Court closes prosecution of Akingbola’s N47.bn theft case

[MrVan]

BY  ABDULWAHAB  ABDULAH  & ONOZURE DANIA

LAGOS—A  Lagos High Court sitting in Ikeja, yesterday, closed the prosecution case in the N47.1 billion theft charge against former Managing Director of Intercontinental Bank Plc (now Access Bank).

Under cross examination, an Economic  and Financial Crime Commission, EFCC, operative, and witness, who conducted investigation into the bank, Mrs. Nkechi Ibekaku, told the court that  the second defendant, Bayo Dada, did not produce any document to back all the transfers of money allegedly made by Akingbola,  which went into Tropics Securities Limited account and some other companies in which Akingbola and his wife, Anthonia, have interest.

Akingbola, charged along his associate, Bayo Dada, General Manager of Tropics Securities Limited, were in court, presided over by Justice Habeeb Abiru.

During the 10 months, the prosecution called two witnesses, the Chief Inspector of Access Bank, Mr Abdulraheem Jimoh and a member of the team of EFCC operatives, who conducted investigation into the bank, Mrs Ibekaku.

Initially, Akingbola was charged with a 29 count, but was later reduced to 21 after the charges that were directly related to his wife, Anthonia, were dropped.

Mrs Ibekaku under cross examination  by Akingbola's counsel, Mr. Deji Sasegbon, SAN, said that as at the time the transactions were made, there was no money in the account of the former boss of the bank.

Asked on what she knew about three Skye Bank cheques, totaling N2.5 billion issued by Chartwell Securities Limited, Ibekaku said that investigation revealed that the money was an illegal transaction.

She said that investigation revealed that the account of Chartwell was credited from the account of Intercontinental Bank with Central Bank of Nigeria, CBN, and that the beneficiary was Akingbola.

Pressed further, said "I believed and still believe that it was Intercontinental Bank money with CBN that went into Tropic Finance account. The cheques of Chartwell were already issued in favour of Tropics and anybody could be sent to deposit it. But we noticed that the cheques were deposited by a staff of the Intercontinental bank."

She told the court that there was no simultaneous exchange of cheques to the tune of N2.5billion that was paid into Access Bank account of Chartwell Securities.

She noted that the difference between the  sum of $11,797,063.75 mentioned by prosecution and that of burea- de- change put at $11,840,427.00 which was converted to pound sterling and transferred to the London account of Furghers Solicitors was not an attempt to mislead the court on the transaction.

"The fact is that there was over $11 million that was illegally transferred from the banks dollar accouns," she said.

The defence is to open its case on May 21, 22, 28 and 30, when Akingbola is expected to open his defence.

Vanguard Nigeria