
Fulgers Solicitors. Obla asked the witness if there was any evidence to
back up what he said. The witness said an electronically generated swift
message is attached to the unsigned memo which represents the
confirmation of payment. He was asked if he would recognize the said
message. He answered in the affirmative and the court handed him a copy
of both the message which he confirmed. He said such messages are
usually printed out of the computer if foreign account transfers are
carried out.
Counsel to Akingbola said the documents tendered are not
original and urged the court not to admit them as exhibits.Obla
responded saying the originals have been misplaced as stated by the
witness in the process of investigation. He referred the court to
section 97(1) C of the Evidence Act which said copies of documents can
be admitted. The objection was overruled by the court and the documents
were admitted as exhibit
Another document tendered by Obla was a letter written
to the Bank (Intercontinental Bank Plc) by one Corporate Securities
Nigeria Limited requesting that the Bank should make a payment of 10
billion naira for some shares purchased for the bank. The letter
listed how the payment was to be made to some companies. These companies
are: Tropics Securities, Bankinson Nig. Ltd, and Tropics Properties.
The letter was signed by Bayo Dada, who is a co- accused.
The witness said that instruction was also carried out as the funds were
taken from pre- payment account of the Bank and credited to those
companies. He said while investigations commenced, the Bank management
asked him to conduct investigations as to the movement of cheques issued
to those companies and it was discovered that the three cheques have
been deposited in those companies’ accounts at Access Bank.
Further investigations revealed that the companies were
linked to Akingbola and his wife, Antonia. Jimoh said the instruction to
effect payment was given by Akigbola through verbal instruction. A
certain Mr Fabunmi then raised a memo to effect it.
Another 8.6
billion naira was also taken from the bank through the same General
Ledger manipulation. Dr. Akingbola had written a letter instructing
that the said sum should be credited to the accounts of Tropics
Properties Ltd., Bankinson Nig. Ltd and Tropics Finance Ltd around May
and June, 2009.Through the same manipulation the sum of 3.35 billion
naira was also moved via an instruction given by Tropics Finance Ltd. to
Bankinson Nigeria Ltd., a company where his wife, Mrs. Antonia
Akingbola has interest.
Also on the 15
May, 2009, the sum of N350 million was paid into the account of
Intercontinental Homes, N500 million was paid to the account of
Intercontinental Securities and another N250 million was paid into the
account of Intercontinental Capital Market, all subsidiaries of the
Bank. The said payment was effected based on a letter dated 18 May 2009,
received from Bayo Dada of Tropics Finance. The witness said this
particular transaction was manipulated as the date of transfer on the
statement varied from the day the instruction was received.
The sum of N1.550
billion was also moved fraudulently on the 22 May, 2009 in the same
manner. An instruction from Akigbola was passed to the bank for the said
money to be moved into the accounts of Tropics Finance Limited and
Associated Discount House. The sum of 1.5 billion was moved to Tropics
account to be fixed for one month while 50 million naira was paid to
Associated Discount House to pay off debt owned by Tropics Finance Ltd.
By this, Dr. Akingbola and his associate Bayo Dada are standing trial
on a 22 count charge bordering on stealing of over N42.4 billion from
the defunct Intercontinental Bank Plc.
Yet to be absolved of these heinous crimes, the banker is desperately using different methods to frustrate his trial and escape spending years in jail. But a top government official disclosed to us that Akingbola, no matter how long, will be punished under the law for his economic atrocities in the country and that president Jonathan has said the law must take its course despite the pressure being mounted on the presidency by the disgraced banker to get Intercontinental bank back.
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