Chief Inspector of Intercontinental Bank Plc, Abdulraheem Jimoh has disclosed to a Lagos High Court in Ikeja how the former Managing Director of the Bank, Dr Erastus Akingbola allegedly transferred the bank’s ?8.5million into his domiciliary account.
The trial of the erstwhile bank boss, continued yesterday before Justice Habeeb Abiru, and Jimoh said Akingbola only had a little above 10,000 pounds in his domicilliary account before he transfered the said amount which he claimed the accused person converted to his personal use.
The Chief Inspector who was being led in evidence by the Economic and Financial Crimes Commission (EFCC) prosecutor, Emmanuel Ukala (SAN) told the court that the illegal transfers were made between March 16 and May 13, 2009. He claimed that Akingbola used Inter- Capital Market Limited (ICML), a subsidiary of the bank to carry out the transaction by unilaterally increasing its lifeline from N2billion to N5billion.
Jimoh said: ‘‘ICML had a lifeline of N2billion which as at the time of this transaction had been completely used. On March 11, 2009 ICML applied for an increase from N2billion to N5billion.
“The application was made to the Executive Director (ED) investment and strategy (intercontinental), and the request was recommended and approved by the ED.”
He said that the normal process was for the Board Risk Committee of the bank to ratify and approve such a request when it was a necessity.
“In this case there was no approval or ratification”, he added.