Jul 12 2012
Akingbola Didn’t Order N2.5bn Transfer, Says Witness
By Akinwale Akintunde
Former MD of Intercontinental Bank Plc, Dr. Erastus Akingbola
Adeosun, who was subpoenaed by the defence to testify, specifically told the court presided of by Justice Habeeb Abiru, that Akingbola did not ordered his company to transfer the N2.5 billion which is part of the alleged N47.1 billion for which the former MD is been tried to Tropics Finance Limited account.
The witness who was being led in evidence by Akingbola’s counsel, Mr Abubakar Shamshudeen, said the N2.5 billion transaction involving the bank and his company was regular and met standard practice.
Akingbola and his associate, Mr. Bayo Dada, were charged to court by the Economic and Financial Crimes Commission (EFCC) for allegedly stealing the bank’s money to the tune of N47.1 billion.
Adeosun, a former Managing Director of Intercontinental Capital Markets Limited (ICML), a subsidiary of Intercontinental Bank, said he received a phone call from the bank Corporate Treasurer, Mrs. Toyin Oyelade, sometime in February 2009, asking his company’s assistant in a N2.5 billion transfer.
“On February 26, 2009, I got a call from the Corporate Treasurer of Intercontinental Bank, Mrs. Toyin Oyelade, who requested for the assistance of my company in a N2.5 billion transfer transaction. I confirmed our willingness to assist the bank based on my relationship with her and the bank. I issued two Skye Bank cheques totalling N2.5 billion in favour of Tropics Finance Ltd on February 27, 2009 and they were collected by two staff of the bank’s treasury department,” he said.
According to him, the cheques were, however, not paid into Tropics Finance Limited account with Intercontinental Bank until March 11, 2009 which is about two weeks later.
The witness said there were other similar transactions of N5 billion and N3.5 billion respectively to other customers and subsidiaries of the bank during the period, adding that as agreed, his company’s account were re-credited.
He said the purpose of the transactions was to assist the bank in its Year End Account Management.
“The Year End of the bank up till 2009 was the last day of February. So when some known customers who were granted loans are unable to pay up before or two months after the year end, the bank usually looks towards its credible customers to put cash in-flow into their accounts so that they will not fall under classification as non-performing loans,” he said.
“It is a standard practice by many banks because even when the money is placed in the customers accounts, it is blocked by the bank.
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