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Tag: Abdulraheem Jimoh

  • I didn’t interrogate Akingbola, says EFCC’s witness

    A chief inspector at the defunct Intercontinental Bank Plc, Abdulraheem Jimoh, yesterday told the Federal High Court in Lagos that he did not interrogate the bank’s Managing Director/Chief Executive Officer Dr Erastus Akingbola during his investigation.

    Under cross-examination by defence counsel Chief Wole Olanipekun (SAN) during Akingbola’s trial before Justice Mojisola Olatoregun, Jimoh, the second prosecution witness, said he relied on records of suspicious transactions.

    The witness said he did not know whether Intercontinental Securities Limited (ISL), a subsidiary of Intercontinental Bank, fully liquidated a loan obligation to Regal Finance Limited, adding that he did not ask.

    Asked if ISL could obtain facilities from other financial institutions, the witness said he did not know.

    Asked whether Akingbola as MD/CEO could obtain facilities from other financial institutions, Jimoh said it had to be with board approval, but later changed his answer to “I don’t know”.

    Asked whether he looked through ICL’s books and ledgers as the bank’s chief examiner, he said no.

    On whether he asked Intercontinental Bank if action was taken on Regal Finance Ltd’s alleged indebtedness, he said he did not ask, adding that he did not look into ICL’s books before writing his report.

    Asked if he knew anything about bank’s general ledger, he said: “I don’t know anything about Intercontinental Bank general ledger.

    The Economic and Financial Crimes Commission (EFCC) said Akingbola, between November 2007 and July 2008, “caused to be created a misleading appearance of active trading in the shares of Intercontinental Bank Plc on the Nigerian Stock Exchange by being connected with the utilisation of an aggregate sum of N179.385billlion of the bank’s fund for the purchase of the bank’s shares.”

    The commission said Akingbola converted N10billion belonging to the bank by obtaining three manager’s cheques in the names of Tropics Properties Ltd, Tropics securities Ltd and Bankinson Nigeria Ltd, which he “owned and controlled”.

    EFCC added in the charge: “The manager cheques were subsequently used to repay loan granted by Access Bank Plc to your companies and which sum you knew represented the proceeds of crime, to wit: stealing.”

    The alleged offence violates Section 14 (1) of the Money Laudering Act of 2004.

    In the 22-count charge, the prosecution alleged that Akingbola made an equity investment of N100million in Flexmore Technologies without a prior approval in writing of the Central Bank of Nigeria (CBN).

    It said Akingbola failed to take all reasonable steps to ensure compliance with the requirement to maintain, at all times, the minimum capital adequacy ratio specified by the CBN in compliance with Section 13(1) of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation 2004.

    Akingbola was accused of granting “unsecured credit facilities” worth billions of naira to different companies, and of buying a London property at with 1.3million pounds taken from the bank’s Nostro account, among others.

    The case was first handled by Justice Charles Archibong, who struck out the charge for lack of diligent prosecution. EFCC appealed.

    Last May, the Supreme Court affirmed the Court of Appeal’s decision overruling Justice Archibong and directing Akingbola to face trial in the 10-year-old case.

    Justice Olatoregun adjourned until April 4 and 5 for continuation of trial.

  • I didn’t interrogate Akingbola, says EFCC witness

    A chief inspector at the defunct Intercontinental Bank Plc, Abdulraheem Jimoh, on Thursday told the Federal High Court in Lagos that he did not interrogate the bank’s Managing Director/Chief Executive Officer Dr Erastus Akingbola during his investigation.

    Under cross-examination by defence counsel Chief Wole Olanipekun (SAN) during Akingbola’s trial before Justice Mojisola Olatoregun, Jimoh, the second prosecution witness, said he relied on records of suspicious transactions.

    The witness said he did not know whether Intercontinental Securities Limited (ISL), a subsidiary of Intercontinental Bank, fully liquidated a loan obligation to Regal Finance Limited, adding that he did not ask.

    Asked if ISL could obtain facilities from other financial institutions, the witness said he did not know.

    Asked whether Akingbola as MD/CEO could obtain facilities from other financial institutions, Jimoh said it had to be with board approval, but later changed his answer to “I don’t know”.

    Asked whether he looked through ICL’s books and ledgers as the bank’s chief examiner, he said no.

    On whether he asked Intercontinental Bank if action was taken on Regal Finance Ltd’s alleged indebtedness, he said he did not ask, adding that he did not look into ICL’s books before writing his report.

    Asked if he knew anything about bank’s general ledger, he said: “I don’t know anything about Intercontinental Bank general ledger.

    Read Also: Akingbola’s lawyer to court: EFCC’s witness lied

    The Economic and Financial Crimes Commission (EFCC) said Akingbola, between November 2007 and July 2008, “caused to be created a misleading appearance of active trading in the shares of Intercontinental Bank Plc on the Nigerian Stock Exchange by being connected with the utilization of an aggregate sum of N179.385billlion of the bank’s fund for the purchase of the bank’s shares.”

    The commission said Akingbola converted N10billion belonging to the bank by obtaining three manager’s cheques in the names of Tropics Properties Ltd, Tropics securities Ltd and Bankinson Nigeria Ltd, which he “owned and controlled”.

    EFCC added in the charge: “The manager cheques were subsequently used to repay loan granted by Access Bank Plc to your companies and which sum you knew represented the proceeds of crime, to wit: stealing.”

    The alleged offence violates Section 14 (1) of the Money Laudering Act of 2004.

    In the 22-count charge, the prosecution alleged that Akingbola made an equity investment of N100million in Flexmore Technologies without a prior approval in writing of the Central Bank of Nigeria (CBN).

    It said Akingbola failed to take all reasonable steps to ensure compliance with the requirement to maintain, at all times, the minimum capital adequacy ratio specified by the CBN in compliance with Section 13(1) of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation 2004.

    Akingbola was accused of granting “unsecured credit facilities” worth billions of naira to different companies, and of buying a London property at with 1.3million pounds taken from the bank’s Nostro account, among others.

    The case was first handled by Justice Charles Archibong, who struck out the charge for lack of diligent prosecution. EFCC appealed.

    Last May, the Supreme Court affirmed the Court of Appeal’s decision overruling Justice Archibong and directing Akingbola to face trial in the 10-year-old case.

    Justice Olatoregun adjourned until April 4 and 5 for continuation of trial.

     

  • Akingbola’s lawyer to court: EFCC’s witness lied

    Chief Wole Olanipekun (SAN), counsel for defunct Intercontinental Bank Managing Director Dr Erastus Akingbola, yesterday accused a prosecution witness, Abdulraheem Jimoh, of “deceiving the court”.

    He said the witness claimed to have obtained a Master’s Degree when he did not.

    Jimoh was testifying in Akingbola’s trial by the Economic and Financial Crimes Commission (EFCC) before Justice Mojisola Olatoregun of the Federal High Court in Lagos.

    He had on Tuesday testified that Akingbola repaid his companies’ debt using the bank’s N10billion.

    Led in evidence by the prosecuting counsel Rotimi Jacobs (SAN), Jimoh, who was Intercontinental Bank’s Chief Inspector, said yesterday: “These payments were used to settle the indebtedness of the companies in which Dr Akingbola and his wife had majority shareholding.”

    He said there were no loans granted to the companies.

    “I carried out the investigation in my capacity as chief inspector of the bank. I submitted my report to the management, which was forwarded to the EFCC.

    “In all the transactions, they involved companies which Dr Akingbola and his wife were beneficial owners,” he said.

    Under cross-examination, Olanipekun asked Jimoh about his academic qualifications.

    The witness said he obtained his first degree from the Ahmadu Bello University in 1982.

    He said he obtained additional qualifications, but did not mention a Master’s Degree.

    Olanipekun alleged that Jimoh had earlier claimed before an Ikeja High Court (where Akingbola was first tried) that he had a Master’s degree.

    “We will expose you for who you are. You told another court that you had a Master’s Degree when you do not. You are here to mislead this court as you did previously in Ikeja,” Olanipekun said.

    The witness said he enrolled for the Master’s programme, but could not conclude it because he did not complete the projects.

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    Olanipekun said: “Your course became abridged because of examination malpractices for which you were involved.”

    The witness said: “No sir”, adding that he stated he had a Master’s degree because he had “a statement of attendance”.

    Before the trial commenced yesterday, EFCC re-arraigned Akingbola on an amended charge, which was reduced from 26 to 22 counts. He pleaded not guilty.

    Jacobs said the counts “were reduced for easy understanding,” but Olanipekun countered him by saying that “a lot of things were brought into” the amended charge.

    The case was first handled by Justice Charles Archibong, who struck out the charge for lack of diligent prosecution. EFCC appealed.

    Last May, the Supreme Court affirmed the Court of Appeal’s decision overruling Justice Archibong and directing Akingbola to face trial in the 10-year-old case.

    The prosecution alleged that Akingbola, between November 2007 and July 2008, approved a credit facility of N8billion each to Soo-Kok Holding Limited, Tofa General Enterprises, Cinca Nigeria Limited;l, Harmony Trust and Investment Limited and Stanzus Investment Limited.

    EFCC said the illegal transactions were carried out in contravention of “accepted practice or Intercontinental Bank Plc’s regulations.”

    It said Akingbola violated Section 15(1)(a)(i) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of Nigeria, 2004 and was liable to be punished under Section 16(1)(a) of the same Act.

    The prosecution alleged that under Akingbola’s watch, Intercontinental Bank had N87.6billion non-performing credit burden.

    It said Akingbola failed to take all reasonable steps to ensure compliance with the requirement to maintain, at all times, the minimum capital adequacy ratio specified by the Central Bank of Nigeria (CBN) in compliance with Section 13(1) of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation 2004.

    Trial continues today.

  • EFCC re-arraigns ex-Intercontinental Bank MD on money laundering

    The Economic and Financial Crimes Commission (EFCC) on Wednesday re-arraigned a  former Managing Director of the defunct Intercontinental Bank PLC, Erastus Akingbola in a Federal High Court in Lagos, for alleged Money Laundering charges.

    He is charged by the EFCC with amended 22 count charge bordering on the offence.

    He had pleaded not guilty to the charges.

    The prosecution had opened its case and its second witness, Mr Abdulraheem Jimoh is still been led in evidence.

    When the case was called on Wednesday, the prosecutor Mr Rotimi Jacobs (SAN) informed the court of an amended charge filed by prosecution.

    He urged the court to accept the charge and cause the plea of the defendant to be taken afresh.

    Akingbola was re-arraigned on the charge written Further Amended Charge, and marked FHC/L/443C/2009.

    In the charge, he was alleged to have between November 2007 and July 2008, while being the MD of Intercontinental Bank, caused to be created a misleading appearance of active trading in the shares of the bank in the Nigerian Stock Exchange (NSE).

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    He was alleged to have been connected with the utilization of an aggregate sum of N179.4 billion of the bank’s fund, for the purchase of the bank’s shares, thereby inflating the rate of the bank’s shares on the NSE.

    He pleaded not guilty to the charges, on his re-arraignment, and after his plea was taken, trial continued.

    The witness an Investigator, who had earlier given evidence before the court, was cross examined by defence counsel, Chief Wole Olanipekun (SAN).

    When asked by defence if he recalls that in his statement before an Ikeja High Court he had testified writing the statement at the EFCC office, the witness replied “I can’t recall”

    The Court has adjourned until March 14 for continuation of trial.

    In the charge, the defendant was also accused of converting an aggregate sum of 1.3 million dollars and 8.5 million dollars, which sum was taken from the bank’s GBP NOSTRO account at Deutsche Bank in London.

    The sum was said to have been remitted into the account of Fuglers Solicitors with the Royal Bank of Scotland in London, to purchase property in the name of Life Boat Settlement Trust, set up by the defendant.

    According to the prosecution, the defendant knew that the sums represented proceeds of crime which includes stealing.

    The offences contravene the provisions of sections 105(1) and 105(a), of the Investment and Securities Act, 2007.

    It also contravenes the provisions of sections 13 (1), 15(1)(a), and 28(3) of the Banks and Other Financial Institutions Act, Cap B3, Laws of the Federation 2004.

    The offence also contravene the provisions of sections 14(1) of the Money Laundering Prohibition Act, 2004

    NAN