One year after he was ordered by the Supreme Court to return to the Federal High Court in Lagos to face his trial, the former Managing Director of the defunct Intercontinental Bank Plc, Dr. Erastus Akingbola has been re-arraigned before Justice Mojisola Olatoregun over allegations of fraud.
Akingbola was first arraigned before Justice Mohammed Idris on August 13, 2010 on a 26-count charge of fraud, granting reckless credit facility, abuse of office and mismanagement of depositor’s funds.
Akingbola, was also accused of creating or causing to be created a false or misleading appearance of active trading in the shares of Intercontinental Bank on the Nigerian Stock Exchange by approving utilization of N179,385,000,000 of the bank’s funds for the purchase of the bank’s shares between November, 2007 and July, 2008.
The offence is said to be contrary to Section 105(1) (a) of the Investment and Securities Act 2007 and punishable under Section 115(a) of the same Act.
He pleaded not…
