The Chief Inspector of Intercontinental Bank Plc, Mr. Abdulraheem Jimoh, on Thursday, insisted that an alleged transfer of the bank’s N18.6bn by its former Managing Director, Dr. Erastus Akingbola, was done with no document in the bank’s record justifying it.

Jimoh, stated this while concluding his testimony as the Economic and Financial Crimes Commission’s first witness in a theft charge preferred against Akingbola along with the General Manager, Tropics Finance Ltd, Mr. Bayo Dada, at a Lagos High Court in Ikeja, Lagos.

He told the court that Akingbola, his wife, Anthonia, and Dada were signatories to the accounts of the companies to which the N18.6bn was transferred.

The EFCC had charged the accused persons with stealing N47.1bn belonging to the bank.

Jimoh, who was led in evidence by the EFCC’s counsel, Emmanuel Ukala, said, “From my team’s investigation, we found out that these payments were irregular to the extent that there was no documents to show that there were underlying transactions.

“Also, there are no known loan facilities from the bank to suggest the payments were drawn from the facilities.”

Jimoh added that the transfer of the money to the companies’ accounts could not have been justified as payments of the bank’s debt to the companies.

He also said no payments would have been made to any company under such circumstance.

“There was no debt justifying the payments,” he said.

He listed the companies which allegedly benefited from the “irregular” transactions as Tropics Securities Limited, Tropics Property Limited, Tropics Finance Limited and Bankinsson Nigeria Limited.

According to him, Akingbola and Anthonia were signatories to the companies’ accounts in Fidelity Bank Plc, First Bank Plc and Associated Discount House.

He added that the couple, along with Dada, were signatories to one of the companies’ account with Access Bank Plc.

Jimoh, had in his earlier testimonies, given a breakdown of how the money was transferred from the bank.

Source: Punch/Ade Adesomoju