Akingbola, ex-directors in fresh trouble over N50b loans, bonuses – The Nation
November 29, 2009 by tim
The ex-Executive Vice-Chairman of Intercontinental Bank, Mr. Erastus Akingbola, and five directors are in fresh trouble following new discovery of about N50billion worth of strange bonuses and loans.
It was also learnt that judges’ vacation is delaying the extradition of Akingbola.
Investigation by The Nation revealed that the strange bonuses and loans were recently discovered by the Economic and Financial Crimes Commission (EFCC).
According to findings, the strange bonuses and loans were reportedly approved between March and June 2008.
It was gathered that the bank management under Akingbola allegedly gave out the loans to companies owned by the former directors.
The affected directors are Raymond Obieri; Isyaku Umar; Hyacinth Enuwa; Nkechi Kalu; and Christopher Alabi.
A reliable source, who spoke in confidence, said: “As part of our concluding findings in Intercontinental Bank Plc, our operatives, who were recalled two weeks ago, discovered N50billion worth of strange bonuses and loans.
“In March 2008, Akingbola and the five directors shared N3billion as bonus in separate installments of N1.8billion and N1.2billion.
“And between May and June 2008, directors secured N8billion loan per head without collaterals. Nothing warranted the award of the special bonus package.
“For instance in May 2008, the former Chairman of the bank, Raymond Obieri was given N8billion loan through his company, Harry Trust Investment Limited.
“While Nkechi Kalu got N8billion through a proxy firm called Soo-kok Holding Limited, another director, Alhaji Isyaku Umar used Tofa General Enterprises for his share of N8billion.
“Also while Hyacinth Enuwa hid under Cinca Nigeria Limited for his loan, Christopher Alabi used Stanzus Investment Limited.
“All these loans were secured without collaterals and no kobo has been paid back by the beneficiaries.
“We are going to arraign all the suspects in court separately over these strange loans. The charges might be different from those some of them are facing now.”
On the extradition of Akingbola, the source said: “There is a slight delay because of judges’ vacation.
