An operative of the Economic and Financial Crimes Commission (EFCC) and a second prosecution witness, Nkechi Ibekaku, last Thursday told the court that Erastus Akingbola had acted as a personal guarantor to loans allegedly transferred illegally to his companies.

Our correspondent reports that Ibekaku was testifying at Akingbola’s trial before Justice Habeeb Abiru of the Ikeja High Court in Lagos.

Akingbola–former Managing Director of Intercontinental Bank– and an associate, Bayo Dada, were dragged before the court by the EFCC on a 29-count charge bordering on theft.

The EFCC had alleged that the two accused persons conspired to steal over N47.1 billion belonging to the bank between March 2009 and January 2010.

Ibekaku, who was led in evidence by counsel to the EFCC, Mr Emmanuel Ukala, told the court that the former bank chief had himself acted as a personal guarantor.

According to her, the accused had transferred the loans to some companies in which he and his wife, Anthonia, had interests.

The witness claimed that Akingbola had transferred N11 billion into accounts belonging to Tropics Finance Ltd., Tropics Securities Ltd. and Tropics Property Ltd.

She said: “The first defendant made himself a personal guarantor to the loan of N3.5 billion made to Tropics. He also acted as a personal guarantor to loans of N3 billion and N4.5 billion.

“The documents used for the various transactions were inspected by the bank and some government agencies.

“It shows that the wife of the first defendant and the first defendant are directors and shareholders of the companies the loans were made to, when it was traced by us.”

Ibekaku, while being led in evidence on Wednesday, had claimed that Akingbola transferred billions of Naira out of the bank’s Nostro Accounts without a corresponding credit in his personal accounts.

She had told the court that a sum of £8.5 million was transferred from the bank’s pound sterling Nostro Account into the account of United Kingdom-based Fulgers Solicitors of England.

“In the statement of account of the first defendant (Akingbola), we observed that at the time of transaction, the balance in the statement of account was below the amount transferred,” she had said.

The EFCC operative had said that when investigated, Akingbola confirmed authorising the Head of Foreign Operations to carry out the transactions.

The witness had added that in another transaction of N2.5 billion, they saw two cheques issued by one company, Chartwell Securities, in favour of the first defendant, Akingbola.

“We found out that the cheques were credited into the account of Tropics Finance Ltd. owned by the first defendant,” she had said.

Ibekaku had said that all investigation made into the transaction and all officials connected with it revealed that the money went to the first defendant, Akingbola.

Abiru then adjourned the matter to April 4, for continuation of trial.