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Judge’s absence pushes trial of ex-MD of Intercontinental Bank Akingbola to June 13

Judge’s absence pushes trial of ex-MD of Intercontinental Bank Akingbola to June 13

The trial of former Managing Director of the defunct Intercontinental Bank Plc., Erastus Akingbola, over money laundering has been adjourned until June 13.

The trial which resumed on Tuesday before a Federal High Court in Lagos was adjourned owing to the absence of the Judge who was said to be on another official assignment.

Akingbola had been charged by the Economic and Financial Crimes Commission (EFCC) on an amended 22 counts bordering on money laundering.

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In the case, he was accused of converting an aggregate sums of 1.3 million dollars and 8.5 million dollars taken from the bank’s GBP NOSTRO account at Deutsche Bank in London.

The sums were said to have been remitted into the account of Fuglers Solicitors with the Royal Bank of Scotland in London, to purchase property in the name of Life Boat Settlement Trust allegedly set up by the defendant.

EFCC alleged that the offences contravene the provisions of Sections 105(1) and 105(a) of the Investment and Securities Act, 2007 as well as the provisions of Sections 13 (1), 15(1)(a), and 28(3) of the Banks and Other Financial Institutions Act, Cap B3, Laws of the Federation, 2004.

By Babatunde Alao…

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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