The Economic and Financial Crimes Commission has reopened before the Federal High Court in Lagos, the 10-year fraud trial of a former Managing Director of the defunct Intercontinental Bank Plc, Dr.
Erastus Akingbola.
The prosecution alleged that for instance, Akingbola recklessly approved a credit facility of N8bn each to Soo-Kok Holding Limited; Tofa General Enterprises; Cinca Nigeria Limited; Harmony Trust and Investment Limited; Stanzus Investment Limited. In another instance, the prosecution alleged that under Akingbola’s watch as MD/CEO, Intercontinental Bank Plc had N87.6bn non-performing credit burden.
“The letter was addressed to the Group Managing Director, Dr Erastus Akingbola, and the letter was signed by one Mr Bayo Dada and one Jackson.
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