A Federal High Court sitting in Lagos this morning adjourned till Wednesday the bail application filed on behalf of the former Managing Director/Chief Executive Officer, Intercontinental Bank Plc, Dr. Erastus B.O Akingbola. He is therefore to remain in EFCC custody.

Dr. Erastus B.O Akingbola, former Managing Director/Chief Executive Officer, Intercontinental Bank Plc.

When the matter was mentioned this morning, Akingbola’s lawyer, Chief Felix Fagbohungbe, told the court that he received on Friday evening the counter-affidavit opposing the bail application he had filed and would need to reply to the counter-affidavit. Therefore, he requested that the matter be stood down till later in the day.

However, the Economic and Financial Crimes Commission, EFCC, lead prosecuting counsel, Kola Awodehin, SAN, said there is the need for him to see the reply to the counter-affidavit.

With the agreement of the two parties, Justice Mohammed Idris adjourned till Wednesday when the legal battle in respect of the bail application will commence.


Akingbola reportedly escaped to London in August last year when five banks’ executives including his Intercontinental Bank Plc were sacked by the Central Bank of Nigeria .

While the MDs/CEOs of the other banks were arrested by the EFCC and were later arraigned in court, Akingbola was at large.

He returned to Nigeria this month and surrendered himself to the EFCC operatives.

He was charged to court on a 22-count charge of granting unsecured loan, false transactions and non-performing loans. But he pleaded not guilty to all the charges.

—Akin Kuponiyi