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We didn’t recommend Akingbola’s sack as Intercontinental Bank MD – EFCC witness

An Economic and Financial Crimes Commission (EFCC) witness, Mr Paul Akali, told Justice Ayokunle Faji that his team only recommended the removal of the non-executive board members of the bank.
The EFCC is prosecuting Akingbola on an amended 22-count charge of spending N179billion belonging to the defunct Intercontinental Bank on “fictitious transactions.”
The defendant was accused of granting “unsecured credit facilities” worth billions of naira to different companies, among others.
At the last hearing of the matter, first prosecution witness Alkali testified during examination-in-chief by EFCC prosecutor Mr. Rotimi Jacobs (SAN).
He explained his team’s role in Akingbola’s removal sack and how the bank was taken over by Access Bank Plc.
At yesterday’s resumption, Akali affirmed that he was a member of the NDIC team that investigated the defunct Intercontinental Bank in May 2009 for regulatory infractions, including granting of loans without adequate securities.
He said: “They (the non-executive directors) did not execute their oversight functions; we felt they did not live up to their responsibilities.
“There was also the issue of bonus paid to them that they were not entitled to. That was why we recommended that the non-executive directors should be removed,” Akali told Justice Ayokunle Faji.
The witness told the court that the non-executive directors collected N2.92bn unentitled bonus.
When asked if Akingbola benefitted from the money, Akali said, “He was not party to the N2.92bn.”
Osipitan: “Akingbola is also not part of those who took unauthorised loans from Intercontinental Bank?”
Akali: “He did not but he gave approval.”
The witness said he was not aware whether any part of the N2.92bn had been recovered from the sacked non-executive directors.
Osipitan: “To the best of your knowledge, how many of those non-executive directors who collected the bonus that they were not entitled to are standing trial in any court?”
Akali: “I don’t know.”
Osipitan: “So far, the only person you are testifying against is Akingbola?”
Akali: “Yes.”
Osipitan: “You may not know that the special examination and report of yours were aimed at a particular objective; because you did not recommend his removal, yet he was removed from office.”
Akali: “Examiners do their job based on facts that are available to them and our reports are based on the facts that are available. “Whatever decision is taken by the management of the CBN and NDIC based on our report, we are not privy to it and as of the time we concluded our special investigation, some bank MDs were removed. He (Akingbola) was not the only one.”
Osipitan: “Why didn’t you recommend that Akingbola should be removed?”
Akali: “I can’t answer why we did not do that.”
Osipitan: ” I suggest to you that you did not recommend his removal because you did not have serious issues with him unlike the non-executive directors? Were you careless? Did he bribe you?”
Akali: “I can’t answer that question.”
Osipitan: “Tell My Lord; who was the CBN Governor as at the time of your special investigation?”
Akali: “The governor was Lamido Sanusi.”
Osipitan: “Before he became the governor of CBN, which bank’s MD was he?”
Akali: “He was MD/CEO of First Bank Nigeria Plc.”
Osipitan: “Have you heard the word ‘de-marketing’ in the banking industry?”
Akali: “Yes.”
Osipitan: “What does it mean?”
Akali: “It means using some other information to de-market your competitor.”
Osipitan: “First Bank and then Intercontinental Bank were competitors at the time in the market?”
Akali: “All banks were competitors.”
Osipitan: “You may not know that shortly before your special examination, Intercontinental Bank had cause to complain that officers of First Bank were de-marketing them, saying they would go under very soon.”
Akali: “I don’t know but I also heard…”
Osipitan: “It was after that complaint you were sent on this special mission to investigate the bank. The complaint was in April and your examination was in May.”
Akali: “I am not aware of any complaint but it was not only Intercontinental Bank that we examined.”
Further hearing was adjourned till Friday
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Update : police tracks down mastermind of railway vandalism, recovers load of stolen Materials in Plateau, Says Opeifa

The Nigerian Railway Corporation (NRC) had a major breakthrough recently it its efforts to apprehend the vandals of its critical assets across the country.
Towards this end, the Corporation’s police Command has arrested one Musa Abdullahi, aka Major aged 32, a notorious receiver and kingpin of vandalized railway materials, in Kaduna.
The arrest was a major success recorded by the Corporation in its campaign against the vandalisation and theft of railway materials, just as it intercepted a trailer loaded with railway components In plateau State.
In Kaduna, operatives of the Nigerian Police, Railway Command, arrested the suspect around the Rigasa area.
His arrest followed intelligence reports on the vandalism of electrical installations along the Mando–Rigasa corridor on Tuesday,14th October 2025.
Investigation is ongoing, and the case will be charged to court on conclusion.
In Plateau State, operatives of the Nigeria Police, Railway Command, intercepted trailer conveying large quantities of railway materials along KM 822–823, Foromaxis, in the early hours of Tuesday, 14th October 2025.
The truck, which was abandoned by its driver who fled the scene, was successfully towed to the Jos Railway Police Station on Wednesday, 15th October 2025.
Investigation is on going to uncover and apprehend all individuals connected to the theft.
The Managing Director of the NRC, Dr. Kayode Opeifa, commended the Nigeria Police for their professionalism, intelligence-led operation, and swift action in handling both incidents.
He described the arrests and recovery as clear evidence of the renewed synergy between the Corporation and security agencies in protecting critical railway infrastructure across the country.
Dr. Opeifa reaffirmed the Corporation’s resolve to strengthen collaboration with the Nigeria Police, the Nigeria Security and Civil Defence Corps (NSCDC), and other security formations to ensure that vandals, receivers, and collaborators are brought to justice.
He emphasized that such criminal acts amount to economic sabotage, warning that the NRC Management will continue to pursue zero tolerance for vandalism through enhanced surveillance, community engagement,and intelligence sharing.
Opeifa further appealed to residents of communities hosting railway facilities to remain vigilant and promptly report any suspicious movement around rail installations.
He noted that the railway system remains a major driver of national development and urged the public to view its protection as a shared responsibility.
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Update : TINUBU DEPARTS ABUJA FOR AQABA PROCESS MEETING IN ROME, SAYS ONANUGA

President Bola Tinubu will depart Abuja on Sunday, October 12, for Rome, the capital of Italy, to participate in the Aqaba Process Heads of State and Government Level Meeting, with special focus on the security crisis in West Africa.
The meeting, which will begin on October 14, will bring together Heads of State and Government, senior intelligence and military officials from African countries, and representatives of intergovernmental and non-governmental organisations to discuss the evolving security challenges in West Africa.
The Aqaba Process Meeting is a counter-terrorism initiative launched by King Abdullah II of Jordan in 2015. It is co–chaired by the Hashemite Kingdom of Jordan and the Italian Government.
It recognises the complex security challenges confronting West Africa, including the expansion of terrorist networks, the growing crime-terror nexus and the increasing overlap between land-based terrorism in the Sahel and the maritime piracy in the Gulf of Guinea.
At the meeting, participants will exchange assessments of the current security landscape in West Africa and foster collaboration between regional and international partners to address cross-border security challenges. Participants will also develop strategies to counter the terror threat on land and the sea.
The meeting will discuss ideas on how to coordinate efforts to combat online radicalisation and disrupt digital networks that facilitate terrorist propaganda and recruitment.
In addition to attending the plenary sessions of the Aqaba meeting, President Tinubu will hold bilateral talks with other leaders to explore ways of addressing the rising security challenges across the subregion.
The President will be accompanied by the Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu–Ojukwu, the Minister of Defence, Mohammed Badaru Abubakar, the National Security Adviser, Nuhu Ribadu, the Director-General of the National Intelligence Agency (NIA), Ambassador Mohammed Mohammed, and other senior government officials.
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2027 Election : All is set for the collapse of the PDP in Enugu As Mbah, Others Join APC

…..Gov, lawmakers, party executives exit party enmasse
……Uncertainty over Suswam’s, ex-NAFDAC boss’ defection in Benue
…….PDP kicks, says govs being intimidated, coerced to defect
……Put your house in order, we’re not architect of your woes – APC
In a manner reminiscent of the defections that occurred in Delta and Cross River states earlier in the year, Governor Peter Mbah and all elected and appointive officers of the state are set to formally defect from the PDP to the All Progressives Congress (APC) on Tuesday next week.
The newly inaugurated Enugu State APC Caretaker Committee Chairman, Dr. Ben Nwoye, confirmed the development to newsmen at the APC National Secretariat in Abuja after taking the oath of office yesterday.
He made the disclosure during a press briefing by the newly inaugurated Enugu State Caretaker Committee.
Describing Mbah’s defection as the dawn of a new political era for Enugu and the Southeast region, Nwoye said the governor’s coming into APC would be “a merger between transformation and renewed hope.”
“For the past 10 years, Enugu State has remained in opposition. But all that ends on Tuesday when Governor Peter Mbah declares for the APC. And he is not coming alone,” Nwoye said.
According to him, the defection will signal a “historic alignment” as Mbah will be joined by 260 councillors, 24 state lawmakers, National Assembly members, and the entire state executive council—an unprecedented political realignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
“Where Enugu goes, the Southeast goes. This marks the beginning of the Southeast’s political reawakening and full integration into national politics,” Nwoye said with a tone of confidence.
Commending the Governor Mbah’s performance in his last two years in office, Nwoye, who was the founding state chairman of the party, noted that his economic and infrastructural reforms had elevated the state to one of Nigeria’s top-performing states in internally generated revenue.
He added that the synergy between Mbah’s Transformation Agenda and President Tinubu’s Renewed Hope Vision would accelerate development and economic growth across the Southeast.
APC National Chairman, Prof. Nentawe Yilwatda, who inaugurated the seven-man caretaker committee for the party in the state, had earlier hinted of moves by the APC to strengthen its foothold in the Southeast.
The APC chairman charged the new Enugu leadership to consolidate the shock defection into a “lasting political conquest”
“APC is home for all. The person who came yesterday, today or tomorrow has equal rights.
Nigerian government services
Private refinery investment Nigeria
Digital trade agenda investment
“Our goal is simple: to expand, to win, and to deliver overwhelming victory in 2027,” Yilwatda said.
APC’s Deputy National Chairman (South), Emma Eneukwu, who is from the state, said the political development in the state marked the return of the Southeast region to national relevance.
“We will no longer play second fiddle. With Enugu in APC, the Southeast has found its voice again,” he declared.
Uncertainty over Suswam’s, ex-NAFDAC boss’ defection in Benue
There were strong rumours yesterday that Suswam, Orhii who currently serves as a member of the House of Representatives representing Agatu/Apa Federal constituency, Hon. Ojema Ojotu and former Benue North East Senator, Prof. David Iornem were set to join the APC in Benue State.
This was in spite of a statement issued by the media aide to Suswam dispelling the rumour that his boss had defected from PDP to the ruling party.
Banners and signposts announcing their official defection and pre-decamping dinner adorned major roads and streets in Makurdi, the state capital, yesterday.
It is the first time Suswam would defect to another party since joining politics in 1999.
The black cat, as the former governor is widely known first won an election to represent Katsina Ala, Logo and Ukum Federal Constituency in the House Representatives on the platform of the PDP.
After eight years in the House of Representatives, he was elected the governor of Benue State for another eight years also on the platform of PDP.
His first bid to go to the Senate, however, ended in a fiasco as he lost the election. He, however, made a second bid and won election into the Senate.
He had remained in PDP even after losing his re-election bid until yesterday when the news of his defection broke.
There was jubilation from Suswam’s massive camp of supporters yesterday on hearing that the former governor had defected to APC.
In Anyiin his country home and Ayilamo settlement, there was dancing and singing throughout the day, with shouts Dom Agya as Suswam is known in his ancestry home.
At press time yesterday, he was locked in a meeting with his supporters.
Our correspondence learnt that the meeting was meant to deliberate on the date for the defection ceremony.
But the media aide to Senator Suwswam, Bede Bartholomew, yesterday denied the claims that his boss had defected to APC.
Bartholomew however admitted that Governor Hyacinth Alia two days ago extended an invitation to Suwswam and other leaders for a banquet with him at Government House Makurdi.
A press statement he signed and made available to our correspondent yesterday reads: “Moments ago, I received telephone calls from well-meaning Benuelites and leaders alerting me to trending news on Benue’s social media space purporting that the former governor of Benue State, His Excellency Senator Gabriel Torwua Suswam, is set to defect to the All Progressives Congress (APC) today and would be received by the Governor of Benue State, His Excellency Governor Hyacinth Alia, this evening at the Banquet Hall of the Benue State Government House.
“I debunk this unholy rumour with all vehemence as it doesn’t represent the current interests of Senator Gabriel Suswam or that of his supporters across the state and should be treated as a mere rumour and that’s all.
“What I know is that two days ago, the Governor of Benue State HE. Rev. Fr. Hyacinth Alia respectfully extended an invitation to Sen. Suswam, among other stakeholders, expressing his desire to attend a State Banquet slated for 10th October, 2025.
“It should be noted that as a former Governor of the State, Suswam is a stakeholder in the Benue project, thus his reason for accepting the invitation.
“There was no indication in the invitation letter that it was a political event or a decamping ceremony whatsoever.
“The former governor advises his supporters and well-wishers to disregard this rumour as it is baseless, aimless, and a lie from the deepest pit of hell.
“Suswam appreciates everyone who called in for further enquiries and concerns and wishes everyone a happy weekend ahead.
Defections: Blame no one for your woes, says APC as PDP kicks
The ruling All Progressives Congress (APC) yesterday took a swipe at the Peoples Democratic Party (PDP), accusing the opposition party of being responsible for its woes as more of its members are dumping it for the governing party.
This came on the heels of plans by the PDP governor of Enugu State, Peter Mbah, and the entire elective and appointive officers of the state to defect to APC on Tuesday.
The PDP had on Thursday blamed the wave of defections from the party on APC, accusing the ruling party of engaging in intimidation and coercion of its elected members.
National Publicity Secretary of the party, Debo Ologunagba, while reacting to reports of the planned defection of some governors elected on the platform of the party to the APC, accused the ruling party for its misfortune.
“The APC is orchestrating all of this through intimidation, through coercion, through blackmail,” he said.
But APC National Publicity Secretary, Felix Morka, waved off the PDP allegation, insisting that the opposition party was only crying over a self-inflicted problem.
Dismissing the PDP allegation, Morka said: “The PDP continues to ridicule itself by the boring, repetitive and baseless claim that APC is, somehow, intimidating or cajoling its governors and other senior members to dump their wreck of a party.
“The PDP is the sole maker of its own political predicament. The party is only harvesting well-deserved adversity from decades of political recklessness, mindless corruption, ruthless desecration of democracy, disgraceful failure of leadership, and destructive impunity that characterised its existence.”
Justifying the defection to APC, Morka argued that “the governors and members that are dumping the party in their numbers are doing so in exercise of their free democratic will, and wisely so, to mitigate against the devastating fate that Nigerians will deal the party in the upcoming 2027 elections.”
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