EFCC Arrests Four Intercontinental Bank Official Over Fraud

The Economic and Financial Crimes Commission on Monday arrested four top officials of Intercontinental Bank Plc for allegedly transfering N12bn belonging to depositors to the accounts of the former Managing Director of the bank, Mr. Erastus Akingbola.

The arrested workers include the bank’s Financial Controller, Mr. Akin Fabunmi; Head, International Operations, Dr. Ayoola A.; Head, Domestic Operations, Mr. Toyin Odesile; and Treasurer, Toyin Oyela.

It was learnt that the arrest of the bankers was facilitated by the new management of the bank after it noticed that the sum was moved out of the coffers of the bank without notice or approval from the appropriate authorities.

According to a reliable source within the EFCC, the suspects allegedly transferred N2bn out of the general legal account of the bank last month to Akingbola; and moved another N10bn to the former managing director’s company account in another bank.

The source said, “Last month, the suspects moved N2bn out of the general legal account of the bank to a subsidiary of the bank. Then, they transferred the money to a bureau de change, converted it to pounds sterling and paid it into the domiciliary account of Akingbola, and it was pushed to his United Kingdom account.

“The arrested officials also moved N10bn into Akngbola’s company’s account in another bank. The former MD’s company owed the bank N10bn, so, it was used to settle loans obtained by Akingbola and members of his family. It is important to note that these funds belong to depositors.”

The Head, Media and Publicity, EFCC, Mr. Femi Babafemi, confirmed the arrests.

It will be recalled that Akingbola was alleged to have stashed £10m away in foreign accounts by distributing it in his accounts domiciled in the UK and the United States of America.

On August 23, 2009, the EFCC officially declared Akingbola and Mrs. Cecilia Ibru of Oceanic Bank Plc wanted for alleged culpability in granting illegal bank loans. Ibru has since reported to the anti-graft commission.

Declaring the duo wanted then, the EFCC in a statement signed by Babafemi, said that ”the two former bank executives are wanted in connection with fraudulent abuse of credit process, insider trading, capital market manipulation and money laundering, running into billions of naira.”

Babafemi had stated then that the Chairman of EFCC, Mrs. Farida Waziri, directed that the two former bank executives be declared wanted following their failure to honour the commission‘s invitation.

He had said, ”Apart from failing to honour the commission‘s invitation, intensive search for the two executives in the last one week has not been successful. They obviously went into hiding to evade arrest.

“This development has made it imperative for the commission to solicit for useful information from Nigerians who know their whereabouts.

”In the same vein, it is necessary to warn that anybody who harbours the two former bank executives will be treated as an accomplice or accessory to crime.”

More than three months after declaring Akingbola wanted and despite a promise that he would appear in Nigeria to answer to allegations against him, the former Intercontinental Bank boss is yet to show up.

Source: Punchng.com

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