By the time the dust would settle, many top bankers did not
just lose their job, they were made to account for their alleged
misappropriation of depositors’ money and some have been jailed for being part
of the collapse of the banks.
Akingbola’s London home was reportedly sold penultimate week
by the UK government for £5.7million pounds, which is about N1.5billion.
A UK Judge, Justice Michael
Burton of the Royal Courts of Justice, London, had on July 31 2012, found
Erastus Akingbola guilty of theft and fraud of monies totaling £654million and
ordered that his London home be sold as part of the properties he is to forfeit
having been found guilty. He was also directed to refund the sum
of N165bn to Intercontinental Bank now a part Access Bank Plc.
Mr Akingbola is also standing trial for Financial Crimes in
Nigeria. He is accused by the Economic and Financial Crimes Commission (EFCC)
of stealing N47billion depositors’ funds from Intercontinental Bank.
Surprisingly, Akingbola, who was found guilty of stealing
and diversion of billion of depositors funds to buy properties in the United
Kingdom and purchase of shares for himself to manipulate its share price in the
stock market, is struggling to make a return.
Sources stated that Akingbola is trying to exploit the current
situation to bury some of his alleged unwholesome practices, while in office
such as granting and guaranteeing loans to his companies to the tune of N16bn
in respect of Tropic Finance and unlawful share purchase scheme of N145bn and
about £10.5million in respect of Furgler Payment claim, has begun to run from
pillar to post, seeking sympathy.
The story of how he reportedly looted Intercontinental Bank
is still fresh in the memory of Nigerians as it was celebrated in the media for
many months.
Jimoh Ibraheem, the Bank’s Chief Inspector, who was
persecution witness in the high profile case of fraud and stealing against Dr.
Erastus Akingbola, detailed how funds were transferred to the
offshore account of Dr. Akingbola.
Led in evidence by defence counsel, Godwin Obla, Abdulraheem
told the court that he was once invited by the EFCC to give 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 later identified a copy of the statement he wrote on 28
January, 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 over ruled by the court
and the document was admitted as exhibit.
There were other damning allegations against Akingbola one
of which was a document authorizing the transfer of £1.3 million tendered
by Obla.
After certifying that he recognized the document, the
witness informed the court how he was ordered via an instruction memo to transfer
the sum of 1.3 million pounds to the account of a British Law Firm, Fulgers
Solicitors.
“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,” he
stated.
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 where about of the originals, Jimoh
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, called
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 both 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 the Bank (Intercontinental Bank Plc) by one Corporate Securities
Nigeria Limited requesting that the Bank should make a payment of 10
billion naira 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 Nig. Ltd, and Tropics Properties.
The letter was signed by Bayo Dada, who is a 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. Jimoh said the instruction to effect
payment was given by Akigbola through verbal instruction. A certain Mr Fabunmi
then raised a memo to effect it.
Another N8.6 billion naira 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 Ltd., Bankinson Nig. Ltd and Tropics Finance Ltd around May
and June, 2009.Through the same manipulation the sum of 3.35 billion naira was
also moved via an instruction given by Tropics Finance Ltd. to Bankinson
Nigeria Ltd., a company where his wife, Mrs. Antonia Akingbola has interest.
Also on the 15 May, 2009, the sum of 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 payment was effected
based on a letter dated 18 May 2009, received from Bayo Dada of Tropics
Finance. The witness 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 moved fraudulently on the
22 May, 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 1.5 billion was moved to
Tropics account to be fixed for one month while 50 million naira was paid to
Associated Discount House to pay off debt owned by Tropics Finance Ltd. By this, Dr. Akingbola and his associate Bayo
Dada are standing trial on a 22 count charge bordering on stealing of over
N42.4 billion from the defunct Intercontinental Bank Plc.
The whole thing seems to be working against the embattled
erstwhile top banker and feelers indicated that there are more troubles for him
in the coming months despite his plans to stage a comeback.
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