Justice Mojisola Olatoregun of the Lagos Division of the Federal High Court has remanded a former Managing Director and Chief Executive Officer of defunct Intercontinental Bank, Mr Erastus Akingbola, in prison pending when he meets his bail conditions.
The Supreme Court had on May 18 ordered Akingbola to return to the Federal High Court to face trial over alleged financial crimes to the tune of N5 billion.
The trial was prematurely terminated in April 2012 by Justice Charles Archibong, whose decision in the case later earned him a compulsory retirement from the bench.
On Wednesday, the Economic and Financial Commission (EFCC) arraigned the defendant on a 26-count charge bordering on financial crimes committed between 2007 and 2008 as Managing Director and Chief Executive Officer of the defunct bank.
However, the defendant pleaded not guilty of the charges.
Following the defendant’s arraignment, the defendant’s counsel, Chief Wole Olanipekun (SAN) applied that the defendant continue to enjoy the bail earlier granted by the previous judges who had heard the matter, as the defendant had not violated any of his bail conditions.
The application for bail was vehemently opposed by the prosecution’s counsel, Dr K.U.K Ekwueme, on the ground that no formal application was brought by the defence team, and that the grant of bail by the previous judges could not fetter the discretion of the court.
The court nonetheless granted the defendant bail subject to certain conditions.
In its ruling, the court held that in the instant case, bail ought to be granted as of right unless the prosecution showed extenuating circumstances warranting the revocation of bail.
On this note, Justice Olatoregun granted the defendant bail on the condition that the defendant provides; (i) 50 Million naira in the form of a bail bond or guarantee from a reputable financial institution; (ii) 2 sureties having a Tax Clearance Certificate for the preceding 3 years, and an undertaking to pay the sum of 50 Million naira, should the defendant jump bail.
The judge ordered that the defendant be remanded in prison custody until he meets his bail conditions.
The matter was subsequently adjourned to Monday, 24 September 2018 for trial.