Akingbola who was arraigned shortly after his return to the country by the Economic and Financial Crimes Commission (EFCC) had since August 30, 2010 been granted bail by the Judge and he is now enjoying temporary freedom.
From the components of the charge, funds movements as alleged are loans to companies related to the directors of the banks, reclassified loan portfolio of the bank; direct investments by the bank into the stock market and staff performance bonuses.
The total amount reported to have gone as loan to companies related to some directors of the bank was about N40 billion, out of which N22.9 billion had been repaid with N17.1 billion outstanding. However Akingbola was accused of permitting the amounts said to be outstanding.
The former bank chief was accused of allowing this amount to be translated as commercial paper, which according to the apex bank, underscored the bank’s non-performance loan portfolio. He was also accused of approving the investment in order to boost the bank’s share price in the stock market. Akingbola’s counsel, Chief Felix Fagbohungbe (SAN) had alleged that the court was fully aware that the figures being mentioned were never entered as amounts stolen by Akingbola but rather were the mischief of the media trial of his client.
The counsel in a statement of defence noted that there was nowhere in the reports of CBN, NDIC and EFCC that Akingbola was accused of taking any money for himself or his company or any company or individual related to him.
CBN, he said had investigated the bank four times before Akingbola’s removal in August last year and after his removal three further forensic investigations were conducted by a joint team of CBN, NDIC, EFCC and forensic experts with the purpose of finding where Akingbola benefited from the transactions but no such incrimination was found.
The investigations, Fagbohungbe averred revealed that all through his 20 years in bank, Akingbola never took any loan from bank either directly or in favour of individuals and companies he is related to despite the fact that regulatory provisions in banking industry allows such with CBN approval. The lead defence counsel urged further that “ Up till now they have not told the public how and on what dates he moved N346 billion or nay amount out of then bank
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