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Akingbola Never Buy Shares For Intercontinental Bank - Witness Tells Court - TheCityPulseNews.com
The trial of Erastus Akingbola, a former Managing Director of the defunct Intercontinental Bank Plc, continued on Thursday before Justice Mojisola Olatoregun of the Federal High Court sitting in Ikoyi, Lagos, with a prosecution witness detailing how he allegedly laundered the bank’s funds on the pretext of buying shares without securities. Mr Akingbola is standing trial for an amended 22-count charge bordering on abuse of office, conversion of funds belonging to Intercontinental Bank Plc and stealing to the tune of N900.3 billion, £8.5 million and £1.3 million. At Thursday’s sitting, the second prosecution witness, Abdulraheem Jimoh, a former Chief Inspector with the defunct Intercontinental Bank Plc, under cross-examination by the defence counsel, Wole Olanipekun, told the court that he was aware that the bank operated a “Nostro Account”, which was the aggregate of the bank’s funds transferred to offshore correspondent banks. The witness also stated that funds must be available in the bank for the offshore banks to be functional. However, when asked if he knew that the bank funded its “Nostro Account” and if funds were transferred offshore, he said “no”. Mr Jimoh, during cross-examination, gave further evidence into his investigations, saying, “I wrote to ICSL Securities Limited, …