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Akingbola Lied About Buying Shares for Intercontinental Bank–Witness

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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.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Nigeria, Ghana Sign Bilateral Maritime Cooperation

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Nigeria and Ghana

By Adedapo Adesanya

The Nigerian Maritime Administration and Safety Agency (NIMASA) and the Ghana Maritime Authority (GMA) have signed a Memorandum of Understanding (MoU) to strengthen bilateral maritime cooperation, enhance regional maritime governance, and promote the sustainable development of the Blue Economy across West Africa.

Speaking during the signing ceremony in Lagos, the Director General of NIMASA, Mr Dayo Mobereola, expressed appreciation to Ghana for its support during Nigeria’s successful re-election to the International Maritime Organisation (IMO) Category C Council, noting that the longstanding relationship between both countries continues to advance maritime development within the region.

He stated that the MoU provides a practical framework for deeper collaboration in maritime safety and security, mutual recognition of Certificates of Competency (CoC), institutional capacity building, knowledge sharing, comparative research, joint enforcement initiatives, and regional cooperation at international maritime fora.

According to Mr Mobereola, the partnership must be driven by measurable outcomes through a structured implementation process.

“We will continue to work together to grow our economies and make the maritime sector safer. This Memorandum of Understanding is a commitment to do better. NIMASA will fully play its part in implementing the agreement, while both institutions must establish annual implementation agendas to monitor progress and deliver tangible results,” he said.

The NIMASA DG noted that Nigeria and Ghana, as leading maritime nations in the sub-region, have a shared responsibility to shape the future of maritime development in West and Central Africa.

He added that the partnership should generate benefits that extend beyond both countries by fostering regional and sub-regional collaboration capable of unlocking the enormous potential of the Blue Economy.

Under the agreement, both maritime administrations will establish a Joint Consultative Team (JCT) to develop action plans, coordinate implementation, and monitor agreed programmes through designated focal persons.

The JCT will meet twice yearly, with meetings hosted alternately by Nigeria and Ghana to review implementation progress, evaluate cooperation activities, and strengthen bilateral engagement.

The MoU is expected to improve maritime governance, strengthen institutional capacity, promote evidence-based policymaking through comparative research, enhance regulatory effectiveness, and reinforce collaborative efforts to combat piracy, armed robbery at sea, and maritime terrorism, particularly within the Gulf of Guinea.

Earlier in his remarks, the Director General of the Ghana Maritime Authority, Mr Kamal-Deen Ali, described the agreement as a significant milestone in the longstanding relationship between both maritime administrations.

He acknowledged Nigeria’s leadership role within the region, noting that Ghana has over the years drawn valuable lessons from several Nigerian maritime initiatives, including the country’s Cabotage regime, ship registry, and regulatory frameworks.

“This Memorandum of Understanding consolidates an already mutually beneficial relationship. Ghana remains fully committed to implementing every aspect of the agreement as we continue to learn from one another and work together to strengthen maritime administration across the region,” he said.

The signing of the MoU underscores the commitment of both maritime administrations to advancing regional integration, improving maritime safety and security, and promoting sustainable economic growth through stronger institutional collaboration.

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SERAP Questions NASS on N1.3bn Budgetary Allocation to Phantom Presidential Council

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SERAP

By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has asked Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas to explain how over N1.3 billion was allocated in the 2026 Appropriation Act to a presidential council that the Presidency has described as non-existent.

In a Freedom of Information (FoI) request dated July 4, 2026, and signed by its Deputy Director, Mr Kolawole Oluwadare, SERAP demanded certified copies of all documents relating to the approval of the N1,302,978,784 allocation to the Presidential Foreign Intervention Promotion Council (PFIPC), also referred to in the budget as the Presidential Economic Advisory Council.

The organisation also urged the leadership of the National Assembly (NASS) to immediately invoke its investigative powers under Sections 88 and 89 of the 1999 Constitution (as amended) to probe the circumstances surrounding the allocation and identify those responsible for any irregularities.

SERAP further requested records identifying the lawmakers and committees that considered and approved the allocation, as well as the public officials who appeared before the committees to defend the proposed funding.

It also asked the parliament to clarify whether the allocation formed part of the Executive’s original 2026 Appropriation Bill or was inserted during the legislative process. The group also sought to know whether any lawmaker questioned the legal status or operational mandate of the council before the budget was passed.

According to the group, the request became necessary following conflicting claims over the existence of the council, noting that while the 2026 Appropriation Act reportedly earmarked more than ₦1.3 billion for the PFIPC/Presidential Economic Advisory Council, the Presidency has since publicly stated that the body was never established by the Federal Government and is fictitious.

The rights organisation said the contradiction raises serious concerns about the integrity of Nigeria’s budget process, legislative oversight, public financial management and accountability.

“Nobody has a more sacred obligation to obey the law than those who make the law,” SERAP said, stressing that the National Assembly has a constitutional duty not only to approve budgets but also to thoroughly scrutinise Executive proposals before authorising public spending.

It argued that Nigerians have a right to know whether public funds were appropriated for an entity that was not lawfully established and, if so, how the allocation found its way into the national budget.

According to the organisation, making the requested documents public would enable citizens to determine whether the National Assembly fulfilled its constitutional responsibilities in scrutinising and approving the allocation.

SERAP warned that if the requested information is not provided within seven days of receipt or publication of the FoI request, it would initiate legal proceedings to compel the National Assembly to disclose the records.

It maintained that releasing the documents would strengthen public confidence in the credibility of the National Assembly, enhance transparency in the appropriations process and promote accountability in the management of public funds.

The group also cited the Freedom of Information Act, the Nigerian Constitution and Nigeria’s obligations under international human rights instruments, arguing that public institutions are required to proactively disclose information of significant public interest, particularly where allegations of financial impropriety or misuse of public resources have arisen.

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Higher Allocations to States, Renewed Investments Thrill Tinubu

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Tinubu kill Abu-Bilal Al-Manuki

By Adedapo Adesanya

President Bola Tinubu has said state governments are now receiving substantially higher allocations to drive development, while renewed investor confidence is attracting fresh investments into Nigeria.

Speaking at the maiden State House Media Dinner in Abuja on Thursday, the president described the development as evidence that his administration’s economic reforms are beginning to deliver positive results.

He defended the reforms introduced by his administration, acknowledging that they were difficult but necessary to reposition the economy for sustainable growth.

According to Mr Tinubu, stronger public revenues have enabled increased allocations to states, while improvements in the investment climate have boosted confidence among domestic and foreign investors.

“The difficult but necessary reforms undertaken by this administration are yielding results. Our economy is stabilising. Public revenues have strengthened significantly,” he said.

“State governments are receiving substantially higher allocations to support development. Investor confidence is returning.

“Our foreign reserves have improved considerably. The oil and gas sector is attracting renewed investment. The stock market has witnessed remarkable growth. Key economic indicators are moving in the right direction,” Mr Tinubu stated.

The president also said the administration was laying the groundwork for long-term prosperity through a combination of tax and fiscal reforms, infrastructure development and improvements to the business environment.

“Through tax reforms, fiscal reforms, infrastructure investments, and improvements in the business environment, we are laying the foundations for a more competitive, productive, and prosperous economy,” he said.

Although acknowledging that more work remains, Mr Tinubu maintained that the country was firmly on the path to sustainable economic growth.

“The journey is not yet complete, but the direction is clear, and the foundations for long-term growth are being firmly established,” he added.

On security, the president said his administration had sustained a multi-dimensional strategy that has produced measurable gains across different parts of the country.

He noted that intensified military operations, improved intelligence gathering, stronger inter-agency coordination, and expanded regional and international cooperation had led to the neutralisation of thousands of terrorists and criminal elements, the rescue of numerous hostages, and the recovery of communities previously under siege.

President Tinubu reiterated his administration’s commitment to ensuring peace and security across the country, saying every Nigerian should be able to live, work and prosper without fear.

The president also commended the media for its contribution to Nigeria’s democratic development while urging journalists to uphold professionalism by reporting accurately and responsibly.

“We are adversaries only in the democratic sense, as the media constantly distrust those in power. In nation-building, we are partners,” he said.

He described government and the media as institutions with complementary responsibilities, noting that while government serves through leadership and public policy, the media serves by holding those in power accountable on behalf of the people.

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