N47.1bn theft: Again, court adjourns Akingbola’s arraignment

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An Ikeja High Court has adjourned till Jan. 24, 2014, arraignment of a one-time Managing Director of the defunct Intercontinental Bank Plc, Erastus Akingbola, for the third time.

Justice Lateef Lawal-Akapo fixed the date on Monday following the court’s registrars’ failure to list the case in the cause list for Monday.

Akingbola and his co-accused, Bayo Dada, were charged with over N47.1 billion theft by the Economic and Financial Crimes Commission (EFCC).

They are facing a 22-count charge of stealing and obtaining money under false pretences.

The accused were arraigned on May 31, 2011, before Justice Habeeb Abiru on the same charge for which they had pleaded not guilty.

Abiru had granted Akingbola bail in the sum of N100 million with two sureties in like sum, and admitted Dada to bail in the sum of N50 million with two sureties in like sum.

Proceedings in the case were aborted at the stage of adoption of final written addresses by parties ass a result of Abiru’s elevation to the Court of Appeal.

The matter was consequently assigned to Justice Adeniyi Onigbanjo before whom the accused were re-arraigned on Feb. 26.

Onigbanjo was recently re-deployed to the Commercial Division of the Lagos High Court, and this necessitated the transfer of the case to Lawal-Akapo.

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