Erastus Akingbola, a former Managing Director of the defunct Intercontinental Bank Plc diverted funds from the bank to buy some properties in London for £9.7million.
A prosecution witness, Abdulraheem Jimoh gave the testimony today in the ongoing trial of the former banker at the Federal High Court in Ikoyi, Lagos, presided over by Justice Mojisola Olatoregun.
The prosecution had, on Tuesday, March 12, opened the trial of the former bank chief.
One of the counts reads: “That you, Dr. Erastus B.O. Akingbola, whilst being the Managing Director and Chief Executive Officer of Intercontinental Bank Plc, between November 2007 and July 2008, at Lagos within the jurisdiction of this Honourable Court, caused to be created a misleading appearance of active trading in the shares of Intercontinental Bank Plc on the Nigerian Stock Exchange, by being connected with the utilisation of an aggregate sum of N179, 385, 000,…
Source: News Agency of Nigeria
