AS the Economic and Financial Crimes Commission (EFCC) plans to re-arraign the former Managing Director of Intercontinental Bank Plc, Dr. Erastus Akingbola at a Lagos High Court tomorrow on charges similar to those he has been facing before a Federal High Court, Lagos, Justice Charles Archibong of the Federal High Court, acting on the belief that Akingbola has been released on bail by the court since last year, has ordered again that he be immediately released on bail from the commission’s custody in Lagos.

The judge who gave the order while ruling on an ex-parte application instituted by the embattled former bank chief also barred the commission from arraigning him before any court pending the determination of a motion for the enforcement of his fundamental human rights.

The court further directed that the order should operate as a stay of all actions by the EFCC pending the determination of the said motion. The judge has adjourned further hearing in the case to May 18.

It will be recalled that Akingbola, who is already facing corruption and money laundry charges before Justice Archibong at the Federal High Court, Lagos, was re-arrested by the EFCC two weeks ago alongside his wife for allegedly stealing about N50 billion from Intercontinental Bank Plc.

Other bank executives arrested by the Commission, who like Akingbola were facing trial at the Federal High Court include, Okey Nwosu of Finbank and Sebastine Adigwe of Afribank.

The former bank Executive, his wife and one Bayo Dada, it was gathered are now to be tried at the Lagos High Court, rather than the Federal High Court, where they were first arraigned last year.

Already the EFCC had filed a 29-count charge against Akingbola and others before a Lagos High Court, explaining how he allegedly stole over N50 billion belonging to the bank.

While Akingbola’s wife, now at large, was a shareholder and Director of Tropics Securities Limited, Dada was a General Manager with the firm.

The three accused persons, who were believed to have committed all the offences between March and May 2009, would be arraigned for stealing, receiving stolen property and obtaining under false pretence.

In some of the counts, while Akingbola was alleged to have converted over N50billion belonging to Intercontinental Bank to personal use under false pretence, Anthonia and Dada were alleged to have defrauded the bank by obtaining over N10billion from it under the false pretence that it was indebted to Tropics to purchase the bank’s shares on its behalf.

The offences which they allegedly committed were punishable under Section 390(7) of the criminal code law cap 17 laws of Lagos State, 2003, Section 427 of the criminal code law cap 17 laws of Lagos State, 2003, Section 1 (1)(a) of the Advance Fee Fraud and other related Offences Act 2006.

The fresh charge is coming on the heels of an order by Justice Burton of the High Court of Justice, Queen’s Bench Division, London that the embattled former bank chief should pay the sum of £130,000 to Intercontinental Bank before May 16, 2011 by way of the interim payment.

A copy of the order was made available to Nigerian Compass last week.

The court further mandated Akingbola to pay £750, 000 by 4pm on May 3, 2011 and another £5.5 million pounds by 4pm on October 1, 2011 into the Court Funds Office.

The court ordered sums, according to Justice Burton are to remain in the Court Funds Office until further order is made.

The court also ruled that in the event that Akingbola defaults in paying the sums, there shall be a final judgment for him to pay Intercontinental Bank a total sum of £68, 110, 936 with an interest to be assessed.

The orders were sequel to a suit instituted by Intercontinental Bank against Akingbola and some firms.

The firms are Kayman Company Limited, Verndale Properties Limited, Jasmine Properties Limited, Caelum Limited and Sanami Limited.

Justice Burton also ordered him to pay the sum of £750,000 into the Court Funds Office by 4 pm on May 3, 2011 and a further sum of 5.5million by 4 pm on October1, 2011 pending further order.

The court also gave the former bank chief up to 4 pm on May 16, 2011 to give standard disclosure in respect of any documents at Tropics (his office).

When the matter came up for hearing last week Tuesday, the EFCC failed to produce the accused persons, according to the counsel to commission, Godwin Obla apologized to the court for the absence of the defendants even as he maintained that the commission was doing everything possible to bring them before the court and that they were on their way.

But Felix Fagbohungbe, counsel to the defendants wondered why the commission failed to produce his clients for possible arraignment after many delays.

He said, “I can confirm to you my lord that the commission is not doing anything to produce the defendants. One of my colleagues who is following up on the commission just confirmed that to me on telephone. Would the court continue to wait for the commission till infinity?”

However, Obla reacted swiftly when he explained to the judge that, “There was a mix-up and that other co-accused are already in court before Justice Lateefat Okunnu. “I would not allow the defence team to tell lies against the commission before this honourable court”.

While acceding to the motion that the court should grant a short adjournment as requested for by the commission, Chief Fagbohungba informed the judge that the defendants has a pending application for stay of proceedings and wished that the application be taken in their absence.

But Obla opposed the request, arguing that he just received a copy of the application and that he needed time to reply to the said application.

Justice Abiru subsequently adjourned the matter till Monday may 16, 2011 for hearing of the application and for the EFCC to produce the defendants.

Akingbola, it would be recalled, was among the CEOs of commercial banks that were sacked by the Lamido Sanusi-led Central Bank of Nigeria (CBN) for insider trading and other offence ranging from recklessly granting of loans non-performing loans totalling N700billion naira.

Soon after he was relieved of his post, he fled the country and returned last year and was later arraigned at the Federal High Court in Lagos on a 28-count charge of fraud.

This was later followed by a mareva injunction by Justice Tijani Abubakar, freezing of some of his bank accounts in five banks that are suspected to contain funds estimated at N346, 185,841,243.75 which the EFCC described as proceeds of crimes.

Justice Abubakar also granted an order against his wife, Anthonia, their children, his associates, companies and agents from tampering with the assets, directly or indirectly in the country.

Akingbola, his family members, lawyers and associates were also restrained from giving instruction “for the withdrawal from, transfer out of, alienating, disposing of, dealing with, or diminishing the value of the money kept in all his bank accounts in Nigeria.

Posted by admin on May 15 2011. Filed under EFCC Politics, Judiciary. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry