“I never posted, received, nor authorised any money” – Akingbola in his defense

by Isi Esene

Erastus Akingbola, the former managing director of Intercontinental Bank Plc. yesterday described the 16 Count Charge brought against him by the Economic and Financial Crimes Commission (EFCC) as spurious, malicious, and false.

While responding to the allegations of stealing leveled against him, Akingbola denied defrauding the company which he co-founded.

He said, “The allegations are false and it is incorrect because I never posted, receive or authorize any such amount and I did not receive or see any money. I didn’t convert Intercontinental Bank Plc. funds fraudulently to Tropics Securities Limited.”

According to reports, he told the court that he was not involved in the day to day running of the company as there was an Executive Director in charge of shares in Intercontinental Bank.

“Intercontinental Bank has 200 branches within Nigeria, 57 in Ghana and many subsidiaries so there are about 10 Executive Directors that have autonomy and are checked through countersigns by other Executive Directors,” he said.

On the 2008 Intercontinental Bank Plc share purchase involving Tropics Securities Limited, a company which Akingbola and his wife, Anthonia also have substantial interests, the former bank MD said he was not aware of the intricacies of the said transaction.

“I was not aware that Intercontinental Bank Plc. instructed Tropics Securities to purchase shares in 2008. This was carried out by one of the 10 Executive Directors under me who process transactions in their directorate,” he said.

Though Akingbola admitted that he was the chairman and a signatory to the accounts of Tropics Securities Ltd., Tropics Property Ltd., Tropics Finance Ltd. and Bakinson Nigeria Ltd., he insisted that he was not aware of the transactions.

“I am only a signatory to their accounts because I signed when the accounts were being opened about 15 years ago. I have never signed any cheque or document for these companies since then.”

The presiding judge, Justice Habeeb Abiru, adjourned the trial till 26 September for further hearing.

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