N47.1billion fraud: Court frees former Intercontinental Bank boss, Erastus Akingbola

Erastus Akingbola

The Federal High Court sitting in Lagos has dismissed the criminal charges brought against a former Managing Director of Intercontinental Bank, Erastus Akingbola, by the Economic and Financial Crimes Commission, over alleged stealing of N47.1 billion belonging to his bank.

Although details of the judgment are still sketchy, we learnt Justice Charles Achibong threw out the case Monday for lack of diligent prosecution by the EFCC.

Mr. Akingbola was charged to court for a number of offences, including granting of unsecured loans worth several millions of naira and abuse of office. 

The anti-graft body had last August alleged bias against Justice Achibong in his handling of the trial of Mr. Akingbola, and accordingly forwarded a petition to the National Judicial Commission (NJC) on the matter.

EFCC counsel, Godwin Obla (SAN), acting on the Commission’s letter to the NJC, filed a motion in the court, asking the judge to stop hearing of the case. 

But the judge declined to withdraw from the case, saying he would continue to preside over the matter in the absence of contrary directive from a higher authority. He said the case would proceed in his court until the hearing and determination of motion by the Commission.



Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD:"Warning to Men, These 3 Foods is Slowly Killing Your Erection". Click Here to Know Them

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.

  • Dede

    When mouth chop, eye go shame

  • Judiciary in Nigeria! Some judicial officers are shameless. The wrath God will surely descend on some of these judges here on earth before their death. Most of us lost our investments in Intercontinental Bank Plc due to outright theft, greed, lack of corporate governance and manipulation of the stocks by the CEO and his top management. Since we have been denied justice as shareholders that lost our hard earned money, we shall pray to God Almighty to punish the thieves that stole our wealth. May they never see peace here and in the Hereafter……….

  • spik4nija

    I hope EFCC is not lax in carrying out their duty in investigating and prosecuting financial criminals. Why were they found wanting in the area of diligence leading to the court throwing out the case? Even if the Justice Achibong is suspected to be corrupt, they should also investigate him instead of letting the financial crime of this magnitude go unpunished.

  • Brodawale

    What will happen again to Intercontinental Bank?
    Is there going to be a huge come-back?