Erastus Akingbola, the sacked Group Managing Director of Intercontinental Bank Plc, is believed to be living the high life with impunity in London. Akingbola was accepted into London after he was previously fired from his position by the Central Bank of Nigeria, after running the bank to the ground and siphoning off billions belonging to many of the impoverished Africans in Nigeria.
The proceeds of his crime was distributed to several other accomplices. Six banks believed to be in receipt of the stolen money are Intercontinental Bank Plc, Access Bank Plc; Zenith Bank Plc; Skye Bank Plc; Fidelity Bank Plc and Intercontinental Bank (UK) Limited.
On December 31, 2009 a Federal High Court in Lagos froze N346bn and £11m in six Nigerian and UK banks alongside an interim forfeiture order on Akingbola‘s alleged assets and choice properties in Lagos, the United Kingdom, Dubai and Accra, Ghana.
An investigation into Akingbola by the Economic and Financial Crimes Commission (EFCC) reveals that he has had allegedly committed “serious economic and financial crimes including money laundering, theft, capital market manipulation, tax fraud, obtaining money through false pretences, criminal granting of loans and facilities, insider abuse, insider trading and abuse of office.”
The Economic and Financial Crimes Commission is also prosecuting six senior bank officials on a 12 count charge relating to alleged financial malpractices, money laundering and the illegal withdrawal of about N26bn of the bank‘s funds.
The accused are the Financial Controller of the bank, Akinwumi Fabunmi; Head of Domestic Operations, Toyin Odesile; Head of Foreign Exchange, Ayoola Ayinde; Head of Corporate Treasury, Oluwatoyin Oyelade; a Director of the bank and General Manager of Tropics Securities, Bayo Dada; and General Manager of Intercontinental Capital Market, Ayodele Thomas.
It is believed that Akingbola and his associates have already moved £10m out possibly into or from the UK.
The schedule of the seized assets include: property at Milverton Road, Ikoyi, Lagos; Amazing Grace Plaza, Ligali Ayorinde Street, Victoria Island, Lagos; No. 2, Bedwell Road, Ikoyi; No. 26 Chester Terrace, London, England, NW1 4ND; No. 65 Gove-End Road, London NW8 9NH, England, No. 8 Connaught Street, London W2 2AH, England; properties in Accra, and Dubai (suspected to be owned directly or indirectly by Dr. Erastus B.O. Akingbola).
The court also seized his shares in 11 companies, as well as a number of luxury cars.
Some of the firms listed include: intercontinental Capital Markets Limited; Tropics Securities Limited; Submit Finance Security Limited; Tropics Finance and Investment Company Limited; Octopus Securities Limited; Regal investment Nigeria Limited; Chartwell security Limited; Intercontinental Security Limited; Yankuri Nigeria Limited; and Associated Discount House Limited.
Akingbola alongside other corrupt Nigerian bankers had purchased private jets including the Hawker 900xP and 800xP, which costs $14.9 million and $13 million each; a Challenger Global 5000 which costs about $51 million and the Falcon 7x which is approx $49.5 million.
A court order freezing these assets is to be served on Akingbola through the DHL courier service, at his known residence of No 26, Chester Terrace, London, England NW14ND.
The Ministry of Justice in Abuja has written to both the United Kingdom (UK) and United Arab Emirate (UAE) seeking their cooperation with the Economic and Financial Crimes Commission but their requests have been totally ignored. This behaviour is consistent with both countries that faced international derision after the Guardian newspaper (UK) revealed former Prime Minister Tony Blair was involved in the decision where “British investigators were ordered by the attorney-general Lord Goldsmith to conceal from international anti-bribery watchdogs the existence of payments totalling more than £1bn”.
In response to the request from Nigeria to support the judicial process, a Metropolitan Police force spokesperson is reported as having told the Daily Independent that “We have already told [the Ministry of Justice in Nigeria] in their earlier letter that there is no Memorandum of Understanding (MoU) in term of working relationship with the EFCC. So, there is no way we can give them assistance.”
It is an election year in the UK and British politicians currently face continuing scrutiny over their own role in perpetrating expenses fiddling and mass public fraud costing taxpayers, several millions in Naira. It is unlikely therefore that the British government will give full support to the prosecution of any of those involved in corruption least the trail points back to themselves.
External Links
What If Moneys Linked to Ibru, Akingbola, Others Are Fully Recovered?N26bn withdrawal: Court grants bail to Akingbola’s associatesUK, UAE Ignore EFCC’s Request to Freeze Akingbola’s AssetsBanking Crisis - Must workers be the sacrificial lamb?Attorney-general knew of BAE and the £1bn. Then concealed it
The proceeds of his crime was distributed to several other accomplices. Six banks believed to be in receipt of the stolen money are Intercontinental Bank Plc, Access Bank Plc; Zenith Bank Plc; Skye Bank Plc; Fidelity Bank Plc and Intercontinental Bank (UK) Limited.
On December 31, 2009 a Federal High Court in Lagos froze N346bn and £11m in six Nigerian and UK banks alongside an interim forfeiture order on Akingbola‘s alleged assets and choice properties in Lagos, the United Kingdom, Dubai and Accra, Ghana.
An investigation into Akingbola by the Economic and Financial Crimes Commission (EFCC) reveals that he has had allegedly committed “serious economic and financial crimes including money laundering, theft, capital market manipulation, tax fraud, obtaining money through false pretences, criminal granting of loans and facilities, insider abuse, insider trading and abuse of office.”
The Economic and Financial Crimes Commission is also prosecuting six senior bank officials on a 12 count charge relating to alleged financial malpractices, money laundering and the illegal withdrawal of about N26bn of the bank‘s funds.
The accused are the Financial Controller of the bank, Akinwumi Fabunmi; Head of Domestic Operations, Toyin Odesile; Head of Foreign Exchange, Ayoola Ayinde; Head of Corporate Treasury, Oluwatoyin Oyelade; a Director of the bank and General Manager of Tropics Securities, Bayo Dada; and General Manager of Intercontinental Capital Market, Ayodele Thomas.
It is believed that Akingbola and his associates have already moved £10m out possibly into or from the UK.
Disgraced bank thief: Erastus Akingbola
The corrupt protects the corrupt
The schedule of the seized assets include: property at Milverton Road, Ikoyi, Lagos; Amazing Grace Plaza, Ligali Ayorinde Street, Victoria Island, Lagos; No. 2, Bedwell Road, Ikoyi; No. 26 Chester Terrace, London, England, NW1 4ND; No. 65 Gove-End Road, London NW8 9NH, England, No. 8 Connaught Street, London W2 2AH, England; properties in Accra, and Dubai (suspected to be owned directly or indirectly by Dr. Erastus B.O. Akingbola).The court also seized his shares in 11 companies, as well as a number of luxury cars.
Some of the firms listed include: intercontinental Capital Markets Limited; Tropics Securities Limited; Submit Finance Security Limited; Tropics Finance and Investment Company Limited; Octopus Securities Limited; Regal investment Nigeria Limited; Chartwell security Limited; Intercontinental Security Limited; Yankuri Nigeria Limited; and Associated Discount House Limited.
Akingbola alongside other corrupt Nigerian bankers had purchased private jets including the Hawker 900xP and 800xP, which costs $14.9 million and $13 million each; a Challenger Global 5000 which costs about $51 million and the Falcon 7x which is approx $49.5 million.
A court order freezing these assets is to be served on Akingbola through the DHL courier service, at his known residence of No 26, Chester Terrace, London, England NW14ND.
The Ministry of Justice in Abuja has written to both the United Kingdom (UK) and United Arab Emirate (UAE) seeking their cooperation with the Economic and Financial Crimes Commission but their requests have been totally ignored. This behaviour is consistent with both countries that faced international derision after the Guardian newspaper (UK) revealed former Prime Minister Tony Blair was involved in the decision where “British investigators were ordered by the attorney-general Lord Goldsmith to conceal from international anti-bribery watchdogs the existence of payments totalling more than £1bn”.
In response to the request from Nigeria to support the judicial process, a Metropolitan Police force spokesperson is reported as having told the Daily Independent that “We have already told [the Ministry of Justice in Nigeria] in their earlier letter that there is no Memorandum of Understanding (MoU) in term of working relationship with the EFCC. So, there is no way we can give them assistance.”
It is an election year in the UK and British politicians currently face continuing scrutiny over their own role in perpetrating expenses fiddling and mass public fraud costing taxpayers, several millions in Naira. It is unlikely therefore that the British government will give full support to the prosecution of any of those involved in corruption least the trail points back to themselves.
External Links
What If Moneys Linked to Ibru, Akingbola, Others Are Fully Recovered?N26bn withdrawal: Court grants bail to Akingbola’s associatesUK, UAE Ignore EFCC’s Request to Freeze Akingbola’s AssetsBanking Crisis - Must workers be the sacrificial lamb?Attorney-general knew of BAE and the £1bn. Then concealed it
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We have already told the Ministry of Justice in Nigeria that there is no Memorandum of Understanding with the EFCC. So, there is no way we can give them assistance
Metropolitan Police Spokesperson
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