news
We didn’t recommend Akingbola’s sack as Intercontinental Bank MD – EFCC witness
![]()
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.
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
news
Breaking : UK Tightens Security With Road Closures, No-Fly Zones for Tinubu’s Visit
![]()
Britain will impose airspace restrictions and deploy armed police officers in Windsor next week as President Bola Tinubu arrives for a state visit hosted by King Charles III.
Tinubu is expected to begin the visit in the company of his wife Oluremi Tinubu on Wednesday, March 18, with a reception at Windsor Castle.
Thames Valley Police in a statement on its website on Wednesday, said it is working with the Royal Borough of Windsor and Maidenhead, the Royal Household and other security partners.
The force said airspace restrictions over Windsor Castle, which are in place permanently throughout the year, would be extended on Wednesday, March 18, to cover the period from 7am to 11.59pm.
Chief Superintendent Adrian Hall of Thames Valley Police’s Joint Operations Unit said the air restrictions formed part of a broader security operation for the visit.
“The air restrictions are just one part of our robust security operation for the state visit of Nigerian President Tinubu next week, with many measures you will see and others you will not..
“As a force, we have a vast amount of experience in policing Royal events in Windsor and significant planning, and preparation has gone into this event,” Hall said.
He said the force would take a strong stance in enforcing the restrictions, warning that any breach would constitute a criminal offence under the Air Navigation Order and could lead to arrest.
“We will be taking a strong stance in enforcing the restrictions; anyone who breaches them will be committing a criminal offence under the Air Navigation Order and could be arrested.”
The police chief said officers with specialist capabilities, including search teams, the Mounted Section, road policing, and armed units, would be deployed across Windsor, alongside neighbourhood policing and Project Servator resources.
“We will also be deploying numerous police officers to Windsor with specialist capabilities, including our search teams, Mounted Section, Roads Policing and armed units, while our neighbourhood and Project Servator resources will also be on the ground engaging with the public,” he said.
The authorities will also deploy an extensive closed-circuit television network, hostile vehicle mitigation barriers, and other undisclosed security measures for the event.
Hall said, “We will also be using the extensive CCTV network in Windsor, Hostile Vehicle Mitigation barriers, and many other security measures that you may not be able to see to make sure the event runs safely.”
He urged members of the public to support the security operation by remaining vigilant.
“The public plays a critical role to support us so we encourage them to report any suspicious activity or anything that does not seem quite right by calling 101 or speaking to one of our officers. If there is an immediate threat or emergency, then call 999,” Hall added.
Road closures and parking restrictions will take effect from Tuesday, March 17, with possible temporary disruption to roads in and around Windsor during the visit.
Thames Valley Police said it was being supported by the Civil Aviation Authority and National Air Traffic Services to enforce the flight restrictions. Persons with legitimate reasons for drone flying were directed to email [email protected].
news
BREAKING: PDP Convention Crisis Deepens as Appeal Court Backs Order Against INEC Recognition
![]()
…dismisses appeal, awards N2m cost against party
The Court of Appeal in Abuja has dismissed an appeal by the Peoples Democratic Party (PDP) against the October 31 judgment by Justice James Omotosho of the Federal High Court in Abuja restraining the Independent National Electoral Commission (INEC) from recognising the outcome of the national convention planned for Ibadan, Oyo State on November 15 and 16 by the PDP.
In a unanimous judgment on Monday, a three-member panel of the appellate court resolved the four issues for determination against the PDP.
It held that the appeal by the PDP was without merit and that the Federal High Court was right to have entered the October 31 judgment and granted all the reliefs sought by the plaintiffs.
The Court of Appeal faulted the PDP’s claim that the trial court lacked jurisdiction to have heard the case on the grounds that issues involved were solely internal affairs of the party.
The court also held that the plaintiffs had the locus standi to have institutes the suit to protect their democratic rights and that the PDP was not denied fair hearing as it claimed in its appeal.
The court awarded N2million cost against the PDP for filing a frivolous appeal.
The court is yet to render its decisions in the remaining eight appeals, which include judgment and rulings
news
Opeifa Defends Rail Reforms, Unveils Nationwide Expansion Roadmap
Opeifa maintained that derailments are not peculiar to Nigeria, noting that such incidents occur across advanced rail systems globally.
“Derailments are regular occurrences in the rail sector worldwide. In February alone, there were incidents in countries like Britain and others. Around the same time we experienced one, there were multiple derailments across the world,” he said.
He disclosed that in 2025, Nigeria recorded three major derailments:
• August 26 at Asham in Kaduna State
• November 1 at Abraka on the Warri–Itakpe line
• November 8 at Agbor on the same corridor
He said the NRC responded swiftly, restoring services within 24 hours in one case, while others were resolved within 21 and 28 days respectively.
Opeifa stressed that derailments can result from factors such as weather conditions, signal glitches, human error, speeding, or aging infrastructure, but noted that in Nigeria’s recent cases, there were no fatalities.
“These incidents are preventable and efforts are ongoing to minimize them. However, they should not be seen as major setbacks to the overall progress of the railway system,” he said.
On Allegations of Mismanagement
Addressing allegations of financial mismanagement within the corporation, Opeifa declined detailed comments, citing ongoing legal processes.
“When a matter is in court, it is sub judice. Allegations of corruption or mismanagement should be handled by the appropriate authorities,” he stated.
He reiterated that his priority is to reposition the NRC in line with global best practices and ensure efficient rail services for Nigerians.
Expansion, Upgrades and National Connectivity
The NRC boss said efforts are underway to restore damaged coaches and upgrade infrastructure using local engineers and technicians.
“We are bringing back the lines and retrofitting coaches. The Warri–Itakpe line is operational. The Abuja–Kaduna line is running, and we are increasing trips from two to three,” he said.
On long-term plans, Opeifa disclosed that the NRC roadmap envisions rail connectivity across major cities nationwide, subject to funding and phased execution.
He dismissed claims of abandoned projects, explaining that rail developments are capital-intensive and implemented in phases based on available resources.
He cited progress on the Lagos–Ibadan corridor—part of the larger Lagos–Kano project—as well as ongoing work on the Kano–Maradi line linking key northern cities.
Lagos–South-East, Port Connections in View
Opeifa also highlighted plans to expand connectivity between southern ports and inland cities. These include proposed links from Warri to Abuja and from Lekki Deep Sea Port to Kajola, Benin, Onitsha, and Aba, enabling both passenger and cargo movement.
Toward Modern Signaling and Faster Trains
On modernization, he said Nigeria is gradually upgrading from older narrow-gauge systems to standard-gauge infrastructure with improved signaling technology.
He noted that metro rail projects in Kaduna, Kano, and Lagos are being developed with higher signaling standards, positioning the country for faster and more efficient train services in the coming years.
“We are not yet at the highest global level, but we are moving steadily upward,” Opeifa said.
-
news5 years agoUPDATE: #ENDSARS: CCTV footage of Lekki shootings intact – Says Sanwo – Olu
-
lifestyle6 years agoFormer Miss World: Mixed reactions trail Agbani Darego’s looks
-
health5 years agoChairman Agege LG, Ganiyu Egunjobi Receives Covid-19 Vaccines
-
lifestyle4 years agoObateru: Celebrating a Quintessential PR Man at 60
-
health6 years agoUPDATE : Nigeria Records 790 new cases of COVID-19
-
health6 years agoBREAKING: Nigeria confirms 663 new cases of COVID-19
-
entertainment1 year agoAshny Set for Valentine Special and new Album ‘ Femme Fatale’
-
news10 months agoBREAKING: Tinubu swears in new NNPCL Board