HOW AKINGBOLA SIPHONED £8.5M FROM INTERCONTINENTAL, BY BANK OFFICIAL

An Ikeja High Court in Lagos has heard how former Managing Director of Intercontinental Bank Plc, Erastus Akingbola, allegedly transferred the bank's 8.5 million pounds into his domiciliary account.

Akingbola and an associate, Bayo Dada, are standing trial before Justice Habeeb Abiru for allegedly stealing N47.1 billion belonging to the bank.

At the resumed trial on Tuesday, Mr Abdulraheem Jimoh, Intercontinental Bank's Chief Inspector alleged that Akingbola converted the sum to his own use.

Jimoh, who was being led in evidence by the EFCC prosecutor, Mr Emmanuel Ukala (SAN), told the court that the illegal transfers were made between the March 16th and May 13th 2009.

He alleged that Akingbola used Inter-Capital Market Limited (ICML), a subsidiary of the bank, to carry out the transaction by unilaterally increasing its lifeline from N2 billion to N5 billion.

The witness said: 'they had a lifeline of N2 billion which, as at the time of this transaction, had been completely used. On March 11, 2009, ICML applied for an increase from N2 billion to N5 billion.

The application was made to the Executive Director Investment and Strategy (Intercontinental) and the request was recommended and approved by the ED.