Akingbola faces stiff opposition in bid to reclaim Intercontinental Bank

There are indications that a former Managing Director of Intercontinental Bank, now Access Bank, Dr. Erastus Akingbola, is making moves to regain control of the bank.

However, as Akingbola is nurturing the ambition and contacting highly placed and influential public office holders, so also are those opposed to him owing to his past working assiduously to cut short the move.

And their main weapon is the conviction of Akingbola for stealing and diversion of depositors’ funds to purchase properties in the United Kingdom.

He was also found guilty of purchasing shares for himself in order to manipulate the share price in the stock market of the defunct bank.

The landmark judgment, by Mr. Justice Burton of the Royal Courts of Justice, Strand, London, United Kingdom, in a suit instituted by Intercontinental Bank soon after the Economic and Financial Crimes Commission charged Akingbola for fraud in 2010, the former MD was ordered to refund the about N165 billion stolen from the Bank through various fraudulent means.

The ghost haunting Akingbola appears not to be easy to chase away.

His efforts to explain away some of his unwholesome practices while in office such as granting and guaranteeing loans to his companies to the tune of N16 billion in respect of Tropic Finance and unlawful share purchase scheme of N145 billion and about £10.5 million in respect of Furgler Payment claim, has reportedly failed.

In fact, sources said he has tried enlisting the support of President Goodluck Jonathan and several government financial regulatory bodies.

However, those contacted are said not to be finding things easy because of the weight of evidences against him.

According to facts presented by Jimoh AbduIraheem, the Bank’s Chief Inspector, who was a prosecution witness in the high profile case of fraud and stealing, Akingbola transferred funds to his (Akingbola’s) offshore account.

Led in evidence by defence counsel, Godwin Obla, Abdulraheem told the court that he was once invited by the EFCC to give a statement about the movement of funds from Intercontinental Bank to various companies account on the instruction of Akingbola while he held sway as Managing Director of Intercontinental Bank.

He went on to identify a copy of the statement he wrote on  January 28, 2011.

Obla consequently urged the court to admit the document as exhibit.

But defence counsel, Felix Fagbohungbe (SAN) objected, arguing that he needed time to study the document.

The objection was overruled by the court and the document was admitted as exhibit.

Another document authorizing the transfer of £1.3 million was also tendered by Obla. After certifying that he recognized the document, Abdulraheem informed the court how he was ordered via an instruction memo to transfer 1.3 million pounds to the account of a British Law Firm, Fulgers Solicitors.

He said: “I was authorized by Dr. Akingbola to inform the Head of Funds Department. Prior to the instructions, there were discussions that the said amount be transferred to the account of Tropic Finance Limited. The instruction came via a memo and the order was swiftly carried out. Mr. Akin Fabunmi, who is the Head of Funds Department, carried out the instruction.”

A copy of an unsigned memo conveying Akingbola’s instruction to effect the transfer was given to the witness to confirm if that was the memo containing the instruction.

The witness confirmed the document, which was subsequently admitted as exhibit.

As to the whereabout of the originals, Abdulraheem said all original documents relating to the trial were lost in the cause of investigation.

He continued that the instructions were carried out and the funds were transferred to the account of a British Law Firm, Fulgers Solicitors.

Obla asked the witness if there was any evidence to back up what he said.

The witness said an electronically generated swift message is attached to the unsigned memo, which represents the confirmation of payment.

He was asked if he would recognize the said message.

He answered  in the affirmative and the court handed him a copy of the message, which he confirmed.

He said such messages are usually printed out of the computer if foreign account transfers are carried out.

Counsel to Akingbola said the documents tendered are not original and urged the court not to admit them as exhibits.

Obla responded saying the originals have been misplaced as stated by the witness in the process of investigation.

He referred the court to section 97(1) C of the Evidence Act, which said copies of documents can be admitted.

The objection was overruled by the court and the documents were admitted as exhibit

Another document tendered by Obla was a letter written to Intercontinental Bank Plc by one Corporate Securities Nigeria Limited requesting that the Bank should make a payment of N10 billion for some shares purchased for the bank.

The letter listed how the payment was to be made to some companies.

These companies are: Tropics Securities, Bankinson Nigeria Limited and Tropics Properties.

The letter was signed by Bayo Dada, who is Akingbola’s co-accused.

The witness said that instruction was also carried out as the funds were taken from pre- payment account of the Bank and credited to those companies.

He said while investigations commenced, the Bank management asked him to conduct investigations as to the movement of cheques issued to those companies and it was discovered that the three cheques have been deposited in those companies’ accounts at Access Bank.

Further investigations revealed that the companies were linked to Akingbola and his wife, Antonia.

Abdulraheem said the instruction to effect payment was given by Akigbola verbally.

A certain Fabunmi then raised a memo to effect it.

Another N8.6 billion was also taken from the bank through the same General Ledger manipulation.

Dr. Akingbola had written a letter instructing that the said sum should be credited to the accounts of Tropics Properties Limited, Bankinson Nigeria Limited and Tropics Finance Limited around May and June, 2009.

Through the same manipulation, N3.35 billion was also moved via an instruction given by Tropics Finance Limited to Bankinson Nigeria Limited, a company where Mrs. Antonia Akingbola has interest.

Also on May 15, 2009, N350 million was paid into the account of Intercontinental Homes, N500 million was paid to the account of Intercontinental Securities and another N250 million was paid into the account of Intercontinental Capital Market, all subsidiaries of the Bank.

The said payments were effected based on a letter dated May 18, 2009, received from Bayo Dada of Tropics Finance.

Abdulraheem said this particular transaction was manipulated as the date of transfer on the statement varied from the day the instruction was received.

The sum of N1.550 billion was also allegedly moved fraudulently on May 22, 2009 in the same manner.

An instruction from Akigbola was passed to the bank for the said money to be moved into the accounts of Tropics Finance Limited and Associated Discount House.

The sum of N1.5 billion was moved to Tropics account to be fixed for one month while N50 million was paid to Associated Discount House to pay off debt owned by Tropics Finance Limited.

Owing to this, Dr. Akingbola and Dada are standing trial on a 22-count charge bordering on stealing of over N42.4 billion from the defunct Intercontinental Bank Plc.

Yet to be absolved of these heinous crimes, the banker, the EFCC has said, is desperately using different methods to frustrate his trial and to subsequently escape spending years in jail.

However, the EFCC has said it is bent on seeing the case to a conclusion.