.officialEFCC Reopens Erastus Akingbola's 10-Year-Old Fraud Trial | Sahara Reporters The EFCC said the illegal transactions were carried out between May 2008 and May 2009 in contravention of 'accepted practice or Intercontinental Bank Plc's..READ MORE:
The 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”.The Economic and Financial Crimes Commission has reopened before the Federal High Court in Lagos, the 10-year-old fraud trial of Dr Erastus Akingbola, a former Managing Director of the defunct Intercontinental Bank Plc.
The prosecution alleged that for instance, Akingbola recklessly approved a credit facility of N8billion 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 N87.6billion non-performing credit burden.
"The letter was addressed to the Group Managing Director, Dr Erastus Akingbola and the letter 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."
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