By Omoh Gabriel, Group Business Editor & Emma Ujah, Abuja Bureau Chief
ABUJA—FORMER Executive Vice Chairman and Group Managing Director of Intercontinental Bank Plc, Mr. Erastus Akingbola, was, Wednesday , detained by the Economic and Financial Crimes Commission, EFCC, after several hours of interrogation, at its headquarters in Abuja.

How long Mr. Akingbola would remain in custody had not been determined as at press time, but EFCC sources said he would spend at least a night in detention as the interrogation continues today.

It was learnt that his lawyers made frantic efforts to convince the EFCC officials to grant him administrative bail but that their pleas fell on deaf ears as they were told the interrogation was on_going.

Sources said the questions put to the former Intercontinental Bank Chief Executive Officer, CEO,  bordered on deliberate breach of single obligor regulations of the Central Bank in granting loans to customers, as well as insiders, including himself.

Others were on money laundering and why he chose to escape to the UK, rather than remaining in the country to face the law like his colleagues who were removed by the CBN, last year.

Akingbola who arrived the country, Tuesday morning, aboard a British Airways flight  turned himself in to the EFCC, rather than face arrest.

The Federal Government had formally requested the British Government to extradite the embattled Akingbola, early last month, to enable him to answer questions pertaining to his roles in managing funds entrusted to the bank.

This development was consequent upon a request by the EFCC to the Attorney General of the Federation, AGF, Alhaji Mohammed Bello Adoke, SAN, who forwarded an extradition request to the British Home Secretary, Home Office, United Kingdom.

Money laundering

The EFCC had slammed Akingbola with a 28-count charge for offences of financial misappropriation, money laundering, financial malpractices, corrupt practices and other related offences at the Federal High Court, Lagos.

The court also placed forfeiture order on his choice properties said to be scattered across Lagos, Dubai, UK, and Accra.

In the letter of request, the AGF explained: “The request for the extradition is made pursuant to the Extradition Act (Designation of Part 2 Territories) Order 2003 (SI2003 No.3334) of the United Kingdom.” He explained that the purpose of the request was for the extradition to Nigeria of Akingbola for him to stand trial for the offences for which he is charged.

The request was supported with an affidavit deposed to by Ibeakaku Nkechi Rita, a Deputy Superintendent of the EFCC and a certification signed by Ahmed T. Almakura, Senior State Counsel of the Federal Ministry of Justice.
The AGF prayed the Home Secretary to grant the request in the interest of justice.

The former bank boss was said to have escaped through the country’s porous borders in August last year, when the CBN sledge-hammer landed on Union Bank Plc, Oceanic Bank Plc, Finbank Plc, and Afribank Plc, managing directors that were summarily dismissed and later charged to court by the anti-graft body.

Akingbola reports self at EFCC

Akingbola arrived the Abuja headquarters of EFCC in company of his close aides and lawyers at 10.00 a.m, and after procedural introductions settled to make statements and answering questions from the anti-graft agency.

Answering questions

EFCC spokesman, Mr. Babafemi Ojodu, confirmed to Vanguard that Akingbola was at the EFCC but said that he was answering questions from the anti-graft agency and that because he had not finished answering questions from the EFCC he had to remain in custody.

One of Akingbola aides who was with him at the EFCC said that when asked why he decided to return now, Akingbola replied: “Before now the CBN had turned itself into the complainant, prosecutor and judge. There is now light at the end of the tunnel as there is hope for fair trial and justice.”

Earlier in the year, Akingbola’s counsel, Mr. Charles Nwajagu, had explained that his client was set to come back to Nigeria as soon as the suit in London was given mention in court. The case came up in London on July 14, 2010 and was adjourned till December, 2010, hence his return to Nigeria on Tuesday.

Nwajagu added: “Considering the lengthy time fixed for the hearing, Akingbola willingly returned to focus on the suit he had filed against the Central Bank of Nigeria, CBN, over his wrongful removal from office as the CEO of the bank.

“Akingbola emphatically denies all allegations of wrong-doing or improper conduct and has challenged the legal validity of his removal from office as Group Chief Executive of the Intercontinental Bank Plc by way of Judicial Review.

Akingbola is, and has always been prepared to come home, once he is sure of his personal safety and that of his family, and confident that no further steps will be taken in attempts to implicate him in other crimes as a way of forcing him to withdraw his case in court against the CBN.”