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EFCC: How bank wrote off N8bn loan for Saraki

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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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Renewed Hope : No governor can complain of lack of funds under Tinubu’s administration, Says Sanwo-Olu,

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Lagos State Governor, Babajide Olusola Sanwo-Olu, has declared that under the administration of President Bola Ahmed Tinubu, no state governor or local government chairman can genuinely complain of a lack of funds.

He said the Tinubu administration has significantly increased allocations to subnational governments, ensuring that states and local councils have more resources to meet their developmental obligations.

Sanwo-Olu stated this on Tuesday, November 11, while delivering the keynote address at a one-day public lecture organized by the Arewa Think Tank (ATT) to commemorate Nigeria’s 65th Independence anniversary at the Arewa House, Kaduna.

The lecture, themed “65 Years of Nigeria’s Independence: The Journey So Far with the Renewed Hope Agenda in View,” brought together political leaders, academics, youth groups, and other stakeholders to reflect on Nigeria’s national progress and future under President Tinubu’s Renewed Hope Agenda.

The Lagos Governor praised the resilience and ingenuity of Nigerians since independence, noting that despite the country’s challenges, its capacity for growth, reform, and unity remains unmatched.

“Today, that story has changed. Ask any State Governor or Local Government Chairman, and they will tell you just how much revenue has surged under the watch of President Bola Ahmed Tinubu. There is now more money to do more that benefits the people of Nigeria,” Sanwo-Olu said.

He attributed the improved fiscal outlook to deliberate policy reforms by the Tinubu administration, particularly those designed to strengthen federalism and empower the states and local governments.

According to him, between 2023 and 2024, federal allocations to state governments rose by about 62 percent, while allocations to local governments increased by 47 percent. He said the recently enacted tax reforms, which reduced the Federal Government’s share of Value Added Tax (VAT) from 15 percent to 10 percent, further underscored the President’s commitment to fiscal decentralization and grassroots development.

“With the new tax laws, states now get 55 percent of VAT, while local governments receive 35 percent. This is another bold step by the President to ensure that governance is closer to the people,” he noted.

Sanwo-Olu also lauded the President’s insistence on local government financial autonomy, recalling the administration’s Supreme Court victory, which secured historic legal backing for that autonomy.

He disclosed that President Tinubu’s next major reform focus is restructuring Nigeria’s security architecture through the creation of State Police, an initiative he described as “long overdue and fundamental.”

Citing Tinubu’s recent remarks during a meeting with Katsina leaders, Sanwo-Olu quoted: “I am reviewing all aspects of security. I have to create a State Police. We are looking at that holistically. We will defeat insecurity.”

He described the Renewed Hope Agenda as a bridge-building framework aimed at uniting Nigeria’s diverse regions through equity, reform, and inclusive development.

“President Tinubu is a veteran unifier and a bridge-builder. His Renewed Hope Agenda is about connecting Nigeria, bridges of reform, prosperity, and national unity,” he said.

Drawing inspiration from Nigeria’s founding fathers, especially the late Sir Ahmadu Bello, the Sardauna of Sokoto, Sanwo-Olu emphasized that true national development must be homegrown and context-specific.

“More than six decades later, Sardauna’s words still ring true. Our duty is to build on those legacies, planting trees we may not sit under, but ensuring a better Nigeria for future generations,” he said.

He reaffirmed that Nigeria’s diversity remains its greatest strength, saying: “We will continue to affirm that Nigeria is a proudly multi-ethnic, multi-religious, and multicultural country. What binds us together is far stronger than what divides us. We shall overcome every challenge, poverty, hunger, and terrorism.”

Sanwo-Olu pledged Lagos State’s continued partnership with the Federal Government in actualizing the Renewed Hope Agenda and building a prosperous, inclusive, and resilient nation.

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Organ Transplant Scandal : Tinubu engages UK, seeks Ekweremadu’s transfer to Nigeria

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President Bola Tinubu has sent a high-level delegation to London to discuss the case of a former Deputy Senate President, Ike Ekweremadu, who has been serving a prison sentence in the United Kingdom since March 2023.

Newsthumb gathered that the Federal Government is actively seeking arrangements that would allow Ekweremadu to serve the remainder of his sentence in Nigeria.

The delegation, which included the Minister of Foreign Affairs, Yusuf Tuggar, and the Attorney General and Minister of Justice, Lateef Fagbemi, on Monday held discussions with officials at the UK Ministry of Justice regarding Ekweremadu’s incarceration.

Following the meeting, the team was received at the Nigerian High Commission in London by the Acting High Commissioner to the UK, Ambassador Mohammed Maidugu.

Confirming the development to Arise News on Monday night, the spokesman for the Foreign Affairs Minister, Alkasim AbdulKadir, said the consultations with UK authorities are ongoing.

He added that a formal request for a prisoner transfer to allow Ekweremadu to serve the remainder of his sentence in Nigeria has been submitted.

He said, “Consultations are still ongoing with UK authorities on the matter.

“An appeal for a prisoner exchange for him to serve the remainder of his term in Nigeria was tabled before the United Kingdom authorities.”

Our correspondence earlier reported that Ekweremadu and his wife were arrested by the London Metropolitan Police in June 2022, after a man was falsely presented to a private renal unit at Royal Free Hospital in London as a cousin to their daughter Sonia, in what turned out to be a failed attempt to persuade medics to carry out an £80,000 transplant.

Ike Ekweremadu was convicted in the UK for his role in organ trafficking after attempting to bring a 21-year-old Lagos street vendor to Britain for a kidney transplant intended for his daughter, Sonia.

The 21-year-old man, who was allegedly promised work in the UK, reported the matter to the police in May of the same year, stating that he was brought to the country for an organ transplant.

In March 2023, Ekweremadu was found guilty of organ trafficking by a UK court and was later, in May, sentenced to nine years and eight months under the UK Modern Slavery Act.

His wife, Beatrice, received a four-year and six-month sentence and was released early in 2025, while a medical intermediary, Dr Obinna Obeta, was handed a ten-year prison term.

However, in January, Beatrice was released from prison and returned to Nigeria.

The case drew widespread attention, sparking diplomatic discussions between Nigeria and the UK, exposing gaps in transplant regulations, and prompting further investigations in the UK.

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Warri- Itakpe train derailment: Police parade suspects, CP Kwaimo, Says vandalism is an economic sabotage

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Warri- Itakpe train derailment: Police parade arrested suspects … this act of vandalism is an economic sabotage – CP Kwaimo

…… Railway properties are critical national assets and not scraps, we are going to deploy technology for rail tracks monitoring – Opeifa

The Railway Command of the Nigeria Police Force today Friday 7th November 2025 at it’s headquarters in Ebute Metta, Lagos, paraded the two suspects arrested in connection with the derailment of the Warri Itakpe train service on Sunday 1st of November 2025.

Speaking to newsmen, the Commissioner of Police Nigeria Police Railway Command, CP Vungmoh S.M. Kwaimo, described the vandalism of train tracks as an act of economic sabotage which will be fought to a standstill. According to CP Kwaimo, the suspects, identified as Mudansuru Mutari (male, aged 27) and Blorie Kokori (aged 39), were apprehended around Kilometer 208 before Abraka, Delta State, on Tuesday, November 4, 2025, by operatives of the NRC Police Command in collaboration with local security agents.

CP Kwaimo described the arrest as a breakthrough in the fight against train tracks vandalism in the Agbor Abraka axis. According to him, “We are going all out against the vandals because we have a responsibility to ensure safety of life and property in line with section 4 of the Police Act”.

According to the CP, preliminary investigations and their confessional statements revealed their direct involvement in tampering with vital components of the rail track. He said, “We will pursue this case to see that justice is served”. He also promised to go after the sponsors, some of whom have been identified in Lagos and Agbor.

The CP used the occasion to inform the public that the number of policemen attached to each coach in the operations of the Nigerian Railway is to be increased. He expressed gratitude to President Bola Tinubu, the Inspector General of police and the management team of the NRC for their support and zero tolerance for railway vandalism.

CP Vungmoh Kwaimo at the parade of the suspects was flanked by his officers and men which included DCP Yahaya Mana DC (CID), DCP Toyin O. Sulyman DC (OPS), ACP Ibrahim Audu AC (OPS), among others.

In a similar vein, the president general of the Nigerian Union of Railwaymen comrade Innocent Luka Ajiji who led members of his executive to the parade of the suspects, was full of praise for the new leadership of the Nigerian Railway police command under CP Kwaimo Vungmoh for their tireless efforts in the fight against rail tracks vandalism, just as he commended the management of NRC led by Dr Kayode Opeifa for the reinvigoration and turn around of the Nigerian Railway Corporation and railway men for their commitment to their duty even in the face of challenges and setbacks caused by train tracks vandalism.

Similarly, the managing director and chief executive officer of the NRC Dr Kayode Opeifa while speaking to newsmen in his office, called on states governments to show concern to take ownership of the railway tracks that passes through their states through the provision of infrastructures like motorable roads to the train stations.

Comrade Opeifa reiterated his warning that railway properties are critical national assets and not scraps, and warned vandals and their sponsors to stay away or face the full weight of the law. According to the NRC helmsman, “Railway properties are national assets, stay away, we are changing strategies to secure train tracks, We are deploying technology and the use of local communities to safe guard our train tracks”.

According to Dr Opeifa, “We are prosecuting many arrested vandals of train tracks and will not stop, unless they stay away from our national assets”.

Dr. Opeifa emphasized that the NRC under his leadership remains focused on President Bola Tinubu administration Renewed Hope Agenda and will not compromise in the provision of efficient service delivery and safety of it’s passengers whose comfort is non negotiable.

He identified funding as a major challenge in the operations of the NRC, but noted that the support of states governments remains critical, to enhancing quality and efficient service delivery to the people.

Comrade Opeifa said that the corporation was in talks with the Rural Electrification Agency to provide electricity to the stations and trains tracks to about 500 meters to the train stations. He also called on the members of the national assembly to consider the Nigerian Railway Corporation (NRC) in their constituency projects.

Speaking on the derailed Warri Itakpe train of the 1st of November 2025, Dr Opeifa stated that only two coaches were affected as a result of the removed bolts and clips. He highlighted that over 300 bolts and clips were removed within the axis which caused the derailment, but that the re-railment was concluded within 24 hours, but due to the need to carry out necessary and diligent safety checks, the resumption of train services had to be put on hold temporarily and that train service has resumed on the corridor.

Comrade Opeifa used the occasion of the press briefing to appreciate and commend the commuting public whose loyalty, according to him, “Strengthened our resolve to remain committed and undeterred by the derailment setbacks”.

 

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