SAN FRANCISCO, May 18, (THEWILL) – The Supreme Court has ordered a former Managing Director of the defunct Intercontinental Bank Plc, Dr. Erastus Akingbola, to face trial for alleged N5bn fraud charges.
A five-man panel of the apex court led by Justice Tanko Muhammad, on Friday, unanimously affirmed the February 2015 judgment of the Court of Appeal, which overturned the Federal High Court’s decision to strike out the charges.
Justice Sidi Bage, who read the lead judgment, said Akingbola’s appeal challenging the Court of Appeal’s verdict lacked merit and ordered that the case be taken back to the Federal High Court in Lagos, handled by another judge and given “expeditions trial.”
THEWILL recalls that the trial was stopped by Justice Charles Archibong, who struck out the 26-count charge, in April 2012.
He held that the Economic and Financial Crimes Commission (EFCC) was not diligent in the handling of the case.
The judge also described the EFCC prosecution team as a drain in the public purse and directed the then Attorney-General of the Federation to disband the team.
However, Justice Archibong was later sent on compulsory retirement by the National Judicial Council (NJC) over the decision.
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