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Money laundering

Sep 8, 2025

FRN vs. Dr. Erastus Akingbola (Former Managing Director of defunct Intercontinental Bank)

Humans

Dr. Erastus Akingbola

Money bag

N179,385,000,000.00
Amount allegedly laundered

Money bag

Case Summary
It was alleged that while the defendant was the MD and Chief Executive Officer of Intercontinental Bank Plc, Akingbola used the said money belonging to the bank for “fictitious transactions.”

Calendar

16
Year(s) since arraignment

Gavel

Case Update
The prosecution's witness testified that the Defendant bypassed banking protocols to transfer $11.8 million and £8.54 million offshore without recourse to the bank's standard procedures.

Court house

Hon. Justice C. M. A. Olatoregun-Ishola
Federal High Court, Ikoyi, Lagos

Legislation

ACJA/ACJL Compliance - violated

Case Information
Dr. Erastus Akingbola
Presiding Judge & Designated Court
Hon. Justice C. M. A. Olatoregun-Ishola, Federal High Court, Ikoyi, Lagos
Nature and Number of Charges
22-count charge bordering on abuse of office, conversion of funds belonging to Intercontinental Bank and stealing.
Date of 1st Arraignment
2009
Summary of Case
It was alleged that while the defendant was the MD and Chief Executive Officer of Intercontinental Bank Plc, Akingbola used the said money belonging to the bank for “fictitious transactions.”
Defendant(s) and Plea entered on Arraignment
1. Dr. Erastus Akingbola (Former Managing Director of defunct Intercontinental Bank) – Not guilty
Defence Counsel(s)
1. Wole Olanipekun (Senior Advocate of Nigeria)
Prosecuting Agency
Economic and Financial Crimes Commission
Prosecutor(s)
1. Rotimi Jacobs (Senior Advocate of Nigeria)
Status of Case
On Trial
Stage of Trial
Prosecution Stage
Length of Trial
16 year(s)
Case Update
The prosecution's witness testified that the Defendant bypassed banking protocols to transfer $11.8 million and £8.54 million offshore without recourse to the bank's standard procedures.
ACJA/ACJL Compliance
Violated