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