EFCC slams 22-count charge on Akingbola
In the 22-count charge filed before Justice Mohammed Idris by the Economic and Financial Crimes Commission, (EFCC) lawyers led by M. S. Hassan and Godwin Obla, it was alleged that Akingbola, while being the Managing Director and chief executive officer of Intercontinental Bank, between November 2007 and July 2008 created a misleading appearance of active […]
In the 22-count charge filed before Justice Mohammed Idris by the Economic and Financial Crimes Commission, (EFCC) lawyers led by M. S. Hassan and Godwin Obla, it was alleged that Akingbola, while being the Managing Director and chief executive officer of Intercontinental Bank, between November 2007 and July 2008 created a misleading appearance of active trading in the shares of Intercontinental Bank Plc on the Nigerian Stock Exchange (NSE) by being connected with the utilisation of an aggregate sum of N179,385,000,000 of the bank’s fund for the purchase of Intercontinental Bank Plc shares.
It was alleged that the fictitious transactions in the shares of the bank were done for the purpose of inflating or otherwise maintaining the market price of the bank’s shares on the NSE. This was done to deceive the public by creating a false impression of the actual price of the bank.
The EFCC prosecutors also alleged that the former MD/CEO of the bank knowingly, recklessly, negligently, wilfully approved a credit facility in the sum of N8 billion to the following companies: Sookok Holdings Limited, Simca Nigeria Limited, Harmony Trust and Investment Limited, Tofa General Enterprises and Stanzus with no security among others.
Akingbola, however, pleaded not guilty to all the charges. His counsel, Chief Felix Fagbohungbe, SAN, who led two other senior advocates, Ricky Tafa and Deji Sasegbon, told the court that he has filed a bail application on behalf of Akingbola and if the prosecutors are not opposed to the bail application, he is ready to move or argue the bail application.
Thereafter, the judge accepted the request of Fagbohungbe that Akingbola be remanded in prison custody.