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Alleged N47bn graft: Witness exonerates Akingbola

By ABDULWAHAB ABDULAH & MICHAEL OLADEPO

LAGOS— A defence witness in the ongoing trial of Dr. Erastus Akingbola, former managing director of defunct Intercontinental Bank, Mrs Ayoola Akande, yesterday, told an Ikeja High Court that some of the transactions carried out by Akingbola, including the transfer of 8.5 million pounds from the bank’s nostro account, were normal banking transactions.

Akingbola is standing trial over alleged stealing of N47.1 billion alongside another bank’s director, Mr. Bayo Dada.

Akande, the first defence witness before Justice Habeeb Abiru, faulted the prosecution’s claims that there was no money in the bank’s vault to support certain  foreign transactions  carried out by the bank under the leadership of Akingbola.

Led in evidence by Akingbola’s counsel, Mr. Deji Sasegbon, SAN, Akande, a former Group Head of International Operations of Intercontinental Bank Plc(now Access Bank), said the bank chief engaged on regular transactions.

Akande said contrary to the prosecution’s argument that there was no fund to support the foreign transactions, she said funds were provided in form of loan from account of a customer, Regal Investment Limited domiciled in Intercontinental Capital Market Limited, ICML’s account,a subsidiary of the bank.


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