A Federal High Court in Lagos has adjourned till Aug. 30 ruling on the bail application by the former Managing Director of Intercontinental Bank Plc, Erastus Akingbola.
Akingbola was arraigned by the Economic and Financial Crimes Commission before Justice Mohammed Idris on Aug. 13 on a 22-count charge of theft, money laundering, market manipulation and tax fraud.
Cumulatively, a total of N374.2 billion and 10 million pounds sterling was allegedly involved in the charges against him.
His lead counsel, Felix Fagbohungbe, had on Aug. 12 filed an application on Akingbola’s behalf urging the court to grant him bail on the grounds that all charges against him were bailable offences.
The prosecution, however, opposed the bail application on the grounds that the charges against the applicant bothered on felony and that he was not likely to make himself available for trial if granted bail.
Lead prosecuting counsel, Emmanuel Kala told the court that the respondent had opposed the application in two separate counter-affidavits.
Kala said the applicant had refused to submit his international passport to the Commission and would, therefore, be at liberty to travel out of the country if granted bail.
Moreover, Kala said Akingbola had made some statements in the custody of Commission, which had implicated some highly placed Nigerians and which might elicit fresh charges against him and others.
He argued that the enormous influence he wielded as chief executive of the bank for 20 years and the various assets he had across the world were enough evidence to show that he might influence or make him unavailable during trial.
The applicant had travelled out of the country on Aug. 14, 2009 and only returned after staying for one year in the UK.
According to him, Akingbola’s home coming is to avoid extradition, as it came barely one month after the Attorney- General of the Federation sent letters to that effect to the UK.
Kala, therefore, urged the court in the interest of justice to strike out the application in its entirety.
Fagbohungbe, on the other hand, told the court that the EFCC had contrary to the general belief, not declared his client wanted for any crime till date.
He said the only pointer to this fact was contained in a newspaper report published in August 2009 and another publication in Commission’s newsletter in December 2009.
He argued that the court could not rely on a mere news report, which was not an advertorial, to declare someone wanted for an alleged serious crime as the one before the court.
Akingbola’s lead counsel further told the court that as at the time his client travelled out of the country there were no Commission charges against him and that his trip abroad was as a result of the alleged threat to his life.
According to him, his client also returned voluntarily to the country on Aug. 3 not aware of any extradition process.
He, therefore, urged the court to discard all claims in the two counter-affidavits on the grounds of incompetence.
He argued that granting of bail should be at the discretion of the court and pleaded that his client be admitted on bail on liberal terms.
Justice Mohammed Idris then fixed Aug. 30 for ruling on the application.
Court issues bench warrant on sureties.
An Ikeja Magistrate’s Court on Wednesday issued a bench warrant for the arrest of two men who unlawfully acted as sureties for an accused.
Victor Behia, 37, and O. Elum, 53 were alleged to have stood as sureties for Sunday Osor, with the intention of misleading the court.
The defendants were first arraigned on July 30 but pleaded not guilty to the two-count charge preferred against them.
The prosecutor, Insp. Chris Takim, told the court that the defendants conspired while applying to be sureties for Osor, thereby misleading the Chief Magistrate, D. T. Olatokun.
Takim said the alleged offence, committed on July 30, contravened Sections 125 (a) (1) and 516 of the Criminal Code, Laws of Lagos State.
The Magistrate, O. A. Adedayo, adjourned the case till Sept. 1 for further hearing.
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