Erastus Akingbola: What Next For Ex-Bank Super Chief After Supreme Court Blow | Nigeria News
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Erastus Akingbola: What Next For Ex-Bank Super Chief After Supreme Court Blow

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Erastus Akingbola with his lawyer in 2012
Erastus Akingbola with his lawyer in 2012

Erastus Akingbola with his lawyer in 2012

The Supreme Court on Friday delivered a judgment that surprised quite a few people who had casually followed the case of Erastus Akingbola, former CEO and MD of the defunct Intercontinental Bank Plc.

According to the Supreme Court judgment reported by Nigeria News, Erastus Akingbola must face trial and prove he is innocent of the charges brought against him almost a decade ago by the EFCC.

For people who are not intimately connected with the case, the pronouncement by the Supreme Court jolted them to the realization that Erastus Akingbola is not yet free of those charges.

Because back in April 2002, a Federal High Court sitting in Lagos and presided over by Justice Charles Archibong had dismissed the case against the former bank chief for, according to him, ‘Lack of diligent prosecution’ by the EFCC.

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With that Archibong’s judgment, people thought it was all over. After all, Nigerians have been down this route before. When a ‘big man’ belonging to the elite class is arrested for one crime or the other, the worst they get is the embarrassment of having to appear in court and plead not guilty to the charges brought against them.

More often than not, the case gets thrown out of court for one reason or the other even before getting to trial.

So people felt the case against Erastus Akingbola had run its course like cases like these usually end up.

Many people didn’t even realize the government appealed that judgment. And even for those who were aware of the appeal, they never gave the government a chance to overturn the judgment.

A brief background of the case would suffice at this moment.

Background

In 2009, after persistent rumors that some banks in Nigeria were almost insolvent due to bad loans and extremely low liquidity, the Central Bank led by Sanusi Lamido Sanusi finally wielded the big stick.

The CEOs of five banks were sacked immediately. They were Sebastian Adigwe of Afribank, Okey Nwosu of Finbank, Cecilia Ibru of Oceanic Bank, Bath Ebong of Union Bank, and Erastus Akingbola of Intercontinental Bank.

A few months later the Managing Director of Bank PHB, Francis Atuche, was added to the list.

How did the banks continue doing business if the situation was that bad?

According to the CBN, all the banks relied heavily on borrowed funds from the apex bank to survive. Also, to cover up the fraud in bank balances, at the end of each financial year, they borrowed money from other banks to pad up their books to make it look like they were healthy when the auditors came to look at the banks’ books.

It was a complex operation. But the long and short of it was that the bank CEOs loaned money to themselves through proxies and to cronies without collateral. They became stupendously rich in the process.

It was on the basis of the CBN report that the EFCC dragged all the CEOs to court. To date, only Cecilia Ibru had been convicted. And this was only made possible because she pleaded guilty.

She is now a free woman after serving her jail term in a private hospital in Lagos.

All the others are still in court trying to prove their innocence.

The Erastus Akingbola case

Apart from Cecilia Ibru, no other case of the ex-CEOs attracted as much attention as that of Erastus Akingbola.

Perhaps, it was because he was a prominent pastor in one of Nigeria’s biggest Pentecostal churches, The Redeemed Christian Church of God.

After all, it wasn’t as if Intercontinental Bank was as big as Union Bank, but Bath Ebong wasn’t nearly as much in the news like Akingbola.

That said, like a typically rich Nigerian elite, Akingbola’s lawyers obtained injunctions after injunctions to frustrate, delay or have the case dismissed. They got their wish when Justice Charles Archibong dismissed the case.

The wheels of justice truly grind slowly especially if you have clever lawyers who are on first name terms with important judges.

It took the government six years through several courts and counter appeals to get the Supreme Court pronouncement.

As an aside but related to Erastus Akingbola, a London court had asked him to pay the sum of £654 million to Access Bank for the fraud he perpetrated while he was the head of Intercontinental Bank.

Access Bank had bought over Intercontinental Bank in the wake of the collapse of the latter bank. So Access Bank, in a bid to recover the money owed to them by debtors, asked the London court to compel Erastus Akingbola to pay up his debt.

It was possible for Access Bank to get that judgment in London because Akingbola had several assets in London including cash in some banks.

What Next for Akingbola

Long story short, he is going back to the High Court to start all over again.

It is interesting what the Supreme said about the judge that freed Akingbola. The court said:

“He constituted himself into a military dictator and this is regarded as judicial tyranny and a case of bias was established against the judge,”

As for Justice Charles Archibong, he was sacked the following year for his misconduct on the Akingbola case.

Justice Charles Archibong is a manifestation of the rot on the surface of the corrupt judiciary. Under that surface is a vast network of judges, judicial workers, and Lawyers working together to undermine the administration of justice.

Cleaning the rot in the judiciary is not helped by a bipartisan public who fail to see that most of the problems in the country can be traced to political and business elites going scot-free after raping the country.

That said, Akingbola Erastus is unlikely to be convicted any time soon. I’d wager a bet he would beat the rap. It is the corruption at work.

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Documentary

NYSC: How Major NYSC Camps Look Like and What to Know as Potential Corps Member

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National Youth Service Corps (NYSC)  is a mandatory one year service for all Nigerian graduates.  The programme is aimed at fostering and enhancing unity among Nigerians and also to promote patriotism and to build a sense of national consciousness among the Nigerian youth.

As soon as you receive NYSC (National Youth Service Corps) draft notice or you see your name in the NYSC mobilization list, you should be prepared for a new stage of your life, a stage of one-year serving your fatherland. Now you become interested in NYSC orientation camps in our country. We will try to give useful information and define the best NYSC orientation camp in Nigeria.

The major aim of each of the different NYSC Camps in the country is to foster love and unity among the corps members who raised from different ethnic, religious and family backgrounds. Without forgetting, getting the corps members familiar in knowledge and actions with paramilitary drills is also a core part of NYSC orientation camp.

It is worthy of note that NYSC orientation camps are located in all 36 states of the country including the Federal Capital territory in Abuja.  This means that there are 37 NYSac orientation camps in Nigeria.

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However these camps defer in terms of structural and comfortability settings as some camps are better than the others in terms of structural and infrastructural beauty and comfortability. Despite these infrastructural differences,  social life remains almost the same in the various camps.

For the purpose of getting you familiar with these camps,  NigeriaNews has compiled the list of the 7 best NYSC orientation camps in the country.

1. AKWA IBOM STATE NYSC CAMP
It takes the 1st place in our chart, statistics shows, that many graduates want to spend an obligatory year period exactly there.
*LOCATION: Ikot Itie Udung/Nsit Atai Local Government Area (LGA).
* STATE ALLOWANCES: 20,000 NGN
Other positive sides: nice weather, peaceful people.

2. LAGOS STATE NYSX CAMP
* LOCATION: Iyana Ipaja/Agege.
* STATE ALLOWANCE: from 5,000 to 15,000 NGN
* OTHER POSITIVE FACTORS: nice weather, promising employment opportunities, side attractions, interesting people, the business center.

3. FCT, ABUJA NYSC CAMP
* LOCATION: Kubwa/Bwari Area Council/FCT.
* STATE ALLOWANCE: 4,000 NGN
* OTHER POSITIVE FACTORS: high level of protection and safe.

4. ZAMFARA STATE NYSC CAMP
* LOCATION: Beside FRSC Office/Tsafe LGA.
* STATE ALLOWANCES: 3,000 NGN

5. OGUN STATE NYSC CAMP
* LOCATION: Ikenne Road/Sagamu LGA.
* STATE ALLOWANCES: 5,000 NGN

6. OSUN STATE NYSC CAMP
* LOCATION: Aisu College Hospital Road/Ede North LGA.
* STATE ALLOWANCES: 5,000 NGN

7. KANO STATE NYSC CAMP
* LOCATION: Kusala Dam/Karaye LGA.
* STATE ALLOWANCES: 5,000 NGN

We wish you all the best in your service year

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BREAKING

Achebe was Better than Soyinka, He should have Won the Noble Prize Instead – Reno Omokri

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Former presidential spokesperson and writer, Reno Omokri, is well known for sharing his views without apologies on social media even if they are sometimes controversial.

This time around, Omokri seems to have shaken some tables and stepped on some toes with his latest tweet about the Nobel Prize awarded to Wole Soyinka as he claimed that Chinua Achebe should have gotten the award instead.

Wole Soyinka and Chinua Achebe have written a lot of literary works which has influenced and continue to impact millions all around the globe and their works have been praised by Africans and non-Africans as their work will remain relevant for years or even centuries to come

According to Reno, he would have awarded the Nobel Prize to Chinua Achebe 100 times out of 100 instead of Soyinka. He explained that he has read the works of both writers but he feels Achebe’s works are by far more superior to Soyinka’s.

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According to Reno Omokri’s tweet: “Between Chinua Achebe and Professor Wole Soyinka, I would give the @NobelPrize for literature to Achebe 100 times out of 100 times. I still don’t understand how Soyinka got it and Achebe did not. I read their books. Achebe’s works are by far the more superior works of literature.”

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