A Federal High Court in Lagos on Monday adjourned till Aug. 25, for hearing in the bail application filed by former Managing Director of Intercontinental Bank Plc, Erastus Akingbola.
Akingbola was arraigned on Aug. 13 by the EFFC on a 22-count charge of economic and financial crimes, including money laundering, theft, market manipulation and tax fraud.
Other charges are obtaining by false pretences, criminal granting of loans and facilities, insider abuse, insider trading and abuse of office.
He was alleged to have committed the offences between 1989 and 2009 when he was the chief executive of the bank
Cumulatively, the amount involved was put at N346.2 billion and 10 million pounds.
Akingbola’s lead counsel, Felix Fagbohungbe had on Aug. 12 applied for bail on behalf of his client on the ground that charges preferred against him were bailable.
However, the prosecution led by Kola Awodein , in a counter affidavit, said that preliminary investigations had further revealed fresh facts which had implicated the accused and which the EFCC would investigate.
It said investigations by EFCC revealed that the accused had employed a large number of staff of the bank, who would either be afraid or unwilling to give evidence against him, if granted bail.
The prosecution further said that it was apprehensive that the applicant would abscond if he was admitted to bail and would interfere with the investigation of criminal allegations against him and others he had implicated.
This honorable court has ordered accelerated hearing of this matter and the prosecution has already indicated its readiness for a speedy trial.
Granting bail to the applicant will be prejudicial to the administration of justice, the prosecution said in its counter affidavit.
In his response Fagbohungbe argued that all relevant investigations necessary for the prosecution of his client were completed before he was arraigned in court on Aug. 13.
Fagbohungbe said the respondents failed to comply with the court’s directive to file their counter affidavit by Aug. 18, to technically keep the accused in custody.
Justice Mohammed Idris said though the liberty of the accused was at stake, all parties would be given opportunities to present all available facts to enable the court do justice accordingly.
He, therefore adjourned till Aug. 25 for definite hearing on the bail application.
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