General
Akingbola Lied About Buying Shares for Intercontinental Bank–Witness
By Modupe Gbadeyanka
The trial of Erastus Akingbola, a former Managing Director of the defunct Intercontinental Bank Plc, continued on Thursday, March 14, 2019 before Justice Mojisola Olatoregun of the Federal High Court sitting in Ikoyi, Lagos, with a prosecution witness detailing how he laundered the bank’s funds on the pretext of buying shares without securities.
Mr Akingbola is standing trial for an amended 22-count charge bordering on abuse of office, conversion of funds belonging to Intercontinental Bank Plc and stealing to the tune of N900.3 billion, £8.5 millon and £1.3 million.
At today’s sitting, the second prosecution witness, Abdulraheem Jimoh, a former Chief Inspector with the defunct Intercontinental Bank Plc, under cross-examination by the defence counsel, Wole Olanipekun, SAN, told the court that he was aware that the bank operated a “Nostro Account”, which was the aggregate of the bank’s funds transferred to offshore correspondent banks.
The witness also stated that funds must be available in the bank for the offshore banks to be functional.
However, when asked if he knew that the bank funded its “Nostro Account” and if funds were transferred offshore, he said “no”.
Jimoh, during cross-examination, gave further evidence into his investigations, saying, “I wrote to ICSL Securities Limited, a subsidiary of Intercontinental Bank that was into share buying and sales.
“The content of my letter to the company was to know if Intercontinental Bank bought any shares from ICSL.
“Their response was that the bank did not buy shares from ICSL, but that those placements were made to the company by Intercontinental Bank on the instructions of the defendant.
“The placements were made without adequate securities under Akingbola’s watch as the Managing Director of the bank.
“Although I did not find out if the placements were re-paid to Intercontinental Bank, and generally placements do not attract interests.”
When the defence counsel sought to tender the response from ICSL Securities Limited to the letter written by the witness, the prosecuting counsel, Rotimi Jacobs, SAN, objected to its admissibility on the grounds that the document was not relevant.
“The witness has said his investigations revealed that no shares were bought by Erastus Akingbola,” Mr Jacobs said.
The objection was sustained by the court.
While being cross-examined over his Curriculum Vitae, the witness told the court that he obtained a Bachelor of Science in Business Administration from the Ahmadu Bello University, Zaria, Kaduna State in 1982.
However, the defence counsel told the court that the witness lied about obtaining a Master of Business Administration from the University of Ilorin, Kwara State.
“This witness does not seem to be a witness of truth because he told an Ikeja High Court that he obtained a MBA.
“He, however, told this court a different story that he did not conclude the MBA programme,” Mr Olanipekun added.
The CV of the witness was thereafter tendered and admitted in evidence by the court.
Though the witness told the court that he did not interrogate any staff of Tropics Securities Limited, he said he wrote to the company to provide him with the shares sold by the bank if there were any.
Justice Olatoregu thereafter adjourned the case to April 4 and 5, 2019 for continuation of trial.
By Modupe Gbadeyanka
The Lagos State Commissioner for the Environment and Water Resources, Mr Tokunbo Wahab, has disclosed that the state government has not restricted the movement of people during the re-introduced monthly environmental sanitation exercise.
Responding to an enquiry by an X user, Faveo Autos, on Saturday, he said the exercise was not brought back to restrict the movement of residents, noting that arresting anyone during the sanitation was unlawful and not backed by law.
However, he encouraged Lagosians to use the period to keep their surroundings clean.
“What is the fine for movement during environmental [sanitation]?” Mr Wahab was asked by Faveo Autos today.
In his response, the Commissioner said, “For clarity, there is no restriction on movement during the monthly environmental sanitation exercise. Consequently, arresting anyone on the basis of movement during the exercise is unlawful and does not represent the position or policy of the Lagos State Government.
“The monthly environmental sanitation exercise was reintroduced primarily to restore and strengthen the culture of environmental cleanliness across the state.
“The initiative is backed by the Lagos State Environmental Management and Protection Law, 2017. However, the law does not provide for any restriction on movement during the exercise.
“Our focus is on encouraging Lagosians to embrace environmental sanitation as a civic responsibility and a shared commitment to maintaining a cleaner, healthier, and more sustainable Lagos, rather than relying on enforcement measures.”
Life is full of unexpected moments that test our patience, strength, and perspective. Everyone experiences setbacks, disappointments, and periods of uncertainty. While these moments can feel overwhelming, they also provide opportunities for personal growth and self-discovery.
One of the most valuable lessons we learn is that difficult situations rarely last forever. Time, reflection, and a willingness to adapt often help us move beyond even the toughest circumstances. Maintaining a positive outlook and focusing on practical solutions can make a significant difference.
Relationships also play an important role in overcoming hardships. Support from family, friends, or mentors reminds us that we are not alone. At the same time, learning to let go of anger and resentment can free us from emotional burdens that prevent us from moving forward.
The only way out of the labyrinth of suffering is to forgive. It is nothing to die. It is frightful not to live. Everything was beautiful and nothing hurt.
Personal growth is not about avoiding challenges but about responding to them with resilience and wisdom. Every experience, whether positive or negative, contributes to the person we become. By embracing change and practicing gratitude, we can create a more meaningful and fulfilling life.
In the end, moving forward requires courage, forgiveness, and hope. When we choose to focus on what we can control instead of dwelling on the past, we open ourselves to new opportunities and a brighter future.
By Modupe Gbadeyanka
The establishment of four new army divisions has been approved by President Bola Tinubu, bringing the total to 12.
In a statement on Thursday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, it was stated that the President also authorised the recruitment of 28,000 additional personnel to strengthen national security.
The new divisions created include 5 Division, with the headquarters in Makurdi covering Benue, Nasarawa and Kogi States; 9 Division, with the headquarters in Ilorin covering Kwara and Niger States; 10 Division, with the headquarters in Jalingo covering Taraba and Adamawa States; and 83 Division, with the headquarters in Benin City covering Edo, Delta and Bayelsa States.
It was disclosed that the establishment of the new Divisions in Makurdi, Ilorin, Jalingo and Benin City will significantly improve command and control, decentralise operational decision-making, strengthen border security, enhance the protection of critical national infrastructure, improve counter-insurgency and internal security operations, and ensure faster military response to emerging threats nationwide.
Implementation of the new force structure will be done in two phases. The first phase, covering the establishment of the 5, 9, and 10 Divisions and the reorganisation of existing formations, will be completed by September 2026. The second phase, involving the establishment of the 83 Division and further reorganisation, is expected to be completed by December 2026.
The statement said the expansion of the Nigerian Army’s structure from eight to twelve divisions will improve the operational effectiveness of the security agency and strengthen national defence capabilities further.
Before now, the Nigerian Army operated 1 Division, with the headquarters in Kaduna covering Kaduna, Kano, Katsina and Jigawa States; 2 Division, with the headquarters in Ibadan covering Oyo, Osun, Ekiti and Ondo States; 3 Division, with the headquarters in Jos covering Plateau, Bauchi and Gombe States; 6 Division, with the headquarters in Port Harcourt covering Rivers, Akwa Ibom and Cross River States; 7 Division, with the headquarters in Maiduguri covering Borno and Yobe States; 8 Division, with the headquarters in Sokoto covering Sokoto, Kebbi and Zamfara States; 81 Division, with the headquarters in Lagos covering Lagos and Ogun States; and 82 Division, with the headquarters in Enugu covering Enugu, Anambra, Abia, Ebonyi and Imo States.
Mr Tinubu reaffirmed his administration’s determination to continue investing in the Armed Forces, ensuring they remain adequately equipped, highly motivated, and fully capable of protecting the nation and guaranteeing the safety and security of all Nigerians.
He lauded the Chief of Army Staff, Lieutenant General Waidi Ibrahim Shuaibu, and all officers and soldiers of the Nigerian Army for their dedication, professionalism, and steadfast commitment to defending Nigeria’s sovereignty and territorial integrity.
