Business
Akingbola Was Guarantor Of His Companies’ Loans – Witness
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.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.