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Erastus Akingbola Business News

Nigeria’s Economic and Financial Crimes Commission (EFCC) Confiscates Assets Belonging To Erastus Akingbola, Former MD/CEO of Intercontinental Bank

Jan 9

Posted by Staff Writer in News | 4 Comments

Erastus Akingbola, Former MD/CEO, Intercontinental Bank

Erastus Akingbola, Former MD/CEO, Intercontinental Bank

Nigeria’s Economic and Financial Crimes Commission (EFCC) has begun the process of seizing properties belonging to ex-Vice Chairman and Managing Director of Intercontinental Bank and ‘Church Elder’, Erastus Akingbola. Erastus Akingbola was among the first batch of CEOs sacked by the Central Bank of Nigeria (CBN) in August last year.

The agency on January 7th, 2010 sealed up his main house on 12, Ruxton Street Ikoyi, Lagos. 15 exotic cars found in the home were also seized.

A Lagos Federal High Court ordered the interim confiscation of Akingbola’s properties in Lagos, the United Kingdom, Dubai, and Accra.

Among the properties to be seized are Amazing Grace Plaza, Ligali Ayorinde Street, Victoria Island, Lagos; properties, cars, and personal assets on Milverton Road, Ikoyi; 2 Bedwell Road, Ikoyi, Lagos; 26 Chester Terrace, London; 65 Gove-End Road, London; and 8 Connaught Street, London. Read the rest of this entry »

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Nigeria’s Former Vice President, Atiku Abubakar, on Central Bank of Nigeria’s Debtor List

Oct 15

Posted by Staff Writer in News | Post Comment

Atiku Abubakar is on the list with 600 other wealthy Nigerians

Atiku Abubakar is on the list with 600 other wealthy Nigerians

Nigeria’s former vice-president and opposition leader Atiku Abubakar is included in a list of major bank debtors released by the Central Bank of Nigeria (CBN).

This list says Atiku Abubakar owes N111 million ($730,000; £450,000) and names 600 others who owe a total of $2.5 billion.

The non-repaying of these debts is a major factor in the recent government takeover of several banks.

The scale of the debt has created a scandal in Nigeria. The latest move by the Central Bank of Nigeria (CBN) marks the end of its forensic audit of Nigeria’s 24 financial institutions.

The scandal emerged in August as the government stepped in to take control of five banks – sacking their management teams.

Four chief executives were arrested – they are now being prosecuted on multiple fraud charges.

A fifth chief executive, Erastus Akingbola, former CEO of Intercontinental Bank, is on the run – he is thought to be in the UK.

The list of debtors to Bank PHB, Equitorial Trust Bank, Spring Bank, Wema Bank, and Unity Bank was made available on Wednesday evening.

Other powerful people on the list include: Read the rest of this entry »

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VIDEO: Nigerian Bankers Face Charges

Sep 15

Posted by Staff Writer in News | Post Comment

See more on Banking in Nigeria

Central Bank of Nigeria (CBN) | Intercontinental Bank | Union Bank | Oceanic Bank | First Inland Bank (FinBank) | Afribank

Source(s): CNN

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Nigeria’s Economic and Financial Crimes Commission (EFCC) Charges Top Officials of Five Banks

Sep 1

Posted by Staff Writer in News | 1 Comment

Court GravelNigeria’s financial crimes watch dog, the Economic and Financial Crimes Commission (EFCC), charged top officials of five banks with multiple counts of offenses, including giving loans without required security, manipulation of stock prices, and failing to render accurate reports to regulators.

Among 15 people charged yesterday by the Economic and Financial Crimes Commission (EFCC) before Justice Dan Abutu of the Federal High Court in Nigeria’s commercial capital, Lagos, were former officials of FinBank Plc, Oceanic Bank International Plc, Afribank Nigeria Plc, Union Bank Nigeria Plc, and Intercontinental Bank Plc.

Lamido Sanusi, Governor of the Central Bank of Nigeria (CBN), fired the CEOs of the banks in July, saying they were in a “grave situation” and injected NGN420 billion (USD2.7 billion) into the lenders.

Okey Nwosu, former CEO of FinBank and Sebastian Adigwe, who headed Afribank were among those charged. Also charged were Cecilia Ibru, former CEO of Oceanic Bank and Bartholomew Ebong, former head of Union Bank. All the accused pleaded not guilty. Former CEO of Intercontinental Bank, Erastus Akingbola, has reportedly fled the country.

Read more on Banking in Nigeria

United Bank for Africa | Guaranty Trust Bank (GTBank) | First Bank of Nigeria | Central Bank of Nigeria (CBN)

Source(s): Bloomberg News

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Nigeria’s Economic and Financial Crimes Commission (EFCC) Arrests 68 Loan Defaulters; Recovers NGN25 billion (USD162 million); Erastus Akingbola Has Fled Nigeria, Says EFCC Chairperson Farida Waziri

Aug 30

Posted by Staff Writer in News | 2 Comments

JailNigeria’s Economic and Financial Crimes Commission (EFCC) said on Thursday that it has recovered NGN25 billion from alleged loan defaulters of the five banks whose managing directors were sacked by the Central Bank of Nigeria (CBN).

The EFCC Chairperson, Mrs. Farida Waziri, said NGN7,736,571,744.19 was recovered from loan defaulters of Intercontinental Bank, while NGN1,590,417,332.05 was recovered from FinBank’s loan defaulters. Afribank’s loan defaulters paid a total of NGN7,551.121.378.69, defaulters of Oceanic Bank paid NGN8,033,481,868.65, while Union Bank’s debtors paid out NGN659,240,400.78.

The EFCC boss explained that the total recovery amounted to NGN25,570,832,724.36, revealing that 16 bank executives were also being detained by the EFCC, while 68 bank loan defaulters had also been arrested. Read the rest of this entry »

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Sacked CEO of Intercontinental Bank, Erastus Akingbola, Launches Legal Challenge

Aug 28

Posted by Staff Writer in News | 1 Comment

Intercontinental BankErastus Akingbola, sacked Chief Executive Officer and Managing Director of Intercontinental Bank, last week asked a federal court to reinstate him and demanded N50 billion ($333 million) in damages, court papers showed on Friday.

Along with Intercontinental Bank, the Central Bank of Nigeria (CBN) fired senior executives at Afribank, First Inland Bank (FinBank), Oceanic Bank, and Union Bank recently and injected $2.6 billion into them, saying lax governance had left them so weakly capitalized they posed a systemic risk

The legal challenge by former Intercontinental Bank CEO Erastus Akingbola is seen as a litmus test of whether initial reforms by CBN Governor Lamido Sanusi can develop into more substantial changes in economic policy and corporate governance in Nigeria, sub-Saharan Africa’s number two economy. Sanusi vowed to prosecute any executive found to have broken the law following the massive bailout, as challenges to his efforts to recover $5 billion of bad loans mounted. Read the rest of this entry »

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Nigeria Cracks Down on Top Bank Debtors

Aug 23

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Lamido Sanusi, Governor of the Central Bank of Nigeria (CBN)

Lamido Sanusi, Governor of the Central Bank of Nigeria (CBN)

Nigeria’s Elite Are Among Those Facing a One-Week Deadline to Repay Loans, or Risk Arrest, Freezing of Assets.

Some of Nigeria’s rich and powerful, long accustomed to a lifestyle of yachts, fancy cars, and businesses fueled by unchecked credit lines, have been put on notice.

The Central Bank of Nigeria (CBN) on Wednesday made the unprecedented move of publishing a list of what it says are the major debtors to five banks rescued in a $2.6 billion bailout, among them some of the wealthiest and most powerful people in Nigeria. Hours later, the country’s top anti-corruption unit, the Economic and Financial Crimes Commission, said the debtors had one week to repay their loans or risk arrest and seizure of their assets.

The list of more than 200 companies, individuals, and government bodies includes Nigerian billionaires; Nigerian Stock Exchange officials; energy and hospitality conglomerate Transnational Corporation of Nigeria PLC (Transcorp); the former governor of Nigeria’s richest state; and the Ministry of Finance.

“It has become necessary to use this medium to request the following defaulting customers of the affected banks to pay without further delay their indebtedness, failing which the banks will take all appropriate legal actions to ensure repayment,” the CBN said in a statement on its web site. Read the rest of this entry »

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Five Rescued Nigerian Banks and Who Will Manage Them

Aug 16

Posted by Staff Writer in News | 1 Comment

Nigeria MoneyThe Central Bank of Nigeria (CBN) said on Friday it was injecting N400 billion ($2.6 billion) into five banks and removing their senior management because their undercapitalization posed a risk to the banking system.

Following are details on the five banks, their outgoing chief executives and managing directors, and the directors appointed by the central bank to manage them while new investors are sought.

Afribank began operations in 1960 with commercial and retail banking as its core businesses. It has subsidiaries that include an offshore finance company, a securities brokerage, an insurance brokerage, and asset management business. Its outgoing chief executive, Sebastian Adigwe, worked in the banking sector for more than two decades, with stints at the former Chase Merchant Bank and Ecobank Nigeria, where he was asked to develop a risk management group. The central bank appointed Nebolisa Arah as Afribank’s new chief executive. Arah formerly served as chief executive of Nigeria’s Fidelity Bank from 1988 to 2003 and has a reputation for conservative risk management. Read the rest of this entry »

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Central Bank of Nigeria (CBN) Sacks 5 Bank CEOs, Injects N400 Billion into Banks

Aug 14

Posted by Staff Writer in News | 9 Comments

Central Bank of NigeriaThe Central Bank of Nigeria (CBN) has moved to inject N400 billion into five banks in the country following the decision to remove the CEOs and executive directors of the affected banks.

The affected banks are Intercontinental Bank Plc, Union Bank of Nigeria Plc, Oceanic International Bank Plc, Finbank Plc and Afribank Plc.

The CEOs that have been sacked by the CBN are Erastus Akingbola (Intercontinental Bank); Okey Nwosu (Finbank); Sebastian Adigwe (Afribank); Cecelia Ibru (Oceanic Bank); and Bartholomew Ebong (Union Bank).

However, in a preemptive move, Erastus Akingbola, MD/CEO of Intercontinental Bank, who got wind of his impending removal called his executive directors to inform them of their certain sack by the CBN. Akingbola was said to have rushed to Ota yesterday to elicit the support of former President Olusegun Obasanjo to intervene on his behalf and call President Umaru Yar’Adua to stop the CBN from carrying out the sack. Read the rest of this entry »

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Aliko Dangote Becomes the New President of the Council of the Nigerian Stock Exchange (NSE)

Aug 6

Posted by Staff Writer in News | 1 Comment

Aliko DangoteA new dawn for the Nigerian Stock Exchange begins as Alhaji Aliko Dangote today becomes the President of the Council of the Nigerian Stock Exchange.

Dangote’s ascendancy to the presidency makes him the 17th President of the NSE since its inception. Dangote became president through a universal acclamation without any objection which shows unity of purpose by the members of the NSE.

The council emphasis ed its interest in seeing the market recover and the integrity of its processes upheld, thereby sending a clear signal to the market that it would do everything to restore the NSE to a credible platform for wealth creation. Read the rest of this entry »

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