By Innocent Anaba

Trial of the former Chief Executive Officer, CEO, of Intercontinental Bank Plc, Dr Erastus Akingbola, over an alleged mismanagement of N364 billion linked to him by the Central Bank of Nigeria, CBN, will start today before a Federal High Court sitting in Lagos.

Akingbola, who returned to the country recently, was arraigned by the Economic and Financial Crimes Commission, EFCC, and was on August 30, 2010, granted bail by the court.

He returned to clear his name over allegation of impropriety during his tenure as Managing Director and CEO of Intercontinental Bank and is challenging the CBN on how it arrived at the figures quoted as the amount misappropriated by him.

The first set of the charge borders on fund movements as loans to companies related to the directors of the banks, reclassified loan portfolio of the bank, direct investments by the bank into the stock market and staff performance bonuses of about about N40 billion, out of which N22.9 billion had been repaid with N17.1 billion outstanding.

Akingbola was accused of permitting the amounts to be outstanding.