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EFCC: How bank wrote off N8bn loan for Saraki
Bank directors are beneficiaries
Ex-bank MD, Akingbola, on trial over N179bn fraud
A witness of the Economic and Financial Crimes Commission (EFCC), Abdulraheem Jimoh, yesterday narrated before a Federal High Court in Lagos how loans running into billions of naira advanced to the Senate President, Dr. Bukola Saraki and others by the defunct Intercontinental Bank Plc., led to the prosecution of the bank’s former Managing Director, Dr. Erastus Akingbola. The witness made the narration while testifying in the on-going trial of the former bank chief over alleged N179 billion fraud. He testified that he was aware of some other companies owned by Dr. Saraki which were also indebted to Intercontinental Bank, but whose loans were written off. He listed some of the Senate President’s companies whose loans were written off as: Joy Petroleum Limited, with loan of N3.932 billion; Linkers Limited with N3.6 billion loan; Skye View Property with written off loan of N200.8 million and Dice Trade Limited with N1.832 billion. Saraki and his companies had N7.915 billion total loans written off by the Intercontinental Bank.
Jimoh, who was the Chief Inspector in Intercontinental Bank and presently working with the Access Bank Plc., told Justice Mojisola Olatoregun that some of the loans indebted to the defunct bank were eventually written off by Akingbola’s successor, Lai Alabi, in the interest of the ‘powers that be”. He added that some of the companies indebted to the defunct bank were owned by a former Managing Director of Access Bank Plc., Mr. Aigboje Aig- Imoukhuede and his successor, Mr. Herbert Wigwe. According to the witness, Aig-Imoukhuede and Wigwe are directors of some of the companies the then Managing Director of Intercontinental Bank, Mr. Lai Alabi, wrote off their loans.
The witness named one of the companies as United Alliance Company Limited with non-performing loans of N4.5 billion, N4.27 billion and N10.97 billion respectively. The witness testified further that he was aware that Intercontinental Bank was merged with Access Bank, adding that before Access Bank took over Intercontinental Bank, Intercontinental Bank was larger and bigger than Access Bank in asset capital base. He testified that as at the time of taking over Intercontinental Bank, he was aware it had branches and subsidiaries internationally, including Ghana and the United Kingdom. He said further that at the material time, Aig- Imoukhuede and Wigwe were MD and Deputy MD respectively at Access Bank.
The witness, however, denied suggestions by Akingbola’s lawyer, Chief Wole Olanipekun (SAN) that some people at the top made Lai Alabi the Managing Director of Intercontinental Bank for the purpose of writing off their loans in the bank. Further hearing in the trial continues today. Akingbola was, on 13th March, 2019, re-arraigned by the EFCC before Justice Olatoregun over charges related to fraud and abuse of office. The last arraignment on a 22-count charge was the third time since 2010 that the former bank chief will be arraigned on the alleged offence. Akingbola was first arraigned sometimes at the Federal High Court in 2010 on a 26-count bordering on the alleged offence. About two years later, the charge was struck out by Justice Charles Archibong for want of diligent prosecution.
However, on 20th February, 2015, the Court of Appeal, Lagos Division overturned the Federal High Court’s decision striking out the charges against Akingbola. Dissatisfied, Akingbola lodged an appeal at the Supreme Court asking that the ruling be overturned. However, the apex court, in a judgement delivered on 18th May, 2018, ordered him to return to the Federal High Court to answer to the charges slammed on him by the Economic and Financial Crimes Commission (EFCC). Justice Sidi Bage, who read the lead judgement of the apex court, held that the appeal is lacking in merit. He ordered that the case file be remitted to the Federal High Court for expeditious trial.
He was subsequently docked before Justice Olatoregun on a 26-count charge of alleged fraud. In the latest charge marked, FHC/L/443C/2009, Akingbola was alleged to have, between November 2007 and July 2008, created a misleading appearance of active trading in the shares of Intercontinental Bank Plc. on the Nigerian Stock Exchange by being connected with the utilization of an aggregate sum of N179,385,000,000 of the bank’s funds for the purchase of Intercontinental Bank Plc.’s shares and thereby committed an offence contrary to Section 105 (1) (a) of the Investment and Securities Act 2007 and punishable under Section 115 (a) of the same Act.
The EFCC also accused Akingbola of recklessly granting credit facilities of N8 billion each to five firms without adequate security in violation of Section 15(1) (a)(i) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of the Federal Republic of Nigeria, 2004, and punishable under Section 16(1)(a) of the same Act. The five firms involved are: Soo-Kok Holding Limited; Tofa General Enterprises; Cinca Nigeria Limited; Harmony Trust and Investment Limited and Stanzus Investment Limited. The anti-graft agency also alleged that Akingbola took £1.3 million from Intercontinental Bank Plc.’s GBP NOSTRO account at Deutsche Bank, London, and remitted same into the bank account of Fuglers Solicitors with the Royal Bank of Scotland Plc., London.
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BREAKING: Tinubu Directs Immediate Withdrawal of Police Officers from VIPs for Core Policing Duties — Onanuga
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PRESIDENT Bola Tinubu has ordered the withdrawal of police officers currently providing security for Very Important Persons, VIPs in the country.
A statement issued by presidential spokesman, Bayo Onanuga said henceforth, police authorities will deploy them to concentrate on their core police duties.
According to the statement, the presidential directive was issued at the security meeting President Tinubu held on Sunday with the police, Air Force, army chiefs and the Director-General of the Department of State Services, DSS, in Abuja.
The Presidential directive stated that “VIPs who want police protection will now request well-armed personnel from the Nigeria Security and Civil Defence Corps.
“Many parts of Nigeria, especially remote areas, have few policemen at the stations, thus making the task of protecting and defending the people difficult.
“In view of the current security challenges facing the country, President Tinubu is desirous of boosting police presence in all communities.
“Already, President Tinubu has approved the recruitment of 30,000 additional police officers. The federal government is also collaborating with the states to upgrade police training facilities nationwide.”
Sunday’s meeting was attended by the Chief of Army Staff, Lt General Waidi Shaibu; the Chief of Air Staff, Air Marshal Sunday Kelvin Aneke; the Inspector General of Police, IGP Kayode Egbetokun; and the Director-General of the Department of State Services, Tosin Adeola Ajayi.
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Update : Relief in Kwara as Tinubu Announces Rescue of 38 Kidnapped Worshippers
…vows unrelenting pursuit of national security
President Bola Ahmed Tinubu on Sunday announced the rescue of all 38 worshippers abducted earlier in the week from the Christ Apostolic Church (CAC), Eruku, in the Ekiti Local Government Area of Kwara state, reaffirming his administration’s commitment to securing every Nigerian across the country.
In a post on his verified X handle, @officialABAT, the President said the development followed days of coordinated operations by security agencies, which he had personally supervised after cancelling his scheduled trip to the G20 Summit in Johannesburg, South Africa.
“You will recall that I cancelled my trip to the G20 Summit in South Africa to enable me to coordinate the security efforts at home. Thanks to the efforts of our security forces over the last few days, all the 38 worshippers abducted in Eruku, Kwara State have been rescued”, President Tinubu wrote.
The President also confirmed the recovery of 51 of the students abducted from a Catholic school in Niger State, noting that he continues to monitor nationwide security developments through constant updates from operational commanders in the field.
Expressing determination to sustain the pressure on criminal elements, President Tinubu assured citizens of his unwavering resolve to protect lives and restore stability.
“Let me be clear: I will not relent. Every Nigerian, in every state, has the right to safety, and under my watch, we will secure this nation and protect our people,” he said.
The President commended the security forces for their efforts and pledged that the government would continue to strengthen intelligence, response capabilities, and inter-agency coordination in the ongoing fight against banditry, terrorism, and other threats.
The rescue operations come days after heightened national concern over abductions in parts of the Northwest and North-Central regions, prompting the President to order additional deployments and intensified counter-terrorism actions.
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Our Security Crisis Troubles Me Most,” Tinubu Admits
President Bola Tinubu says insecurity remains the most troubling challenge facing Nigeria, especially the Northern region.
He said on Saturday in Kaduna that urgent efforts were required to rebuild trust, strengthen unity and restore safety across communities.
Tinubu, represented by the Speaker of the House of Representatives, Tajudeen Abbas, spoke at the 25th Anniversary of the Arewa Consultative Forum (ACF) and the launch of its Endowment Fund.
The president said insecurity must be tackled decisively to prevent further economic decline and educational setbacks.
Tinubu said, “Nothing troubles me more gravely than the security crisis bedevilling Nigeria, especially Northern Nigeria,
“We cannot prosper when one limb of the national body is paralysed.”
He said his administration inherited complex security challenges but was addressing them with “urgency and determination.”
The president said that the government was committed to eliminating terrorist and bandit groups operating in the North and reversing the region’s economic decline.
He expressed optimism about Northern Nigeria’s economic prospects, saying he looks forward to the day crude oil tankers begin to roll out from Kolmani and other northern oil fields.
Tinubu added that key infrastructure projects, including the Abuja, Kaduna,Kano Superhighway,. were being fast-tracked for completion and commissioning.
He said the North must speak with honest and courageous voices to address its challenges, warning that the region cannot progress if leaders fail to protect vulnerable communities.
“We fail the day we sleep comfortably while millions sleep with empty bellies, the day fear becomes a permanent companion for travellers,” he said.
Tinubu added that although decades of dysfunction had strained unity, the diversity represented at the ACF anniversary demonstrated a collective resolve to resist division and restore solidarity.
The president praised the ACF for serving as the conscience of Northern Nigeria for 25 years, saying that the forum had consistently defended dignity, fairness and equality for millions.
He described the Silver Jubilee as a celebration of courage, advocacy and principled service.
Tinubu urged leaders across all sectors to recommit to the values that guided the founding of the ACF, stressing that the unity and stability of the North were vital to Nigeria’s overall peace and development.
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