Witness employs technicality in N2.5bn deal with Akingbola

By ABDULWAHAB ABDULAH, ONOZURE DANIA & MICHAEL OLADAPO

IKEJA—Managing Director of Intercontinental Capital Markets Limited, ICML, a subsidiary of defunct Intercontinental Bank (now Access Bank), Mr. Thomas Ayodele, yesterday, concluded his testimony before an Ikeja High Court employing technicality bordering on company names of which firm was involved in the transaction.

According to him, instead of Tropic Finance Ltd. owned by Dr. Erastus Akingbola, the transaction was carried out with Tropic Security Ltd. also owned by Akingbola.

Led in evidence by Akingbola’s defence counsel, Mr. Deji Sasegbon,SAN, Ayodele, a defence witness, pointed out that the N2.5 billion which formed part of the contention before the court was a business transactions between his company, ICML and Tropic Security Ltd. also owned by Akingbola.

Akingbola was accused by EFCC of alleged stealing of N47.1 billion belonging to Intercontinental Bank alongside an associate, Mr. Bayo Dada.

The witness, who was led in evidence before Justice Habeeb Abiru of an Ikeja High Court, said neither Akingbola nor his company, Tropic Finance benefited or was involved in the business transactions between his company,ICML, and its customers.

The defence witness, who also clarified that contrary to the picture painted that the credit line given to his company by the then Intercontinental Bank was meant for Tropical Finance, disclosed that the N2.5 billion was a facility given to another company, Tropical Security, owned by Akingbola which made a repayment with interest at 18 per cent rate.

via Vanguard