The trial of a former Managing Director of the defunct Intercontinental Bank, Erastus Akingbola, continued on April 4, 2019, before Justice Mojisola Olatoregun of the Federal High Court sitting in Ikoyi, Lagos with a prosecution witness, Abdulraheem Jimoh, a former Chief Inspector with the bank, revealing how loans granted by the defendant to certain individuals and companies were waived.
The defendant was arraigned on an amended 22-count charge bordering on abuse of office, conversion of funds belonging to Intercontinental Bank and stealing.
Jimoh, while being further cross-examined by Wole Olanipekun, SAN, counsel to the defendant, told the court that his investigations and findings into the alleged fraud lasted about four months.
Erastus Akingbola said cheques were issued and authorized by the defendant in favour of Tropics Securities Limited, Tropics Properties Limited and Parkinson to the tune of N10 billion.
He also added that Remi Adewumi, a Chief Inspector with the bank and Abel Osuji, Head, Invesigation and Business Risk Monitoring of the bank, were the signatories to the letter authorizing the issuance of the cheques.
The witness further told the court that he was not aware if the bank made any request from Tropics Securities Limited.
Under further cross-examination, the witness said the payments were made to those companies.
Erastus Akingbola stated that the query was carried out under the management and watch of Laide Alabi, a former Managing Director of the defunct Intercontinental Bank, who succeeded Akingbola.
When asked if he engaged any stockbroker during his investigations to ascertain if the monies allegedly paid to the companies were for shares or not, the witness responded that he did not consult or seek the advice of any stock broker.
Erastus Akingbola added that he did not know if Intercontinental Bank bought shares on behalf of the bank’s customers.
The witness said the defendant granted loan worth N2.1billion to a company called ICML.