Ex Intercontinental Bank MD Re-arraigned For Money Laundering

The Economic and Financial Crimes Commission (EFCC) on Wednesday re-arraigned a  former Managing Director of the defunct Intercontinental Bank PLC, Erastus Akingbola in a Federal High Court in Lagos, for alleged Money Laundering charges.

He is charged by the EFCC with amended 22 count charge bordering on the offence.

He had pleaded not guilty to the charges.

The prosecution had opened its case and its second witness, Mr Abdulraheem Jimoh is still been led in evidence.

When the case was called on Wednesday, the prosecutor Mr Rotimi Jacobs (SAN) informed the court of an amended charge filed by the prosecution.

He urged the court to accept the charge and cause the plea of the defendant to be taken afresh.

Akingbola was re-arraigned on the charge written Further Amended Charge and marked FHC/L/443C/2009.

In the charge, he was alleged to have between November 2007 and July 2008, while being the MD of Intercontinental Bank, caused to be created a misleading appearance of active trading in the shares of the bank in the Nigerian Stock Exchange (NSE).

He was alleged to have been connected with the utilization of an aggregate sum of N179.4 billion of the bank’s fund, for the purchase of the bank’s shares, thereby inflating the rate of the bank’s shares on the NSE.

He pleaded not guilty to the charges, on his re-arraignment, and after his plea was taken, the trial continued.

The witness an Investigator, who had earlier given evidence before the court, was cross-examined by defence counsel, Chief Wole Olanipekun (SAN).

When asked by the defence if he recalls that in his statement before an Ikeja High Court he had testified writing the statement at the EFCC office, the witness replied “I can’t recall”

The Court has adjourned until March 14 for the continuation of trial.

(NAN)

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