Akingbola Fails to Open Defence in N47bn Fraud Case

In the most recent turn of events in the Intercontinental saga, and perhaps across the banking sector, Dr. Erastus Akingbola, the embattled former managing director of Intercontinental Bank,  failed to open his defence in the N47.1 billion charge of fraud leveled against him by the  Economic and Financial Crimes Commission,  EFCC, in an Ikeja courtroom yesterday.

An Ikeja High Court, Lagos, had adjourned till yesterday, for Akingbola and his associate, Mr. Bayo Dada, General Manager of Tropics Securities Limited, to open their defence after the prosecution had closed its case.

At the resumed hearing in the case, the defence, in a letter, pleaded with the court to adjourn the matter because they were involved in a civil suit in another court.

The prosecution, Mr. Ayodeji  Arowolo, told the court that a letter was received from the lead counsel, Chief Felix Fagboungbe, SAN, asking for a vacation date for commencement of their defence. The court, meanwhile, adjourned the matter till May 28.

– Culled from Vanguard Nigeria