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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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CCT Chairmanship : Embattled Danladi Umar Withdraws Suit Challenges his Successor Mainasara Kogo’s Appointment by Tinubu

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Justice Danladi Yakubu Umar, the embattled Chairman of the Code of Conduct Tribunal (CCT), has quietly withdrawn his lawsuit challenging the controversial appointment of Dr. Mainasara Umar Kogo as his successor—an appointment made by President Bola Ahmed Tinubu in alleged violation of constitutional procedures.

Newsthumb report that in Suit No: FHC/ABJ/CS/1796/2024, filed at the Federal High Court, Abuja, Justice Umar—alongside civil society groups—had sought to nullify the appointment of Dr. Kogo.

The respondents listed in the suit included President Tinubu, the Attorney-General of the Federation, Lateef Fagbemi (SAN), the Senate President, Godswill Akpabio, the National Assembly, the National Judicial Council (NJC), and the Federal Judicial Service Commission (FJSC), among others.

However, in a surprising development, a “Notice of Discontinuance” dated March 20, 2025, and signed by Umar’s legal representatives—M.M. Maidoki, A.G. Salisu, and Jibrin S. Jibrin—was filed in court, effectively ending the legal challenge.

Justice Umar decided to withdraw the suit following intense pressure from family members and respected elders from Toro, Bauchi State—his hometown—who urged him to prioritize family honor and avoid escalating political tensions.

A member of Umar’s legal team disclosed that, despite their firm belief that the President, National Assembly, and Secretary to the Government of the Federation (SGF), Senator George Akume, had acted illegally against Umar, they advised him to withdraw the case for the sake of his safety and the integrity of his family.

The removal attempts against Justice Umar ignited serious legal and constitutional controversy involving the Presidency, the National Assembly, and the SGF. President

President Tinubu’s decision to appoint Dr. Kogo was first announced in July 2024 by presidential spokesman Ajuri Ngelale—despite the fact that Justice Umar’s tenure had not expired.

Compounding the controversy, the official appointment letter, signed by SGF George Akume, was dated January 20, 2025, but backdated to November 27, 2024—an action that raised further suspicion among legal scholars and political observers.

The National Assembly also contributed to the confusion by initially citing an incorrect constitutional provision and even misstating the name of the intended appointee—errors they later retracted—raising concerns that Umar’s removal was politically motivated rather than based on proven misconduct.

The move was widely condemned by legal experts, who described it as unconstitutional. Senior Advocates of Nigeria (SANs) including Prof. Mamman Lawan Yusufari, Dr. Wahab Shittu, and Prof. Yemi Akinseye George pointed out that, under the Fifth Schedule of the 1999 Constitution, it is the National Judicial Council (NJC) and the Federal Judicial Service Commission (FJSC) that are empowered to nominate and recommend candidates for appointment to the CCT—not the President acting unilaterally.
There is no public evidence that the NJC, chaired by Chief Justice of Nigeria Justice Kudirat Kekere-Ekun, recommended any successor. Similarly, there is no proof that the National Assembly met the two-thirds majority threshold required to lawfully remove Justice Umar.

The National Assembly’s move to oust Umar was reportedly initiated at the behest of the Presidency, leading to the litigation that has now been withdrawn. Notably, President Tinubu, Attorney-General Fagbemi, and other officials had already filed their statements of defense prior to the discontinuance.

Justice Umar has previously presided over several politically sensitive cases, including the 2012 trial of then-Lagos State Governor Bola Tinubu over alleged false asset declarations. Although he discharged Tinubu, he did not acquit him—an outcome some believe might have posed constitutional hurdles during Tinubu’s political ascendancy.

With the withdrawal of the case, it remains uncertain whether Justice Umar will formally vacate his position or seek other avenues to contest Dr. Kogo’s appointment.

The Code of Conduct Tribunal (CCT) is a specialized court tasked with upholding ethical standards among Nigerian public officers. It is empowered to try politicians, civil servants, judges, and others accused of breaching the Code of Conduct, including false asset declarations, foreign account ownership, conflicts of interest, and corruption-related misconduct.

Upon conviction, the Tribunal can impose penalties such as removal from office, disqualification from holding public office for up to ten years, and forfeiture of assets improperly acquired.

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Akpabio: The Misconcepted Man Of Purpose, Says Niyi Babade

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“Just let him know that you are passionate like him and fellow human being’s happiness is paramount to you and that you hold the ideals of man in high esteem, let him know you can contribute positively to the reason why humanity must not suffer, let him know that you are full of ideas that can bring joy and happiness to humanity, let him know that the comfortabilities of the people, the equal rights of the people in a world where no man feels he/she is more superior to the other is your perogative, let him know you can offer positive solutions to difficult situations instantly,let him know that you are super ready to bring people out of the quagmire they might found themselves at any point in time, then he will bring you closer to himself so you will have unlimited access to him and become his friend. He will make sure you are encouraged and generously rewarded for your contribution.His love and concern for humanity is unprecedented no matter your gender or status in the society. This is why people often times take undue advantage of his large heartedness for granted especially the female folks”

This was how Gbenga a former staffer of the Directorate of the State Security Services described Senator Godswill Obot Akpabio the Senate President of Nigeria,when he worked with him as security personnel when he was the Governor of Akwa Ibom State.while speaking with our reporter.

The senate president still remain steadfast and resolute to the course of humanity especially Nigerians wherever they are within the globe.

The ongoing encounter with Senator Natasha is one of the misconceptions that we speak about which has often times trailed the senate president’s path.Because of his love for people,humanitarian and philanthropy heart for every one

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JUST IN: Terrorism trial, Court admits video recording of Kanu’s interrogation, other items

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A video recording of Nnamdi Kanu’s interrogation by officials of the Department of State Services (DSS) has been played in court in his ongoing trial before a Federal High Court in Abuja.

The statement Kanu made on October 15, 2015 has also been read.

In the video, he admitted establishment of Radio Biafra and registration in London.

Kanu also admitted not registering the radio station with NBC because there was no need for it.

In his statement, he admitted fighting for emancipation of the people of South East, South South and parts of Benue and Kogi.

He made it abundantly clear that freedom fighting is not a crime in any part of the world including Nigeria because it is a fundamental right.

Kanu claimed not to be involved in any violence because he has not been linked with any one.

Items in four suitcases recovered from him in his hotel room in 2015 were also brought to the court room full display.

Defence lawyer, Kanu Agabi (SAN) did not object when prosecuting lawyer, Adegboyega Awomolo (SAN) applied to tender all the items in evidence.

Justice James Omotosho has admitted the items in evidence.

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