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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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UPDATED: Police Arrest Adeyemi Over Alleged False Claim as PFIPC Director-General in Osun
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Operatives of the Nigeria Police Force Intelligence Response Team (IRT) have arrested Prince Adeniyi Adeyemi, the self-styled Director-General of the controversial Presidential Foreign Intervention Promotion Council (PFIPC), in Osun State.
Adeyemi, who had been the subject of an intensive manhunt by security agencies, was apprehended following intelligence-led operations weeks after investigations into allegations about the purported federal agency’s activities.
According to the Force Public Relations Officer, CSP Anietie Iniedu, the suspect was arrested without incident by a team of IRT operatives and has been moved into police custody for further interrogation.
He confirmed the arrest while speaking to our correspondent in Abuja.
His arrest followed days of coordinated efforts by security operatives, who had earlier raided his family residence while tracking his whereabouts. Reports indicated that investigators questioned his family members during the search for the suspect.
Adeyemi came into national prominence after controversy erupted over the operations of the Presidential Foreign Intervention Promotion Council, an organisation widely described by government officials as having no legal backing or official recognition.
The controversy deepened following allegations that the suspect claimed close links with top government officials and allegedly used the platform to project influence in government circles.
Oyo police rescue abducted farmer after joint security operation
The matter also generated public attention after claims surfaced that huge sums of money were exchanged in connection with promises of government appointments. Those allegations remain under investigation and have not been proven in court.
The Presidency had earlier distanced itself from the activities of the organisation, while the Office of the Chief of Staff to the President, Femi Gbajabiamila, denied any connection with the group or its activities, maintaining that neither the office nor the Presidency authorised the operations of the PFIPC.
Police investigators are expected to interrogate Adeyemi on the circumstances surrounding the establishment and operations of the organisation, the authenticity of documents allegedly used in its activities, and claims that some individuals were deceived into believing it was an official government body.
Investigators are also expected to determine whether other suspects were involved in the alleged scheme and whether additional offences, including impersonation, obtaining by false pretence, forgery and conspiracy, may have been committed.
As of press time, the Nigeria Police Force had yet to issue a detailed official statement on the arrest or announce possible charges against the suspect. Demographics
The arrest is, however, expected to advance investigations into one of the most controversial cases involving the alleged use of a non-existent government agency to project influence within the Presidency.
Adeyemi is expected to remain in police custody pending the conclusion of investigations and possible arraignment before a competent court.
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Breaking : Nigerian Soldiers Kill ISWAP Cameraman, Uncover Foreign Terrorist Network in Borno
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Troops of Operation Hadin Kai have neutralised an Islamic State West Africa Province cameraman and recovered video materials indicating the presence of three foreign facilitators, including a Palestinian Arab identified as a trainer and a Moroccan Arab serving as a medical doctor for the terrorist group in Borno State.
The Acting Military Information Officer, Joint Task Force North East, Operation Hadin Kai, Capt. Muhammed Goni, disclosed this in a statement on Sunday.
According to him, the operational success was recorded on Saturday following a failed infiltration attempt by members of ISWAP terrorists into Cross Kauwa, Kukawa Local Government Area of Borno State.
Goni said the terrorists attempted to exploit the cover of darkness to breach the troops’ position and loot cholera medical supplies.
The statement read, “Troops of 19 Brigade, Sector 3, Joint Task Force North East, Operation HADIN KAI (OPHK), have decisively foiled an attempted infiltration by ISWAP terrorists into Cross Kauwa, Kukawa Local Government Area of Borno State, inflicting heavy casualties on the attackers and forcing them to retreat in disarray.
“The successful defence of the location further demonstrates the vigilance, combat readiness and operational effectiveness of troops who continue to deny terrorist elements freedom of action across the North East Theatre.”
The failed attack, he said, occurred at about 10:20 p.m. on July 11, 2026, when the terrorists attempted to exploit the cover of darkness to breach the troops’ position.
“Alert troops swiftly detected the hostile movement and responded with coordinated and overwhelming firepower, compelling the terrorists to abandon their mission of looting cholera medical supplies and withdraw in confusion after suffering severe losses,” Goni said.
According to him, the attempted looting further lends credence to recent intelligence reports of a cholera outbreak within terrorist enclaves, as well as reports of the execution of some affected members by the group.
“The neutralisation of a terrorist cameraman during the failed assault led to the recovery of a Sony camcorder containing highly sensitive recordings of terrorist activities, including operational footage and propaganda materials.
“Preliminary forensic analysis of the last available video recorded prior to the attack indicates that the operation was coordinated by four senior ISWAP commanders (Qai’ds), alongside three foreign terrorist facilitators. They include a Palestinian Arab identified as Abu Ishaq, assessed to be ISWAP’s overall trainer; a Moroccan Arab identified as Abu Thaiba, a medical doctor serving within the terrorist network; and another Arab operative whose identity is yet to be established,” he added.
He said the presence and active involvement of the foreign nationals further reinforced intelligence assessments that ISWAP continued to benefit from external support, specialist expertise and transnational terrorist linkages.
“Following the successful engagement, troops immediately dominated the area and conducted exploitation operations to ascertain the full extent of the terrorists’ losses,” he added.
The Army spokesman said troops recovered the Sony camcorder, several rounds of PKT and 7.62mm Special ammunition, terrorist uniforms and other combat items during the operation.
He further stated that initial analysis of post-engagement satellite imagery revealed terrorists evacuating the bodies of some of their neutralised fighters during their withdrawal.
“This has since been corroborated by credible human intelligence sources, which confirmed that the terrorists suffered heavy casualties, with many others sustaining gunshot wounds during the engagement,” he said.
According to him, two soldiers sustained gunshot wounds during the firefight and were promptly evacuated by air for advanced medical care, adding that both personnel remained in stable condition.
“The failed infiltration attempt represents yet another significant operational setback for ISWAP and caps a costly weekend for the terrorist group following sustained offensive operations and intensified military pressure across the North East Theatre,” he said.
He added that the outcome underscored the increasing difficulty the terrorists faced in executing coordinated attacks against highly alert and combat-ready troops while further degrading their combat capability, morale and freedom of action.
“Operation HADIN KAI remains resolute in sustaining offensive operations, protecting vulnerable communities and dismantling terrorist networks until lasting peace and security are fully restored across the North East,” he assured.
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BREAKING: Security Forces Rescue Kidnapped Pupils, Teachers in Oyo Forest Operation
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Eight kidnappers arrested
Ibadan, Oyo State – Nigerian security agencies have successfully rescued a group of kidnapped pupils and teachers following a coordinated operation in Orire Local Government Area of Oyo State.
Photos circulating after the operation show the rescued victims gathered in a rural forest location alongside security personnel shortly after they regained their freedom.
According to available information, the victims were abducted by suspected kidnappers before security operatives launched an intensive search-and-rescue mission. The operation, carried out through coordinated efforts by security agencies, led to the safe recovery of the pupils and their teachers.
The rescued victims have since been reunited with security officials and are expected to undergo medical examinations and trauma counselling before being reunited with their families.
Authorities have not yet disclosed whether any arrests were made during the operation or if a ransom was paid. However, investigations are ongoing to identify and apprehend those responsible for the abduction.
The successful rescue has been welcomed by residents of the area, who commended the swift response of the security agencies while calling for increased security around schools and rural communities to prevent similar incidents.
The incident once again highlights the persistent security challenges facing some parts of the country, particularly the threat of school-related kidnappings, which have raised concerns among parents, educators, and community leaders.
Security agencies have assured the public that efforts are continuing to track down the perpetrators and strengthen measures aimed at protecting schools and vulnerable communities across the country.
Further official details are expected as the authorities provide updates on the operation.
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