Rogue Banker Erastus Akingbola Corruption Trial Quashed At The Federal High Court In Lagos

Erastus Akingbola is a free man today
By Saharareporters, New York

One of the cases filed by the Economic and Financial Crimes Commission (EFCC) against renowned Nigerian rogue banker, Erastus Akingbola, was quashed by a judge of the Federal High Court in Lagos today for lack of diligent prosecution.

 Mr. Akingbola and his associate Bayo Dada were standing trial on a 22-count charge bordering on stealing of   N42.4 billion from the Intercontinental Bank Plc where he was managing director.

Saharareporters sources said the judge of Federal High Court in Lagos Justice Charles Archibong acted strangely when he abruptly dismissed the corruption charges Mr. Akingbola for lack of diligent prosecution.

The judge had earlier granted the EFCC legal team leave to amend the charges against the rogue banker.

Legal sources stated that the judge also overreached when he directed the Attorney-General of the Federation and Minister of Justice, Mohammed Adoke, to dissolve the prosecuting team of the EFCC handling the case.

The case of the rogue banker is the eight case quashed in course of well-packaged deals with corrupt persons spearheaded by President Goodluck Jonathan and his  Attorney General of the Federation, Bello Adoke.

Last week Saharareporters did an expose on the deal which is aimed at raising funds for Mr. Jonathan's plan to run for office in 2015.

Our sources said the case of Francis Atuche, the former managing Director of Bank PHB is next in line to be tossed in a similar deal spearheaded by the Chief Judge of the Federal High court of Nigeria, Ibrahim Auta.

Last week an Abuja high court using a similar language tossed the case against Ndudi Elumelu following a letter he wrote to President Jonathan asking for his intervention.

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Posted on incredible, that was a very good read. In clusoncion, someone who actually thinks and understands what they are blogging about. Quite difficult to find of late, especially on the web . I bookmarked your web blog and will make sure to keep coming back here if this is how you always write. thank you, keep it up! .

The Lagos Trial Judge

And what do you expect from most of Nigerian corrupt Judges who will rather rule in Hell than in Paradise.Who ever pays the Pipper dictates the tune. What bunch of strange Judges abide in Nigerian courts.what do you expect from a corrupt judiciary?

Definitionof Rogue Banker

Calling someone a "rogue banker" is not the same thing as calling one a rogue. A rogue banker just means the banker lost money willfully or in error. Sahara has not passed judgement on Akingbola. He is a rogue, though!

The banker rogue-Erastus Akingbola

This is why criminal and criminality continues to multiply on a daily basis because judges and the powers that be are accomplices.
There will be more liquidation of banks as this engenders more loots by bank CEOs.
May we pray God to come and restructure our economy for us.Akingbola,you are welcomed with your loot-go home and by crowned by your people-the Nigerian phenomenon.

am not surprise

I Know Mallam Sanisu will have a lot of enemies.
I am sure those critisizing him,dont have a dime in any of the trouble banks or shares.

Thank you Mallam sanusi, you have done ur duty even the world have seen it. the Judges wheteher u take bribe or not. How many days will u stay on the mother earth? Be ready for the consequencies of what u have done.



Your write up is an expression of sadism. You are myopically prejudiced to call a man who was never convicted of any criminal charge "a rogue". Justice Achibong deserves praises for finding the courage to do the right thing. Criminal guilt is never loaded on a fellow just because some state organ is making wild and bogus assertions against the fellow. The judiciary must never waiver in their roll as the last hope of the common man, especially in the protection of civil rights and liberties at the hand of the state.

Erastus Akingbola and his ilks have suffered great injustice from the Nigeria State. They are Great entrepreneurs who were robbed of their investments using the apparatus of the state. That Nigerians are cheering at this is a proof that sadism is an enduring culture in Nigeria.


Akingbola is a victim of circumstance Sanusi is very vindictive, they never got along so when he became governor of Central Bank, he decided to deal with his supposed enemies as well as favor his good friends and colleagues. Life is not like that, the Quran says be at peace with all men, as well as the Bible. Akingbola started Intercontinental Bank with his sweat Shara always do you investigations very well before Judging.

Why comment when you lack understanding?

Sahara reporters don't seem to understand jack about the law nor the legal system but moves unashamedly to publish trash. Akingbola is standing trial on allegations of fraud. The EFCC investigated and SANS were hired with tax payers money for a matter that a fresher from law school can handle if it is as clear as to call this man who offered jobs to over 15000 Nigerians. On selfish and personal reasons his sweat of 21 years worth over a trillion in Assets were taken from him and sold to some cow boy bankers for N50billion. Now for over three years his accusers could not prove their case and you want him hounded in prison. Wake up man!

You do not need FIVE SANS to

You do not need FIVE SANS to prosecute a criminal case. In the UK, no matter how high-profile the matter is, only ONE QC will be in charge of it. EFCC are themselves bound by the efforts and commitment of their lawyers as they can only investigate these matters but cannot prosecute them. So where their lawyers are greedy, lazy and incompetent, all the work they had done is totally wasted. It is not always their fault. It is very sad! I hope the SAN's would be ashamed of themselves when they wake up this morning.

2 things I see that is wrong

2 things I see that is wrong in this case:
1. The SAN's who were prosecuting this case were totally and incredibly incompetent. Pls read the Nigerian Tribune online for a more detailed account of what transpired in court yesterday. The prosecutors were not ready to commence and call evidence even when the Judge had refused Akingbola's application to quash the amendment of the charges! They applied for an adjournment! 2. Apparently, the Judge became upset that the prosecutors were applying for the matter to be transferred to another court and they could not even produce copies of the documents they had filed in the Appeal Court.Shocking! What display of terrible incompetence.

Austin, we have come to that

Austin, we have come to that level in our history; that there is no point waiting for the courts again. I know deep core in my heart that Akingbola is a rogue, only those who are in denial, would think otherwise. This is the same man that ran away in the face of prosecution and only came back after enough assurances/compromise have been made. This is the same man that was ordered to return 75 million pounds that He illegally acquired by a UK court. My Brother... this is one is clear cut case

You see why I like lawyers?

You see why I like lawyers? This is the clearest and most enlightening comment ever posted on this issue. Udechukwu Esq. has simply laid the matter to rest. I salute you, my learned friend.


I'm not surprise.Someone stole N42.4 billion and a judge let him walk. Is only in Nigeria that a judge will direct the Attorney General to dissolve the prosecuting team without any reason. I'm waiting to see how much this judge has been paid by the thief. The whole world is laughing at us.I'm sure that if this guy is tried in Britain, he will be convicted like Ibori. Most of these judges in Nigeria are too corrupt and not fit to sit on the bench. They know that they have to follow the rule of the law but they are looking for way to make quick money. Shame on you all.

IF all these people are

IF all these people are innocent as ajudged by the constitution, why is everything not right with the nation's economy. WHICH WAY NIGERIA, when will we wake up to see that if we continue like this we will soon have no NIGERIA for our posterity.



Naija-Man, shut the hell up!

Mr Naija man, shut up. Those countries you mention are not manipulating and vindictive like our messed up Nigeria and our stupid CBN Governor. They are all rogues, just like their counter parts, the rouge bankers! The person that is caught is the theif! No one has Nigeria's intrest at heart! Chop, i chop goverment.

"Rogue Banker Erastus Akingbola Corruption Trial Quashed..."

I have seen a lot of misconceptions in the comments I have read here.

Two things quickly:
1. For those of you who think "the court declared Akingbola innocent," please think again. Discharge IS NOT THE SAME AS ACQUITTAL. Where innocence is established, then the proper order to make is an order of acquittal. That is not the case here. The case was simply struck out on grounds of want of diligent prosecution.

2. Section 36(5) of the 1999 Constitution (as amended) provides that an accused person is presumed to be innocent until his guilt is established. It is only a court of competent jurisdiction that can declare an accused person guilty. Sahara Reporters is not a court, let alone one of competent jurisdiction. It is grossly wrong and smacks of professional impropriety for Sahara Reporters to brand an accused persons a "rogue."

Rogue Banker Erastus Akingbola Corruption Trial Quashed At The F

na wah o

Akingbola Rogue Banker 2

A lot was wrong with the way Intercontinental was run under Akingbola. It was a personal thing rather than a public entity. The Non Executive Directors went to sleep or maybe they were scared of incurring the wrath of the almighty 'evangelist'. I know how Arumeni Johnson of Arik at the time took overdrafts without any serious control. Who born dog to challenge him? The branch manager only came crying to friends who could not help out. In serious societies these people ought to be in jail. Even investors who put their money in Intercontinental were sought of naive. The truth is Akingbola has never had a good record. Anyone remembers the roforofo with Reverend Fapohunda on the ownership of Intercontinental Bank and how it ended up at Oputa panel. In saner markets, only a "drunken sailor fisherman" would put his money and portfolios in such a bank.

Akingbola Rogue Banker 1

I laugh when I read comments about "Sanusi wrecking the banking sector" but same people can't point to any evidence based on finance to support their assertions. It is only a financial illiterate that would think the CBN made the wrong move in taking over the banks. Mind you most of the Banks in Europe today are either wholly or partially owned by governments in Europe. From Lloyd TSB, to Northern Rock and RBS. Support your assertions with concrete finance and economic based arguments and not like Okada riders or shut up. Some banks in Asia in the midst of the crisis in the late 1990s were sold off at 1 pound nominal value. These were banks the world taught were so strong that they would never have liquidity issues. So mergers and acquisitions are more technical and complex than your "drunken sailor fisherman" analysis.

Complete Nonsence!

Sanusi has caused more pain than gain. Please look at the banks and the employees he claimed to be protecting. Its either you are sacked or you receive peanuts. The whole system sucks. You have started this whole trouble, finish it! People do not have confidence in banking anymore. Sanusi caused situations where only banks like GTB,ZENITH, FIRST BANK,etc are striving as healty banks. While the likes of SRING BANK,PHB,ENTERPRISE,FCMB,FIDELITY are struggling for accounts!Just go out there and see things for yourself! People queqe up to enter GTB and you would never see a single soul in front of Spring Bank etc.So let him sell them to his croonies! That had always been their intention anyways. Would have thought a good CBN Governor, would sack the MD's that stole or all the people that stole and take them to court! Now look at the waste of time and energy. At the end of the day, they would leave them. Sad.smh


PIB BILL? All the Corruption Probes? Power Sector Probes? Oil sector Probe? EFCC? ICPC? Judicial system? Human Development? Technology? Manufacturing? Economic Development? Human Development? Power Sector? Infrastructure? Transportation? Welfare? Due process? Accountability? Jobs? Good Governance? Contract execution? Privatization? Government owned Companies? Education? Old and New Refineries? Government Seriousness? Transparency?

Corruption(YES), Money laundering(YES),Poverty(YES) Underdevelopment(YES), Hardship(YES)Bad Roads(Yes),insecurity(YES), Stealing(YES) Illiteracy(YES), Bribery(YES) Bad Governance(YES) Unaccountability(YES), Oppression(YES) Injustice(YES), Overcrowded Schools(YES) Poor Infrastructures(YES) Wastefulness(YES),Fuel price increase(YES),Electricity Tariff increase(YES)

Farida Waziri said it all

Farida Waziri said this government lacks the will to fight corruption.How possible on earth for EFCC not be able to diligently prosecute Akingbola no wonder he came back from overseas confidently.

i wonder what those calling

i wonder what those calling Mr. Erastus a rogue will call the people that deceived us into beleiving that they bought IB plc (whereas they stole it under the bright sunlight).let the truth be said and let it prevail. noboby is without one fault or the other but when a man is confronted with a fault and he repents and promises to make amends, shouldnt the best thing to do be to allow him and see what he comes up with than to use that as an opportunity to bury him...

in any case, i am happy for his freedom. i know he has learnt a lesson. God will help him.


With people like you Nigeria can go to blazes.So if Nigeria or Intercontinental bank were to be your father and you were told that EFCC arrested akingbola that he stole billions from him then a useless judge gave this kind of ruling.You would just applaud it abi?or you would thank God for it abi?With you people then Akingbo on the street.I beg go si go

Failed Agenda

One is Innocent until proven guilty. Akingbola has not been proved guilty, he is therefore not a rogue. How clean is Sanusi himself? Is Access bank qualified to buy Intercontinental bank? I believe when the time comes Sanusi will be tried alongside Aig-imoukhuede and the others.

Akingbola is a rogue. He may

Akingbola is a rogue. He may have donated large sums of money to Redeem Church but his staff at Intercontinental who has integrity will tell u the bank was in a mess at that time.If we allow tribal and religious sentiment to be cloud our opinions then we are doomed.

as long as

honestly, as long as adokie is still nigeria AG no corruption case wiill see a day light. use ibori as example.qed. time of jonathan to shuffle him out.

akingbola and others bank executives

It is so sad that Fed govt help no one instead they cause us more problems.
Pls where are the fed. financial institutions, e.g fed. morgate bank, how many friends of urs are working there (no one).
In time when things are tough, Nigeria banks are working hard and excelling even with disadvt of no power, some of the bank branches spend not less N2m naira monthly on generator (if there is power they will spend less than 10% on nepa bill)
We have so many fed. govt agency incharge of employment and productitivies but no employment. Instead they create problem to reduce employment.
Nigeria banking system is among the best in the world, all efforts by individuals even when d environment is not enable akingbola n others still perform wonderfully well especially on job creation.
Pls Sanusi stop distoying things you can't build.
Pls ask sanusi where else cashless is done in the world where I will be made to pay charges on money I'm depositing in nameof excess allowable cash deposit.

Arunma Oteh Over to You

During the hearing of the House Committee on the capital market, Arunma Oteh said it repeatedly:

"we need to start running this country differently"

How on earth was the prosecution of Akingbola bungled! The dullest Nigerian Law School Student would have been able to successfully secure a conviction against Akingbola, on day one, on account of the mountain of evidence that EFCC had against Akingbola.

The Judges and EFCC prosecutors are all compromised. It is not hard to see that Akingbola bribed everyone one involved in his prosecution with some of the 47 billion Naira that he stole from Intercontinental Bank.

Arunma, oya, over to you. Nigerians expect the SEC to commense an immediate and swift civil action for fraud against Akingbola. If not, stop wasting Nigerians time.Cancel the next public hearing, retire to your hotel room at the Hilton and order another Lobster Bisque and Pan Fried Salmon on Nigerians. Idiots !

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