Dr Erastus Akingbola, Former Managing Director of Intercontinental Bank, stepping out of EFCC's car at the Federal High Court Ikoyi, Lagos, On Friday.
Former Group Chief Executive Officer of Intercontinental Bank Plc, Dr Erastus Akingbola, was yesterday ordered remanded in the custody of the Economic and Financial Crimes Commission, EFCC, after he was arraigned before a Federal High Court sitting in Lagos, on a 22-count charge fraud, granting reckless credit facility, abuse of office and mismanagement of depositors’ funds.
He will be in detention till August 30, 2010 when the court will hear his bail application filed by his counsel.
Hearing of bail applications was yesterday fixed for August 23 by a Federal High Court sitting in Lagos following the arraignment of Akingbola.
Justice Mohammed Idris announced the date after the prosecution had read its charges bordering on alleged financial malpractice while the defence led by Chief Felix Fagbohungbe (SAN) asked for bail. Justice Idris said since the bail application was filed on Thursday, there was need for proper argument from both sides before a ruling was made.
The arraignment took place about 9 a.m. at Federal High Court, Ikoyi. Akingbola was flown into Lagos from Abuja on Thursday morning ahead of yesterday’s arraignment originally planned for Thursday.
Trial judge in the matter isJustice Mohammed Idris. Akingbola, was brought to court around 9: am in a Toyota Avensis with the registration number DA 487 ABJ, dressed in a black suit. He pleaded not guilty to all the counts of the charge preferred against him by the EFCC, after they were read to him count after count.
Efforts by his counsel to argue his application for bail was strongly opposed by the EFCC, which insisted that it should be given time to filed a reply to the application. The commission had argued that it was still investigating the accused person, since he had just returned to the country a few days ago, and from interrogations so far, new facts had been uncovered which may lead to the filing of more charges against him.
EFCC said it would be opposing the bail application and asked the court to it time to file response, as the commission was only served the bail application on Thursday.
The court in a short ruling, adjourned hearing on the bail application to August 23, adding that the matter will be given accelerated hearing.
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