Akingbola has confessed, says EFCC,likely 100 years imprisonment
FORMER Group Chief Executive of Intercontinental Bank Plc Erastus Akingbola has "confessed to some of the charges against him", the Economic and Financial Crimes Commission (EFCC) alleged Monday.
But Akingbola denied admitting any of the charges.
In a counter affidavit it filed against Akingbola’s bail application, EFCC said he allegedly confessed to some of the charges in a statement he wrote on August 5.
EFCC said he also implicated "politicians and high net worth individuals who are still at large," in the statement.
It urged the court to deny him bail because the charges attract a cumulative term of 100 years imprisonment on conviction.
An EFCC operative Sergeant Madaki Yakubu, who deposed to the affidavit averred that Akingbola admitted among others, that he directed the utilisation of Intercontinental Bank’s N179 billion for the purchase of the bank’s shares without the board’s approval.
Akingbola was also alleged to have admitted that some companies in which he has interests, received productivity bonuses on his behalf and for other directors of the bank. He was also said to have admitted that the bonus for one of the bank’s director, Elder Sanni Adams, "was always split into two and 50 per cent paid to him (Akingbola).
The commission said because of the revelations in Akingbola’s statement, it has begun fresh investigation to ascertain the level of involvement of certain personalities he allegedly implicated.
According to EFCC, its investigation so far revealed how Akingbola allegedly committed various financial crimes, including money laundering. EFCC added that the accused paid several millions in foreign currencies to a firm of lawyers – Fuglers Solicitors – who had no contractual agreement with the bank.
It alleged that Akingbola also engaged in illegal transfer of several billions of naira into accounts belonging to his companies and another- Tropics Finance Limited where his wife, Anthonia, served as Managing Director.
EFCC said it foiled in September last year, moves by firms traced to Akingbola and members of his family, to ship about N1.2 billion out of the country.
It prayed the court to deny him bail because he could abscond, having allegedly done so when he was declared wanted, adding that he could also interfere with prosecution witnesses who are mostly employees of the bank.
Denying all the allegations, Akingbola said he returned to the country voluntarily and that he did not abscond.
In an affidavit deposed to by his lawyer, Dapo Oduwole, Akingbola said he never admitted any of the charges as claimed by EFCC.
The former bank boss said he delayed in returning to the country because of a statement allegedly made by the Governor of Central Bank (CBN) that past chief executives of rescued banks should be tied to the stake and shot.
Yesterday, his lead counsel, Chief Felix Fagbohungbe (SAN), told the court about his client’s pending bail application. He complained about the prosecution’s antics to keep his client in cell by deliberately filing its counter affidavit late.
His prayer that the case be stood down temporarily was opposed by the prosecution led by Kola Awodein (SAN), who prayed for an adjournment.
Justice Mohammed Idris adjourned to tomorrow for the hearing of the bail application. He ordered the accused to be remanded in EFCC’s custody.
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