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

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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.

Testifying under cross examination by Akingbola’s counsel, Prof. Taiwo Osipitan (SAN), the witness said he did not know why Akingbola was removed instead of the non-executive directors which his team indicted.

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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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

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…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

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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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