The Economic and Financial Crimes Commission on Tuesday arrested the former Chief Executive Officer, Intercontinental Bank Plc, Dr. Erastus Akingbola, over fresh N47.1bn money laundering charges.
The embattled former bank chief was arrested in Lagos by operatives of the commission and will be arraigned at a Lagos High Court on Wednesday (today) on a 29-count charge.
Also arrested are the former Managing Director, Afribank, Mr. Sebastine Adigwe, and his Finbank counterpart, Mr. Okey Nwosu. Eight former directors of the three banks were arrested too.
Names of the affected former directors were not known as at the time of filing this report.
Currently, Akingbola is standing trial for official misconduct while in office as the CEO of Intercontinental Bank for which the Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, removed him in July 2009.
He was alleged to have with other sacked bank chief executives, granted unsecured loans of about N747bn, a debt profile which was believed to have landed the affected banks in financial trouble.
Akingbola had agreed to refund £9m to Intercontinental Bank, a deal that was sealed by an English court.
The money is to be refunded from his account in Guernsey, earlier frozen by that country’s Financial Intelligence Service at the behest of the EFCC.
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