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N49.1bn fraud: Akingbola denies involvement in shares buy-back

BY  ABDULWAHAB  ABDULAH, ONOZURE DANIA & MICHEAL OLADEPO

Mr. Erastus  Akingbola, the former Managing Director of the Intercontinental Bank Plc (acquired by Access bank), yesterday denied before an Ikeja High Court that the bank under his leadership was involved in any share buy-back.

In his answers to questions from the counsel to the Economic Crimes and Financial Crimes Commission, EFCC, Mr. Emmanuel Ukala, SAN, Akingbola said that there was also no fund moved from the bank based on oral instruction given by him.

Akingbola was answering charges bordering on a N49.1bn theft allegedly belonging to the bank alongside one of his business associates, Mr. Bayo Dada.

Asked about ‘standard banking practice’, he said for over 40 years he has been in banking business, he claimed that there is no book on the so much talked about standard banking practice.

Akingbola who was being questioned about how funds are usually transferred according to ‘standard banking practice’ said that he has never seen any such book in his banking career.


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