EFCC RTopens Erastus Akingbola’s 10-Year trial

The Economic and Financial Crimes Commission has reopened before the Federal High Court in Lagos, the 10-year fraud trial of a former Managing Director of the defunct Intercontinental Bank Plc, Dr Erastus Akingbola.The trial, in the charge marked FHC/L/CS/443c/09, reopened on Monday before Justice Mojisola Olatoregun.In the 26 counts filed before the court, the prosecution alleged that while he was MD and Chief Executive Officer of Intercontinental Bank, Akingbola, between November 2007 and July 2008, was involved in reckless approval of credit facilities, without adequate security for a number of firms.The prosecution alleged that for instance, Akingbola recklessly approved a credit facility of N8bn each to Soo-Kok Holding Limited; Tofa General Enterprises; Cinca Nigeria Limited; Harmony Trust and Investment Limited; Stanzus Investment Limited.

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