ERASTUS AKINGBOLA

EFCC arraigns Akingbola, associate on fresh theft charges.

Former Managing Director of Intercontinental Bank Plc, Erastus Akingbola, and associate, Bayo Dada, were on Tuesday arraigned before an Ikeja High Court in Lagos on fresh theft charges.
The presiding judge, Justice Habeeb Abiru, ordered them to be remanded in Kirikiri Maximum Security Prisons, Lagos, till the next adjourned date.
Akingbola and Dada, General Manager of Tropics Securities Ltd., were re-arrested on May 3 by the Economic and Financial Crimes Commission (EFCC) and placed under its custody.
The EFCC`s plan to arraign them was thwarted thrice by a series of applications filed by their lawyer, Chief Felix Fagbohungbe (SAN).
He had asked the court to decline jurisdiction to entertain the case and to restrain the EFCC from arraigning the accused in respect of the fresh charges.
However, Abiru while striking out the applications held that the court had jurisdiction to entertain the case.
He said the EFCC law was passed by the National Assembly and, therefore, supersede any state law.
He said the anti-graft body was competent to file any matter before a Lagos court.
The judge held that the charges faced by the accused at the Federal High Court were not similar to the ones before him and, therefore, ordered them to be arraigned.
The court struck out seven of the 29-count charge of conspiracy to commit felony and stealing initially brought against them on the request of the EFCC.
EFCC prosecutor, Godwin Obla had prayed the court to strike out the said counts as they would be specifically answered by Akingbola’s wife, Anthonia, who is said to be at large.
The EFCC, in the amended 22-count charge, alleged that Akingbola as Chief Executive Officer of Intercontinental Bank conspired with his wife and Dada to steal over N47.1 billion from the bank.
The commission in the charge sheet read to the accused persons alleged that they committed the offences between March and May 2009.
They were alleged to have converted over N47.1 billion belonging to the bank to their personal use under pretence.
They were also alleged to have fraudulently converted some of the stolen money into loans to Tropics Securities Ltd. and Tropics Properties Ltd and using same for their personal use.
The EFCC claims the alleged offences contravenes Sections 390(7) and 427 of the Criminal Code Law, Cap 17 Laws of Lagos State 2003.
Akingbola and Dada pleaded not guilty to the charges and the judge ordered them to be remanded in prison custody pending the hearing of their bail applications fixed for June 6.