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
A hotline number, 0800 123 5264, for Nigerians to report any MRS Oil Nigeria Plc filling stations selling Premium Motor Spirit (PMS), commonly known as petrol, above the approved pump price of N739 per litre, has been released by Dangote Petroleum Refinery.
The private refiner said the number was now active nationwide, enabling consumers to promptly report violations and help maintain fair pricing across over 2,000 MRS stations.
This measure follows the refinery’s recent commencement of nationwide PMS sales at N739 per litre—a strategic intervention aimed at stabilising fuel prices and easing the financial burden on Nigerians during the festive season.
“We encourage Nigerians to avoid purchasing PMS at inflated prices when locally refined fuel is available at N739 per litre.
“Report any MRS station selling above this price by calling our hotline. Together, we can ensure that the benefits of this price reduction reach every consumer,” the company stated in a statement.
The organisation stressed its mission to deliver affordable, high-quality fuel while safeguarding national economic interests, reaffirming its commitment to steady supply, backed by a guaranteed daily output of 50 million litres, and warned against attempts to create artificial scarcity or manipulate supply.
Regulatory authorities have been urged to remain vigilant and take decisive action against unpatriotic practices.
By refining locally at scale, Dangote Refinery is reducing Nigeria’s dependence on imports, conserving foreign exchange, stabilising the Naira, and strengthening energy security. This initiative represents a significant milestone in the country’s journey toward sustainable energy solutions and economic recovery.
The refinery also issued a stern warning against attempts by unscrupulous operators to create artificial scarcity in response to the price reduction, calling on government agencies to act decisively.
“Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable. We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the statement added.
Consumers were advised to resist purchasing fuel at inflated prices when cheaper, high-quality alternatives are readily available.
By Bon Peters
The Airport Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA) at Omagwa Rivers State has praised the Customs Area Controller for Customs Area 1 Command, Comptroller Salamatu Atuluku.
At the end-of-the-year party attended by stakeholders, including the leader of the association’s chapter, Mr Charles Onyema, said the customs officer has done well in stakeholder engagement and trade facilitation.
At the event held last Friday, he said his association has been enjoying a very cordial relationship with other organisation in the ecosystem.
“You can see what is happening today, everybody is working together and our operations here are seamless,” he noted.
He stated that apart from creating a very robust business environment for his members and other stakeholders to operate, he has taken a decision to build and commission a befitting ANLCA Secretariat which would be completed soon and be commissioned by the ANLCA national president, Mr Emenike Nwokeoji.
The ANLCA chapter chief said since “Comptroller Salamatu Atuluku assumed office at Customs Area 1, Port Harcourt Command, it has been a different ball game, facilitating trade and increasing Revenue generation.”
“I remember I told her she was a mother during her maiden visit to the airport.
“You know when you have a woman in charge of an affair, food will not lack, compassion will not lack and motherly love will not lack.
“She is very wonderful in stakeholder engagement, revenue generation and trade facilitation,” Mr Onyema enthused.
Projecting into the future, Mr. Onyema said the year 2026 would be better for his members, adding that he has advised them on financial discipline which he said would help them during the trying period.
By Adedapo Adesanya
The federal government has declared Thursday, December 25, and Friday, December 26, 2025, as public holidays to mark Christmas and Boxing Day respectively.
The government also declared Thursday, January 1, 2026, for the New Year celebration.
The declaration was contained in a statement issued on Monday by the Permanent Secretary of the Ministry of Interior, Mrs Magdalene Ajani, on behalf of the Minister of Interior, Mr Olubunmi Tunji-Ojo.
According to the statement, the Minister urged Nigerians to reflect on the values of love, peace, humility and sacrifice associated with the birth of Jesus Christ.
Mr Tunji-Ojo also called on citizens, irrespective of faith or ethnicity, to use the festive season to pray for peace, improved security and national progress.
He further advised Nigerians to remain law-abiding and security-conscious during the celebrations, while wishing them a Merry Christmas and a prosperous New Year.
Business Post reports that on these public holidays – the foreign exchange market, the Nigerian Exchange (NGX), as well as the NASD Over-the-Counter (OTC) Securities Exchange will not open to trade.
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