Erastus Akingbola a former Managing Director of the defunct Intercontinental Bank PLC, was re-arraigned by the Economic and Financial Crimes Commission (EFCC) in a Federal High Court in Lagos, for alleged Money Laundering charges. He was alleged to have between November 2007 and July 2008, while being the MD of Intercontinental Bank created a misleading appearance of active trading in the shares of the bank on the Nigerian Stock Exchange (NSE).
He was also connected with the utilisation of an aggregate sum of N179.4 billion of the bank’s fund, for the purchase of the bank’s shares which caused the inflation of the rate of the bank’s shares on the NSE.
Read More>>> https://punchng.com/efcc-re-arraigns-erastus-akingbola-for-alleged-n179bn-fraud/
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