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Tag: Akingbola

  • Akingbola: Court to rule April 18 on documents’ admissibility

    The Federal High Court in Lagos Friday adjourned till April 18 for ruling on the admissibility of documents sought to be tendered in the trial of defunct Intercontinental Bank Plc Managing Director/Chief Executive Officer Dr Erastus Akingbola.

    The Economic and Financial Crimes Commission (EFCC) sought to tender through its third witness, Uyoyou Ewhe, an Access Bank official, statements of certain accounts domiciled in the bank.

    Prosecuting counsel Rotimi Jacobs (SAN) said he called Ewhe to tender the documents because the intended witness who was to tender them had left the bank and the country.

    Defence counsel Chief Woke Olanipekun (SAN) opposed the application.

    According to him, the documents were freshly sourced when it is the law that before a criminal case is initiated, investigations must have been concluded.

    “The prosecution was sourcing for evidence two days ago in a trial that started 10 years ago,” Olanipekun said.

    Citing a 1965 case of Enahoro and the Queen, Olanipekun contended that the prosecution could not substitute a witness.

    “You cannot substitute a witness in a criminal proceeding; substituting a witness amounts to sourcing for evidence contrary to the decision of the Supreme Court in the celebrated case of Enahoro against the Queen of 1965.

    “If you don’t have your witnesses, you don’t have your witnesses; you cannot substitute witnesses,” he said.

    He urged the judge not to admit the documents on the basis that they emanated from Access Bank, which he said was an interested party in Akingbola’s trial.

    “Section 83 of the Evidence Act prohibits admissibility of this type of document. We have addressed Your Lordship on the interest of Access Bank in this matter, which is undisguised.

    “This witness, the maker of this document, is an official of Access Bank. Put succinctly, this document is an Access Bank document.

    “I dare say, the documents were made as a result of evidence already given, maybe to patch up the evidence; it is a natural consequence which the court is called upon to assume.”

    But, Jacobs said the question of substituting a witness did not arise.

    He said even if it arose, the prosecution was not limited to the list of witnesses in the proof of evidence originally filed.

    He said the Supreme Court did not decide that witnesses cannot be changed in the case of Enahoro, which Olanipekun cited.

    Jacobs said by virtue of the Administration of Criminal Justice Act, the prosecution was at liberty to file additional evidence any time before judgment even if freshly made.

    He added that the documents were old statement of accounts of 1990.

    “It is just the letter covering the documents and the certificate showing compliance that are new. It is new bottle with the old wine,” Jacobs said.

    He stressed that the documents were relevant to the case.

    EFCC said Akingbola, between November 2007 and July 2008, “caused to be created a

  • 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.

  • EFCC: Akingbola used Intercontinental Bank’s N10b to clear personal debt

    The Federal High Court in Lagos yesterday heard that former defunct Intercontinental Bank Managing Director Dr Erastus Akingbola allegedly repaid a personal debt using the bank’s N10billion.

    An Economic and Financial Crimes Commission (EFCC) investigator Abdulraheem Jimoh told the court how he uncovered the alleged fraudulent transaction.

    He was testifying as the second prosecution witness in Akingbola’s trial before Justice Mojisola Olatoregun-Ishola.

    Jimoh, led in evidence by the prosecuting counsel Rotimi Jacobs (SAN) said: “The management of the bank gave me a letter dated May 8, 2009 from Tropics Securities Nigeria Limited, a company owned by Dr Erastus Akingbola, his wife and some other shareholders.

    “The letter was addressed to the Group Managing Director Dr Erastus Akingbola and was signed by a Mr Bayo Dada and one Jackson.

    “The letter was claiming payment amounting to N10billion for shares purported to have been bought by the bank.”

    The investigator said based on the letter, Intercontinental Bank issued three cheques amounting to N10billion in favour of Tropics Securities.

    “Upon further investigation, I discovered that the cheques were cleared in Access Bank for Tropics Securities Nigeria Limited and Tropics Properties Limited.

    “Dr Akingbola has substantial interests in these firms.

    “Further investigations revealed that the money was used to clear Dr Akingbola’s indebtedness to Access Bank.”

    Asked whether the N10billin was a loan from Intercontinental Bank to Akingbola, the witness said: “There was no loan granted to any of the companies or Dr Akingbola but they claimed it was for shares.”

    The 10-year-old case began afresh following the Supreme Court’s dismissal of an interlocutory appeal by Akingbola.

    In the 26 count charge, the prosecution alleged that while he was Managing Director and Chief Executive Officer of Intercontinental Bank, 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 between May 2008 and May 2009 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.

    Akingbola pleaded not guilty.

    Trial continues today.

     

  • Alleged theft: Appeal court quashes charges against Akingbola

    Alleged theft: Appeal court quashes charges against Akingbola

    The Court of Appeal sitting in Lagos has quashed the 22- count charge brought against a former managing director of Intercontinental Bank Plc, Dr. Erstus Akingbola, by the Economic and Financial Crimes Commission.

    The EFCC had alleged that Akingbola stole N47.5billion belonging to the bank.

    Ruling on Akingbola’s application on jurisdiction on Wednesday, the court presided by Justice Amina Augie held that the High Court of Lagos State presided by Justice Lateef Lawal-Akapo lacks the jurisdiction to entertain the suit filed against him by the commission.

     

  • Akingbola: Appeal Court reserves verdict

    Akingbola: Appeal Court reserves verdict

    The Court of Appeal, Lagos Division, reserved judgment yesterday in an appeal filed by a former Managing Director of defunct Intercontinental Bank Plc, Erastus Akingbola, challenging the ruling of a Lagos High Court judge, Justice Lateef Lawal-Akapo, on jurisdiction.

    Akingbola, with his co-defendant, Bayo Dada, filed two separate applications challenging the jurisdiction of the court to hear the 22-count charge filed against them by the Economic and Financial Crimes Commission (EFCC).

    But, the lower court, in its ruling on May 2, dismissed their applications and held that the charges preferred against them were within its competence and purview to determine.

    Dissatisfied, Akingbola and Dada approached the Appeal Court, praying that the trial court’s decision be set aside.

    At the resumed hearing of the appeals yesterday, lawyers to the parties adopted their written addresses, prompting the court, presided over by Justice Amina Augie, to reserve judgment for a date to be communicated to the parties.

  • Alleged theft: Court dismisses Akingbola’s application

    Alleged theft: Court dismisses Akingbola’s application

    A Lagos High Court sitting in Ikeja on Friday dismissed the application filed by the former managing director of the defunct Intercontinental Bank Plc, Dr. Erastus Akingbola, challenging its jurisdiction to hear the alleged theft charges preferred against him.
    The court presided by Justice Lateef Lawal-Akapo, in a ruling, declared that the charges preferred against Akingbola and co-defendant are within its competence and purview to determine.
    Akingbola and co-defendant – a former financial officer of the bank, Bayo Dada, had file two separate applications before the court, seeking to quash the N47.1 billion theft charge preferred against them by the Economic and Financial Crimes Commission (EFCC).
    Justice Lateef Lawal-Akapo, in a ruling on the applications, dismissed them for lacking in merit.
    Akingbola and Dada had challenged the jurisdiction of the court to entertain the 22-count charge filed against them by the EFCC.
    Chief Wole Olanipekun, the lead counsel to Akingbola, while arguing his application, told the court that the subject matter of the alleged offences related to banking operations and capital market issues.
    Olanipekun submitted that only the Federal High Court had the jurisdiction to entertain such matters according to Section 251 of the 1999 Constitution of the Federal Republic of Nigeria.
    He cited a judgment delivered by the Court of Appeal, Lagos Division, on November 21, 2013 in a matter filed by a former managing director of Finbank, Okey Nwosu, against the EFCC to back his position.

     

  • Alleged theft: Akingbola challenges court’s jurisdiction

    Alleged theft: Akingbola challenges court’s jurisdiction

    A former Managing Director of the defunct Intercontinental Bank Plc, Erastus Akingbola, has challenged the jurisdiction of an Ikeja High Court to entertain the theft charge preferred against him.

    The News Agency of Nigeria (NAN) reports that Akingbola was charged alongside an associate, Bayo Dada, for allegedly stealing N47.1 billion belonging to the bank.

    The defendants are being prosecuted by the Economic and Financial Crimes Commission (EFCC) before Justice Lateef Lawal-Akapo.

    Akingbola, in two separate preliminary notices of objection filed by his counsel, Chief Wole Olanipekun (SAN) on Monday, informed the court of the applications which he said ought to be taken because the matter was starting afresh.

    Olanipekun argued that the issue of jurisdiction was crucial to any criminal charge and must be addressed before the plea of the defendant is taken.

    He argued that the 18-count charge was an abuse of court process because a similar charge involving Akingbola and the EFCC was currently pending before the Federal High Court, Lagos.

    According to him, the main witnesses listed in the proof of evidence in the Federal High Court are the same witnesses also listed in the proof of evidence before the court.

    Olanipekun said the subject matter of the alleged offences relates to banking operations and operations of capital issues which fell under the jurisdiction of the Federal High Court.

    Responding, the EFCC counsel, Mr Emmanuel Ukala (SAN), said the applications were premature and should be held in abeyance by the court.

    Ukala argued that they offend Section 262 of the Administration of Criminal Justice Law of Lagos State 2011 which provides for speedy dispensation of criminal matters.

    In a short ruling, the judge upheld Olanipekun’s argument that the applications should be heard first before any further

    step is taken on the matter.

    He directed that the applications should be consolidated and consequently fixed April 2 for hearing of arguments from parties.

  • N212.2b judgment: Akingbola challenges court’s jurisdiction

    N212.2b judgment: Akingbola challenges court’s jurisdiction

    Embattled ex-Managing Director of defunct Intercontinental Bank Plc Erastus Akingbola has challenged the jurisdiction of a Lagos High Court, Igbosere, which ordered him to pay N212.2 billion awarded to Access Bank Plc by a London court.

    The London court, presided over by Mr Justice Burton, on September 13, 2012, ordered Akingbola to pay Access Bank £654 million (N212.2 billion) for alleged sharp and fraudulent practices as head of Intercontinental Bank.

    To enforce the judgment in Nigeria, Access Bank brought an ex-parte motion before Justice Adedayo Oyebanji, seeking the registration of the judgment and the accompanying order of the London judge.

    The court granted the motion.

    Dissatisfied, Akingbola, in a September 27, 2013, application filed before Justice Candide-Johnson by his lawyer, Wole Olanipekun (SAN), prayed the court to quash the registration of the foreign judgment for lack of jurisdiction.

    Olanipekun said Access Bank failed to comply with the condition precedent before the registration could be completed.

    The lawyer submitted that Section 251 of the Constitution vests jurisdiction on the Federal High Court and not on a State High Court.

    He averred that the suit, filed in London the bank, was before a Commercial Division of the court, an equivalent of a Federal High Court in Nigeria.

    Olanipekun said the judgment of the foreign court was not certified, in compliance with the rules of the London court; hence it was invalid.

    He also said Akingbola was not put on notice before the registration of the foreign judgment.

    Citing legal authorities, the lawyer prayed the court to allow the application and set aside the ex parte order.

    But, in a counter-affidavit, counsel to Access Bank Plc, Olaniwun Ajayi (SAN), said efforts by the court bailiff to serve Akingbola before the registration of the judgment were unsuccessful because he allegedly evaded service.

  • Akingbola to be re-arraigned March 24

    Akingbola to be re-arraigned March 24

    Administrative mix-up on Monday forced a Lagos High Court, Ikeja, to adjourn the re-arraignment of a former managing director of Intercontinental Bank Plc, Mr. Erastus Akingbola till March 24, 2014.

    Justice Lateef Lawal-Akapo fixed March 24, 25 and 27 for re-arraignment and commencement of Akingbola’s trial following the mix up which led to the omission of his matter from the list of Monday’s proceedings.

    Akingbola and his co-defendant, Bayo Dada were present in court but the judge noted that the matter was not listed.

    The Counsel to the Economic and Financial Crimes Commission (EFCC), Mr. Godwin Obla, admitted that it was not proper to arraign the defendants since the case was not listed for the day.

    Akingbola and Dada were charged to court for allegedly stealing N47.1 billion belonging to the defunct Intercontinental Bank.

    They are facing a 22-count charge of stealing and obtaining money by false pretences.

    Akingbola and Dada had pleaded not guilty to the 22 count charges of stealing preferred against them by the commission.

    The duo were earlier arraigned on May 31, 2011 before Justice Habeeb Abiru before the judge was elevated to the Court of Appeal.

    The matter was later re- assigned to Justice Adeniyi Onigbanjo and the defendants were re-arraigned on February 26 this year.

    Their case file was again transferred to Justice Lawal-Akapo following the recent changes in the state judiciary that moved Justice Onigbanjo to the Commercial Division of the court.

     

  • Akingbola’s case file transferred to another judge

    Akingbola’s case file transferred to another judge

    The trial of the former Managing Director of the defunct Intercontinental Bank, Erastus Akingbola, could not hold yesterday, as the transfer of the matter was transfered to another judge.

    The Chief Judge (CJ) of Lagos State, Justice Ayotunde Phillips, transferred the former bank chief’s case file to Justice Babajide Lawal-Akapo, the third judge to try the theft charges preferred against Akingbola and his associate, Bayo Dada by the Economic and Financial Crime Commission (EFCC), in the last two years.

    Akingbola was first arraigned before Justice Habeeb Abiru in 2011. When he was arraigned on May 31, 2011 before Abiru, he pleaded not guilty to the charges.

    Justice Abiru granted Akingbola bail for N100 million with two sureties in like sum.

    He also granted Dada N50 million bail with two sureties in like sum.

    Akingbola’s trial was at the stage of adoption of the final written addresses by the parties when Justice Abiru was elevated to the Court of Appeal.

    The accused were re-arraigned before Justice Adeniyi Onigbanjo on February 26, last year, and the matter started de-novo.

    They again pleaded not guilty to the charges and were granted bail with the terms earlier given to them by Justice Abiru.