Report relied upon by CBN, NDIC to remove Intercontinental Bank CEO not perfect -NDIC

The prosecution witness in the ongoing trial of Dr. Erastus Akingbola, former managing director of Intercontinental Bank Plc, Paul Akali, today told the court that the report that the Central Bank of Nigeria(CBN) and Nigerian Deposits Insurance Corporation (NDIC) used in removing Akingbola were not perfect. Akali also told Justice Ayokunle Faji led-court that as at the time the bank was taken over by the CBN and NDIC, it was not a failed or failing bank. Akali, an official of Nigerian Deposits Insurance Corporation (NDIC) made the assertions while being…

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Alleged fraud: Loans approved by  Akingbola follows due process – EFCC witness

A witness of the Economic and Financial Crimes Commission (EFCC), Mrs. Modupe Idowu Ajayi, today, told a Federal High Court, Lagos, that all the loans approved by the chairman/chief executive officer of the defunct Intercontinental bank Plc Dr. Erastus Akingbola, followed due process. Ajayi, a former assistant general manager, AGM, Credit Analysis Department of the defunct Intercontinental Bank, also told the court that Akingbola did not authorised  the disbursement of any loan obtained from the bank. The witness stated this while being cross-examined by Professor Taiwo Osipintan (SAN), one of the…

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