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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We did not recommend taking over of Intercontinental Bank – NDIC

Mr. Paul Akali, a prosecution witness in the ongoing trial of the former Intercontinental Bank Plc, Dr. Erastus Akingbola told a Federal High Court, Lagos, that his team did not recommended the taking over of the bank. Akali, an official of Nigerian Deposits Insurance Corporation (NDIC) stated this while being cross examined by Dr. Akigbola’s counsel Professor Taiwo Oshipitan (SAN). The former Intercontinental Bank Plc boss, is being tried by the Economic and Financial Crimes Commission (EFCC), on the allegation of granting “unsecured credit facilities” worth billions of naira to…

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