STRONG indications emerged on Sunday that the former Chief Executive Officer of Intercontinental Bank Plc, Mr. Erastus Akingbola, may have admitted that he owns the N346bn and £11m in six Nigerian banks earlier frozen by a Federal High Court in Lagos on December 31.

Our correspondents gathered that Akingbola had on Friday, served lawyers to the Economic and Financial Crimes Commission with an application, asking the court to stay execution of its freezing order and set aside the Mareva injunction granted to the EFCC to temporarily freeze the ex-bank chief‘s assets all over the world.

Justice Tijani Abubakar had on December 31, 2009 granted an interim forfeiture order to temporarily freeze the said N346bn assets and £11m pending the trial of the ex CEO.

But an EFCC source, who spoke on the condition of anonymity, said, ”The interesting thing in the application is that Akingbola has admitted owning all assets set out in the schedule of the order.”

”In the affidavit sworn by his lawyers, Akingbola admitted in paragraph 21C and 21D that all assets frozen by the Mareva Injunction earlier granted belonged to him and that he bought the assets with his salaries and allowances.”

The source however added that the EFCC would pursue the case to a logical conclusion.

Another source at the Central Bank of Nigeria, who asked not to be named because he could not speak in his official capacity, told one of our correspondents on Sunday that he was aware that the EFCC lawyers were preparing their objections to the application, pending the presentation of their arguments in court.

Justice Abubakar had also placed an interim forfeiture order on Akingbola‘s alleged assets and choice properties in Lagos, the United Kingdom, Dubai and Accra, Ghana.

The six banks in which the said amount was domiciled include Intercontinental Bank Plc, Access Bank Plc, Zenith Bank Plc, Skye Bank Plc, Fidelity Bank Plc and Intercontinental Bank (UK) Limited.

But the judge also granted a reprieve to the embattled former bank chief, saying that he should be allowed access to N1.4m per month as living expenses and retention of legal advisers, being the equivalent of his lost take-home pay as the CEO of Intercontinental Bank.

http://www.punchng.com/Articl.aspx?theartic=Art20100111252220

Strong indications, our sources, another source?
This article told me absolutely nothing!

"I would rather be a poor powerful man than a rich powerless man. Between power and wealth, I would choice power over wealth.  Money cant buy power, but power can bring wealth.  copyright reserve.

He is rich but powerless.