The former bank chief was re-arraigned on a 22 count-charge.
The Economic and Financial Crimes Commission 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 had pleaded not guilty to the charges.
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 on the Nigerian Stock Exchange . The witness an Investigator, who had earlier given evidence before the court, was cross examined by defence counsel, Wole Olanipekun .
According to the prosecution, the defendant knew that the sums represented proceeds of crime which includes stealing.
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