Court fixes June 13 for Akingbola’s N179b money laundering trial

The N179 billion. money laundering trial of a former Managing Director of the defunct Intercontinental Bank Plc., Erastus Akingbola, was on Tuesday adjourned till June 13.

Tribune Online recalled that Akingbola was charged before the court by the Economic and Financial Crimes Commission (EFCC) on an amended 22 counts bordering on money laundering.

The MD was however re-arraigned in March and pleaded not guilty to the charge.

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However, at Tuesday’s proceedings, the matter could not proceed as the judge was said to be an official assignment.

The EFCC accused the Akingbola of converting $1.3 million and $8.5 taken from the bank’s GBP NOSTRO account at Deutsche Bank in London.

The monies were said to have been remitted into the account of Fuglers Solicitors with the Royal Bank of Scotland in London, to purchase property in the name of Life Boat Settlement Trust allegedly set up by the defendant.

According to the anti-graft agency, the defendant knew that the sums represented proceeds of crime.

The alleged offences contravene the provisions of Sections 105(1) and 105(a) of the Investment and Securities Act, 2007.

They also contravene the provisions of Sections 13 (1), 15(1)(a), and 28(3) of the Banks and Other Financial Institutions Act, Cap B3, Laws of the Federation, 2004.