EFCC Arrests Four Intercontinental Bank Staff Over N12B Fraud

FARIDA WARIZI, EFCC CHAIRPERSON. Photo: NAN.

Lagos (THEWILL) - The Economic and Financial Crimes Commission on Monday arrested four senior employees of Intercontinental Bank Plc for allegedly transferring N12 billion naira belonging to depositors of the bank to accounts of fugitive former Managing Director, Erastus Akingbola.

Those arrested are head of International operations Dr. Ayoola A, the bank’s financial controller Mr. Akin Fabunmi, Treasurer Mr. Toyin Oyela and head of domestic operations Mr. Toyin Odesile.

Sources at the EFCC say the transactions were done without the approval of the new management. Records show that last month, N2 billion was first transferred from the bank’s General Legal Account to a subsidiary bank and then to a bureau the change account before it was converted to British pounds sterling and wired to an account belonging to Mr. Akingbola in London.

The second transaction involved the transfer of another N10 billion into another account in a local bank belonging to the former managing director. The funds were used to offset loans owed banks by Akingbola and his associates.

Erastus Akingbola was among the managing directors that were sacked by the Central Bank of Nigeria after its audit of the banks operating in the country. He fled to the United Kingdom to evade arrest and has since been declared wanted by the EFCC for various financial crimes, including money laundering and fraud. He is alleged to have laundered more than $16 million dollars into his accounts in London and the United States of America.

EfCC’s Femi Babafemi confirmed the arrests of the employees and noted that a fifth employee was on the run.  He would not comment any further because investigations have not been completed.