By Bassey Udo


July 8, 2010 02:30AM
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The Federal Government has sent a formal request to the government of the United Kingdom for the arrest and extradition to Nigeria of Erastus Akingbola, former managing director and chief executive officer of Intercontinental Bank. He is to face trial for fraud allegedly committed by him during his tenure as chief executive of the bank.


The letter, dated July 1, and signed by the Attorney General of the federation, Mohammed Adoke, was addressed to the British Home Secretary, the Home Office, and the United Kingdom Central Authority, London.

The request by the government was consequent upon a request from the Economic and Financial Crimes Commission (EFCC) for Mr. Akingbola to be extradited to face trial for 28 charges preferred against him for fraud-related offences at the bank.

List of offences

The charges cover allegations of financial misappropriation, money laundering, financial malpractices, corrupt practices, and other related offences pending against him at the Federal High Court (FHC), Lagos.

The Attorney General, who prayed the Home Secretary to grant the request in the interest of justice, said government's action was pursuant to the Extradition Act (Designation of Part 2 Territories) Order 2003 (SI2003 No.3334) of the United Kingdom, for the purpose of his being brought home to stand trial for the offences he is being charged.

The request was supported with an affidavit deposed to by Ibeakaku Nkechi Rita, a deputy superintendent of the EFCC, as well as a certification signed by Ahmed T. Almakura, senior state counsel of the Federal Ministry of Justice.

History

In the wake of the Central Bank of Nigeria (CBN) intervention in the nation's banking sector, which resulted in the sack of the chief executives of five banks last year, Mr. Akingbola, who was abroad when he was sacked along with others, decided to stay away from the country.

This led to his being declared wanted by the anti-graft agency. He was declared wanted in connection with alleged fraudulent abuse of credit process, insider trading, capital market manipulation, and money laundering running into billions of naira.

Though several requests were reportedly sent to various international security agencies around the world, including the INTERPOL to help facilitate Mr. Akingbola's arrest and extradition, these appear to have been to no avail.

Property sealed off

Early this year, the EFCC sealed off his Lagos home, located at 12, Ruxton Road in Ikoyi, in line with the order of the Federal High Court, Lagos, presided over by Justice Tijuana Abubakar, that his assets be seized and his bank accounts frozen to help recover depositors' fund, allegedly misappropriated under his stewardship in the bank.

The court also granted an order of Mareva Injunction restraining Mr. Akingbola, his wife, Anthonia Tolulope Akingbola, his children, relatives, solicitors, servants, associates, trustees, agents, privies and companies from removing, alienating, disposing of, or diminishing the value of assets whether held directly or indirectly, or for his benefit within the jurisdiction of the court up to the amount set out, pending his trial.

The arrest and extradition order, which was dispatched by DHL Courier Services for his service at his known abode at No. 26 Chester Terrace, London, England, NW 14 ND, also restrained him from giving directions for sale, transfer, alienation, disposal, dealing with stocks, or other forms of securities held or kept by the central securities clearing system in Nigeria, or any custodian, stock broker, registrar, held whether directly or indirectly by him.

The evil that men commit, pursues em to Dubai, UK and beyond!


Next on the list:

IBB

OBJ

violent:

The evil that men commit, pursues em to Dubai, UK and beyond!


Next on the list:

IBB

OBJ

What do you know about him?

The govt should be more serious abt fighting the anti-corruption war. why are pple like Nnamani(Enugu ex-gov), Igbinedion, Obj , IBB, Odili etc still roaming freely around?

'Let sleeping dog lie'

Jonathan is doing a great job. Crime has no expiry date. He should make sure they all suffer for their looting. It shouldn't be political vendetta though

I was beginning to wonder if the guy was still wanted in Nigeria, seen in church week in week out here in london.
Will be good to see justice served, if he's guilty let him go to jail, if not then he should have nothing to fear and go back home ASAP.

what is nigeria's problem for crying out loud? the big thieves are out there claiming to be untouchable while govt is here going after the petty ones? ah ahn!!!

And the nigeria govt think british government does not know what is going on.   no serious country would give him up.

Akingbola and other got into trouble because of the satellite pictures. Akingbola only got into trouble because of me. it is a long story. i know why. He is from ondo.

@Becomerich, . You are something man. You never seizes to make me laugh. Your map caused all the wahala? Ah! you need to tell us moreo.

msb247:

what is nigeria's problem for crying out loud? the big thieves are out there claiming to be untouchable while govt is here going after the petty ones? ah ahn!!!

My friend, it is gradually, one by one.

dolu2007:

'Let sleeping dog lie'

And the thieving to continue? How will things ever change? when sleeping dogs continue to lie year in year out and we expect change! marvelous.

Morizo:

The govt should be more serious abt fighting the anti-corruption war. why are pple like Nnamani(Enugu ex-gov), Igbinedion, Obj , IBB, Odili etc still roaming freely around?

The long arm of the law will soon catch up with them all.

Becomerich, yes you. that is the reason. cecilia ibru was linked to me by the govt. they were not sure who was funding all of this. remember the diaspora thing with nworah by oceanic bank.
they want to crush opposition. i use to run a radio program. they are shock how those bank became powerful. they should see satellite pictures. our people would not put thier money in banks they do not own or have interest in. that why they are been frame by the nigeria govt.

msb247:

what is nigeria's problem for crying out loud? the big thieves are out there claiming to be untouchable while govt is here going after the petty ones? ah ahn!!!

Yes! I agree! With all the assassination squads roaming around, why are ordinary murderers and thieves in jail? Why are police arresting mere armed robbers? Open the jails and free everyone since Bola Ige's killers are still free!

/Sarcasm


Seriously, i find comments like yours to be rather brainless. Every criminal deserves punishment, no matter the magnitude.

Good gist.
Be financially empowered.
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Good gist.
Be financially empowered.
Join manaconnect today.
www.manaconnect.com

419 no dey work for yoruba man, but them no wan hear. Ok

Nigeria is a country of big irony. They cry for investments, foreign capitals, etc, and yet nobody in our country's economic machinary seems to understand anything about building an industry, creating wealth, and producing jobs. When I left Nigeria, there was no Intercontinental, Oceanic, or even Zenith banks. These institutions emerged thanks to the hardwork and enterpreneurial spirits of Akingbola, Ibru, Opiah, and others.

Then somewhere along the line, their success which was actually the success of our free enterprise system attracted a puritanical attention from people who were amazed at the magnitude and impact of their success. So, instead of thoroughly investigating them for any possible wrong doings, prosecuting them, and then punishing them after conviction, we simply do everything in reverse, because that's how it works in the jungle our country. First we punish, convict, prosecute, and then use the state apparatus like EFCC to investigate, investigate, and investigate them to death. Is there a more severe punishment for people like Ibru and Akingbola(who have not been convicted of any crimes), and whose only "crime" had been minor personal differences with Sanusi, than the loss of their jobs, properties, and now reputation?

I say they have not been convicted, because if at the end of the day, the courts fail to agree with Sanusi that these people are criminals deserving to be shot at Bar Beach, can we effectively compensate them for all their losses?

This question is pertinent as Nigeria positions it's self to attract more foreign and domestic investors. Should all it takes to jeopardize one's investments in Nigeria simply be a change in government or leadership of the CBN? Before detractors in his forum go out of their way to read me upside-down, let me say that corruption, proven corruption, not alleged corruption does not and should not be tolerated now and in the future at all.

Creating wealth has been likened to making suasages, it's not pretty, but it's necessary.
From the Rotschilds, to the Rockefellas, to the JP Morgans, history is strewn with individuals who built large business empires doing what would have earned them a place in Kirikiri prison if they are in today's contemporary Nigeria. As Nigerians and their policy makers decide on the type of economy they want, it needs to be categorically clear to Nigerians at home and in dispora, foreigners and other investors that their hardwork, money, and reward would be safe in Nigeria no matter who is at the helm.

If not, Nigeria's cries and pleadings for investment would continue to fall on deaf and scared ears, because nobody would want to experience our reverse system of justice.

naijaking1:

Nigeria is a country of big irony. They cry for investments, foreign capitals, etc, and yet nobody in our country's economic machinary seems to understand anything about building an industry, creating wealth, and producing jobs. When I left Nigeria, there was no Intercontinental, Oceanic, or even Zenith banks. These institutions emerged thanks to the hardwork and enterpreneurial spirits of Akingbola, Ibru, Opiah, and others.

Then somewhere along the line, their success which was actually the success of our free enterprise system attracted a puritanical attention from people who were amazed at the magnitude and impact of their success. So, instead of thoroughly investigating them for any possible wrong doings, prosecuting them, and then punishing them after conviction, we simply do everything in reverse, because that's how it works in the jungle our country. First we punish, convict, prosecute, and then use the state apparatus like EFCC to investigate, investigate, and investigate them to death. Is there a more severe punishment for people like Ibru and Akingbola(who have not been convicted of any crimes), and whose only "crime" had been minor personal differences with Sanusi, than the loss of their jobs, properties, and now reputation?

I say they have not been convicted, because if at the end of the day, the courts fail to agree with Sanusi that these people are criminals deserving to be shot at Bar Beach, can we effectively compensate them for all their losses?

This question is pertinent as Nigeria positions it's self to attract more foreign and domestic investors. Should all it takes to jeopardize one's investments in Nigeria simply be a change in government or leadership of the CBN? Before detractors in his forum go out of their way to read me upside-down, let me say that corruption, proven corruption, not alleged corruption does not and should not be tolerated now and in the future at all.

Creating wealth has been likened to making suasages, it's not pretty, but it's necessary.
From the Rotschilds, to the Rockefellas, to the JP Morgans, history is strewn with individuals who built large business empires doing what would have earned them a place in Kirikiri prison if they are in today's contemporary Nigeria. As Nigerians and their policy makers decide on the type of economy they want, it needs to be categorically clear to Nigerians at home and in dispora, foreigners and other investors that their hardwork, money, and reward would be safe in Nigeria no matter who is at the helm.

If not, Nigeria's cries and pleadings for investment would continue to fall on deaf and scared ears, because nobody would want to experience our reverse system of justice.

My guy, I support you whole heartedly. The government is preying on the ignorance of the poor. What I mean by that is this: the average Nigerian will be happy to hear that a rich man who is "stealing Nigeria's money" has been caught. But I would like us to know that while I DO NOT SUPPORT EMBEZZLEMENT, I also know that these victims- Akingbola and others- are no worse than those who caught them. Sanusi's policies have been very irregular and detrimental to this nation. He can't claim to have done half of the positive things Akingbola has done for this country. Akingbola built a company which is one of Nigeria's biggest. Sanusi has built nothing. Before anyone blames Akingbola, remember that he is responsible for the jobs of many Nigerians.

He may have made his mistakes AND I DEFINITELY DO NOT WISH TO EXCUSE THEM. But I wouldn't conclude that he is a criminal yet. I am an Economist and I've been studying banking systems in other countries in the world. Guess what? They all have their dirty linen. But they don't bring them out in the open, at least not in a way that would do more harm than good to the country. I hate corruption with a passion. But I hate jungle, uncivilized justice even more!

I agree with you guys, akingbola's org. has been the highest employer in Nigerian history as far as am concerned. Gave job oppourtunities to the SSCE's OND's and the so much discriminated HND not forgetting the BSE. All these banking reforms that Sanusi is just yelling about, i ve not seen the impact in the economy all wat he is saying to me are jagons. Yes, there were so many defaulted loans and so on, but were the depositors complaining that they were not paid whenever they want their money? These guys have achieved great things extending their business to the MIcrofinance Ind. Now banks are trying to refuse loans, colateral provision for loans muct have increased like crazy.

They should extradite the guy one time