Akingbola: Funds transaction against bank practice – EFCC witness
On January 27, 2012 · In News
By Abdulwahab Abdulah
LAGOS – An Economic and Financial Crimes Commission, EFCC, witness, Mr Abduraheem Jimoh, yesterday, told an Ikeja High Court, Lagos, that transactions by some companies owned by Dr Erastus Akingbola, while he held sway as Managing Director of Intercontinental Bank Plc fell short of banking standard.
According to Jimoh, who was led in evidence by EFCC counsel, Mr Emmanuel Ukala, SAN, before Justice Habeeb Abiru, “in the normal course of banking system, the transfer of funds into the accounts of Tropic Security Limited, Tropic Property Limited, Tropic Finance Limited and Bakinson Nigeria Limited (all Akingbola’s companies) would never be made.”
According to him, it was clear that the bank was not indebted to the companies in any way to justify the payment, when instruction was given for the transfer of the funds.
He told the court that several funds transferred were discovered by a team of inspectors of which he was one of them during their investigation.
Jimoh said: “From investigations, we found that these payments were irregular to the extent that there were no documents to show that there were underlining transactions and also there was no loan facility from the bank to suggest that the payments were drawn for loan facilities.”
He said the team found that Akingbola and his wife were signatories to the accounts of the companies with Fidelity Bank, First Bank and Associated Discount House, while Akingbola, his wife and Mr. Bayo Dada were signatories to the account in Access Bank.
He said their investigations revealed that these accounts were the ones that benefited from the irregular transfer of the said funds.