How Akingbola Bypassed Protocols to Transfer Fund Offshore - Witness

The ongoing trial of Erastus Akingbola, a former Group Managing Director of the defunct Intercontinental Bank, continued on February 19, 2021 before Justice A. O. Faji of a Federal High Court, Ikoyi, Lagos...
...with a witness of the Economic and Financial Crimes Commission, EFCC, Babatunde Aro, narrating how the defendant allegedly bypassed banking protocols to transfer $11.8million and £8.54million offshore without recourse to the bank's standard procedures.
Akingbola is being prosecuted by the EFCC for an alleged N179billion fraud committed by him while he held sway at the Bank. He is alleged to have perpetrated the fraud using suspicious financial transactions. He pleaded "not guilty" to the allegations.
Testifying as the fourth prosecution witness, Aro, who works with Access Bank Plc, as Head, Global Compliance Advisory, told the Court that he was part of an audit team that investigated a number of suspicious foreign transactions...
...including the ones involving the $11.8million and £8.54million. It will be recalled that Access Bank acquired Intercontinental Bank when it became financially distressed.
Led in evidence by Rotimi Jacobs, SAN, the witness who then worked at Intercontinental Bank, told the Court that around November/December 2009 he was coopted into a team set up in internal audit "to review and investigate some foreign transactions".
According to him, in the course of investigating the suspicious transactions, it was uncovered that:...
..."On the 11th March 2009, the sum of £8.54million was transferred from the bank's Deutshe Bank Nostro account to a certain Messrs Fugler Solicitors on the instruction of Dr. Erastus Akingbola.
"The instruction was not signed and at that time his Domiciliary account with the bank had $19 and £10,000.

"The Visa Card account was also not funded at that time, so also the Naira account of Dr. Erastus Akingbola with the bank did not have the equivalent of £8.54million."
He further told the Court that the team of internal auditors found out that the bank's Nostro account with Deutsche Bank was debited to the tune of $9.8million and a corresponding £7.1million was put in the bank's GBP Deutsche Bank Nostro account.
He said: "Another $1.98million was observed taken from same dollar Deutsche Bank Nostro account of the bank and a corresponding £1.4million put in the bank's GBP Deutsche Bank Nostro account.
"The addition of the $9.8million and $1.98million will give you $11.8million while £7.1million and £1.44million will give £8.54million.
"However, there were no corresponding amounts in the account of Dr. Akingbola at these times, and the instruction with which the transfer was effected was unsigned."
He further added that "contrary to normal procedures for such transactions, there were no corresponding deduction of charges from Dr. Erastus Akingbola's account before effecting the payments".
Identifying the bank statements of the said transactions in Exhibit L, he noted that "the authenticated message transmitted to the correspondent bank showed the sender as Intercontinental Bank, and the receiver as Deutsche Bank.
"The ordering customer on the document being Dr. Erastus Akingbola and it shows the beneficiary bank account as Fugler's Client Account.

"Details of charges was stated as OUR meaning the person sending will pay to both himself and party sending the money to."
While noting that Akingbola was the Group Managing Director of the bank at the time he gave the instruction, he stressed that the said instruction which was authorised by a manager at the bank, ought to normally have been declined.
He said: "Normally an instruction without a signature will be returned to the customer, or the customer will be asked to come and sign else the bank will return it and not process it.
"Even if it is after verifying his position with the bank, the transaction will be declined on the basis of insufficient funds."

The case has been adjourned till March 1, 2021.

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with EFCC Nigeria

EFCC Nigeria Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @officialEFCC

22 Feb
EFCC Arraigns Former Banker, Two Others For N14m Fraud

A former banker, Ugwumba Evangeline and two other suspected fraudsters, were on Monday, February 24, 2021 arraigned by the Port Harcourt Zonal Office of the Economic and Financial Crimes Commission, EFCC,..
...before Justice E. N. Anyadike of the Federal High Court sitting in Umuahia, Abia State on four-count charges  bordering on conspiracy, and obtaining money by false pretence to the tune of N14,100,000 (Fourteen Million, One Hundred Thousand Naira only).
The other two defendants are:  Onyekachi Christian Nwagbo and Chiwendu Okeke.

They pleaded "not guilty" to the charges when they were read to them.
Read 12 tweets
22 Feb
Student Convicted in Ibadan for Love Scam
The Economic and Financial Crimes Commission, EFCC, Ibadan Zonal Office, on Monday, February 22, 2021, secured conviction of one Oluwatoyin Henry before Justice Sherifat Adeyemi of the Oyo State High Court, sitting in Ibadan, Oyo State on one count of obtaining by false pretence.
The charge reads: “That you Oluwatoyin Henry sometimes in 2019, at Ogbomosho, within the jurisdiction of this Honourable Court, with intent to defraud, obtained the sum of One Thousand Two Hundred United States of America Dollars (USD$1,200) from one Betty Mosley,...
Read 6 tweets
22 Feb
Socialite Docked for N35m Scam in Ogun

The Economic and Financial Crimes Commission, EFCC, Ibadan Zonal Office on Monday, February 22, 2021, arraigned one Mary Maisirat Akerele...
...on a five count charge bordering on stealing to the tune of Thirty Five Million Five Hundred and Twenty Thousand Naira (N35,520,000.00) before Justice Abiodun Akinyemi of the Ogun State High Court 4, Abeokuta.
Trouble started for the 46-years-old socialite, who resides in Aseko area of Idiroko Ogun State, when the EFCC received a petition, alleging that she collected the said sum in installments from one Alhaja Oladoja Abike...
Read 9 tweets
22 Feb
Absence of Co-defendants Stalls Stella Oduah’s Arraignment

The planned arraignment of former minister of aviation Stella Adaeze Oduah before Justice Inyang Ekwo of the Federal High Court Abuja could not commence due to the absence some of the suspects.
Though Oduah who is Senator representing Anambra North in the National Assembly was present in court, the fifth and sixth defendant in the charge were alsent.
Oduah was schedule to be arraigned on a 25-count charge of money laundering alongside Gloria Odita, Nwobu Emmanuel Nnamdi, Chukuma Irene Chinyere, Global Offshore and Marine Limited,...
Read 11 tweets
18 Feb
Electrician, Surety Jailed for Internet Fraud & Impersonation
The Ilorin and Kaduna Zonal Office of the Economic and Financial Crimes Commission, EFCC on Thursday February 18, 2021 secured the conviction of two persons, Oyeniran Olamilekan and Umar Gambo for offences that border on internet fraud and impersonation.
28-year-old Olamilekan, an Electrician, was sentenced to six months imprisonment by Justice Adenike Akinpelu of the Kwara State High Court sitting in Ilorin on one count of internet fraud.
Read 16 tweets
18 Feb
N714m Scam: Witness Narrates How N159m was Traced to Turaki’s Account

The trial of former Minister of Special Duties and Inter-governmental Affairs, Kabiru Tanimu Turaki continued today Thursday, February 18, 2021 before Justice Inyang Ekwo of the Federal High Court, Abuja...
...with the twelfth prosecution witness, PW12, Bello Hamma Adama narrating to the court how N159,104,000 (One Hundred and Fifty-nine Million, One Hundred and Four Thousand Naira)...
...out of the N329,104,000 (Three Hundred and Twenty-nine Million, One Hundred and Four Thousand Naira) that was meant for the sensitization of Muslim youths was diverted.
Read 14 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!