Alleged fraud: We didn’t invite Akingbola for interrogation -EFCC

The prosecution witness in the ongoing trial of former chief executive officer of the defunct Intercontinental Bank Plc, Dr. Erastus Akingbola, today told Justice Mojisola Olatoregun of the Federal High Court, Lagos that he did not extend any invitation to the former bank boss in the course of his investigation into the bank’s records and transactions.

The EFCC witness, Mr Abdulrahaman Jimoh who was the Chief Investigator of the bank while being cross-examined by Chief Wole Olanipekun ,SAN, counsel to Akingbola, also told the court that he neither an accountant nor a chartered banker .

Jimoh who in his answer to most of the questions put forward to him said ” I am not aware” , also told the court that he is not aware whether Intercontinental Securities Limited, a subsidiary of Intercontinental Bank Plc has fully liquidated the loan obligation to one Regal Finance Limited and that he did not bother to ask.

When asked if ICSL as a subsidiary of Intercontinental Bank can obtain facilities from other financial institutions, the witness said he don’t know.

Jimoh who in his answer to a question posed to him by Olanipekun (SAN) as to whether a bank managing director and chief executive officer, can obtain facilities from other financial institutions said such facilities can only be obtained with. a board approval, later change his answer to “I don’t know”.

When asked if as Chief Examiner of Intercontinental Bank Plc he has authority to examined the transactions and books of other corporate entity under International Bank he said yes.

On whether in the course of his investigation, as Chief Examiner of Intercontinental Bank Plc, he looked through ICL books and ledgers, he said no. 

In his answer to Olanipekun’s question as to whether he asked Intercontinental Bank if they have taken action on the alleged indebtedness of Regal Finance Limited, he said he did not asked. Adding that he did not look into the books of ICL before writing his report.

When asked if Akingbola is the owner or co-owner of Regal Finance Limited he said, ‘I don’t know’.

The witness further told the court that he did not know whether his predecessor in office was an accountant.
On whether he has knowledge of the foreign exchange market, the witness said no.

Jimoh also told the court that he did not also know anything about capital market operation in the country and whether the CSCS is the only organ in the country that has the platform for transactions of shares of quoted companies in the country.

When asked if he knew anything about bank’s General Ledger, particularly that of Intercontinental Bank where he was the Chief Examiner, he said, ‘I don’t know anything about Intercontinental Bank General Ledger’.

He also said he has no idea if any public offer made by Intercontinental Bank Plc or how shares are bought or sold in the country

The witness in his answer to other questions put to him by Olanipekun said: ” I don’t know”.

It would be recall that at Wednesday’s proceedings, the witness under cross-examination told the court When reminded that he had earlier made a claim under oath before Justice A.O Abiru of the Lagos Court that he obtained an MBA degree in Business Administration from the University of Ilorin in  the year 2002, contrary to his claim yesterday that he only hold a B. A degree in Business Administration, Jimoh reversed himself by saying he did not obtain a Master degree in Business Administration, adding that he only attended  courses in MBA programme which was  however, aborted.

Following his answer to the questions, Olanipekun  showed him his earlier  statements before Justice Abiru where he claim to have obtained an MBA degree from University of Ilorin to which he could not contradict.

The witness also admitted that his service was briefly dispensed with while in the employment of Intercontinental bank, but that he was later reinstated after a period of four months following his apology letter to the bank management.

When he was taking up on the N5.2billion placement with Intercontinental Securities Limited which he had claimed was a fraud purportedly perpetrated by Akingbola, Jimoh said he did not inquire whether Intercontinental Bank benefitted from it or whether it was a loan and whether it was re-paid by  Intercontinental Securities.

On the bank’s Nostro Account from which the alleged sum of £1.300,000 was taken from and remitted to Fuglers Solicitors with Royal Bank of Scotland Plc London, the witness said he did not know if the money belongs to the bank or customers of the bank.

Asked if he was aware that the Nostro Account has its own Ledger account, Jimoh said “I don’t know”  Asked if he make any enquiries from Akingbola about the transactions,  he said no

The witness in his answer to most of the questions put forward to him today by Akingbola counsel,  said “I don’t know”.

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