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EFCC Arrests Akingbola Ahead Of Tuesday’s Trial

Channels Television  
Updated February 25, 2013

The Economic and Financial Crimes Commission (EFCC) will tomorrow, Tuesday, re-arraign the former Managing Director of Intercontinental Bank Plc, Mr. Erastus Akingbola, on charges of theft of the bank’s funds.

Meanwhile, the anti-graft agency in a statement released today said  it had arrested Mr. Akingbola in preparation for his arraignment before Justice Adeniyi Onigbanjo of a Lagos High Court, Ikeja.

The former bank boss is currently being held at the Commission’s facility in Ikoyi, Lagos.

His re-arraignment  was necessitated  by the elevation of former trial judge, Justice Habeeb Abiru, to the Court of Appeal.  Justice Abiru had on the 22nd of October, 2012 adjourned the matter till the 22nd of November, 2012 for adoption of final addresses of the counsel in the matter.

He was, however, sworn in as a Justice of the Court of Appeal on the 5th of November, 2012.

The development rendered Justice Abiru “functus-officio” and there arose the need to re-assign the case to another judge for it to start de novo (afresh).

In the former charges,  the EFCC alleged that Mr. Akingbola and his aide, the General Manager, Tropics Finance Ltd, Mr. Bayo Dada, stole about N47.1 billion belonging to the bank.