Tuesday, October 26, 2010
Akingbola’s case transferred
In exercise of his power, the Chief Judge of the Federal High Court on Monday transferred the case involving the former chief executive officer (CEO) of Intercontinental Bank Plc., Dr Erastus Akingbola, to another judge for trial.
The matter is now to be adjudicated upon by Justice Okon Archibong. Justice Mohammed Idris, also of the Federal High Court, commenced the trial in his capacity as a vocation judge.
Akingbola had earlier pleaded not guilty to the allegations of misappropriation of over N364 billion preferred against him by the Central Bank of Nigeria (CBN) through the Economic and Financial Crimes Commission (EFCC).
The lead counsel to the former bank chief executive, Chief Felix Fagboungbe (SAN) had
countered the charges preferred against his client by arguing that there was nowhere in the reports of CBN, Nigerian Deposit Insurance Corporation (NDIC) and EFCC that Akingbola was accused of taking any money for himself or his company or any company or individual related to him.The matter is now to be adjudicated upon by Justice Okon Archibong. Justice Mohammed Idris, also of the Federal High Court, commenced the trial in his capacity as a vocation judge.
Akingbola had earlier pleaded not guilty to the allegations of misappropriation of over N364 billion preferred against him by the Central Bank of Nigeria (CBN) through the Economic and Financial Crimes Commission (EFCC).
The lead counsel to the former bank chief executive, Chief Felix Fagboungbe (SAN) had
CBN, he said, had investigated the bank four times before Akingbola’s removal in August last year and after his removal three further forensic investigations were conducted by a joint team of CBN, NDIC, EFCC and forensic experts with the purpose of finding where Akingbola benefitted from the transactions but no such incrimination was found.
The investigations, Fagboungbe averred, revealed that all through his 20 years in bank, Akingbola never took any loan from bank either directly or in favour of individuals and companies he is related to despite the fact that regulatory provisions in banking industry allowed such with CBN approval.
The lead defence counsel urged further that “up till now they have not told the public how and on what date he moved N364 billion or any amount out of the bank.
