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We didn’t recommend Akingbola’s sack as Intercontinental Bank MD – EFCC witness

An Economic and Financial Crimes Commission (EFCC) witness, Mr Paul Akali, told Justice Ayokunle Faji that his team only recommended the removal of the non-executive board members of the bank.
The EFCC is prosecuting Akingbola on an amended 22-count charge of spending N179billion belonging to the defunct Intercontinental Bank on “fictitious transactions.”
The defendant was accused of granting “unsecured credit facilities” worth billions of naira to different companies, among others.
At the last hearing of the matter, first prosecution witness Alkali testified during examination-in-chief by EFCC prosecutor Mr. Rotimi Jacobs (SAN).
He explained his team’s role in Akingbola’s removal sack and how the bank was taken over by Access Bank Plc.
At yesterday’s resumption, Akali affirmed that he was a member of the NDIC team that investigated the defunct Intercontinental Bank in May 2009 for regulatory infractions, including granting of loans without adequate securities.
He said: “They (the non-executive directors) did not execute their oversight functions; we felt they did not live up to their responsibilities.
“There was also the issue of bonus paid to them that they were not entitled to. That was why we recommended that the non-executive directors should be removed,” Akali told Justice Ayokunle Faji.
The witness told the court that the non-executive directors collected N2.92bn unentitled bonus.
When asked if Akingbola benefitted from the money, Akali said, “He was not party to the N2.92bn.”
Osipitan: “Akingbola is also not part of those who took unauthorised loans from Intercontinental Bank?”
Akali: “He did not but he gave approval.”
The witness said he was not aware whether any part of the N2.92bn had been recovered from the sacked non-executive directors.
Osipitan: “To the best of your knowledge, how many of those non-executive directors who collected the bonus that they were not entitled to are standing trial in any court?”
Akali: “I don’t know.”
Osipitan: “So far, the only person you are testifying against is Akingbola?”
Akali: “Yes.”
Osipitan: “You may not know that the special examination and report of yours were aimed at a particular objective; because you did not recommend his removal, yet he was removed from office.”
Akali: “Examiners do their job based on facts that are available to them and our reports are based on the facts that are available. “Whatever decision is taken by the management of the CBN and NDIC based on our report, we are not privy to it and as of the time we concluded our special investigation, some bank MDs were removed. He (Akingbola) was not the only one.”
Osipitan: “Why didn’t you recommend that Akingbola should be removed?”
Akali: “I can’t answer why we did not do that.”
Osipitan: ” I suggest to you that you did not recommend his removal because you did not have serious issues with him unlike the non-executive directors? Were you careless? Did he bribe you?”
Akali: “I can’t answer that question.”
Osipitan: “Tell My Lord; who was the CBN Governor as at the time of your special investigation?”
Akali: “The governor was Lamido Sanusi.”
Osipitan: “Before he became the governor of CBN, which bank’s MD was he?”
Akali: “He was MD/CEO of First Bank Nigeria Plc.”
Osipitan: “Have you heard the word ‘de-marketing’ in the banking industry?”
Akali: “Yes.”
Osipitan: “What does it mean?”
Akali: “It means using some other information to de-market your competitor.”
Osipitan: “First Bank and then Intercontinental Bank were competitors at the time in the market?”
Akali: “All banks were competitors.”
Osipitan: “You may not know that shortly before your special examination, Intercontinental Bank had cause to complain that officers of First Bank were de-marketing them, saying they would go under very soon.”
Akali: “I don’t know but I also heard…”
Osipitan: “It was after that complaint you were sent on this special mission to investigate the bank. The complaint was in April and your examination was in May.”
Akali: “I am not aware of any complaint but it was not only Intercontinental Bank that we examined.”
Further hearing was adjourned till Friday
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Tinubu returns from Paris today, Says Onanuga

President Bola Tinubu is set to return to Nigeria today after spending close to two weeks abroad, his Special Adviser on Information and Strategy, Bayo Onanuga, has confirmed.
Onanuga, in a brief post on X, wrote: “President Bola Ahmed Tinubu will return home today.”
The Presidency had earlier assured Nigerians that despite the President’s stay overseas, he remained fully engaged with national governance.
In a statement last Thursday, Onanuga explained: “The President left Paris for London at the weekend and has maintained constant communication with key government officials, overseeing critical national matters, including directives to security chiefs to address emerging threats in some parts of the country.”
He further emphasised that Tinubu’s absence was temporary and “in line with the communicated timeframe of approximately two weeks,” with his return scheduled for April 21, following the Easter holidays.
“The President’s commitment to his duties remains unwavering, and his administration continues to function effectively under his leadership.
“We appreciate the public’s concern and assure all Nigerians that governance proceeds without interruption,” the statement added.
Tinubu had departed for Paris on April 2, 2025, for what the Presidency described as a two-week working visit. According to Onanuga, the trip was intended to “appraise his administration’s mid-term performance and assess key milestones.”
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Opeifa request for the state government to assist the Railway Police and Otti, thanks Tinubu for picking the best material to rewrite Nigeria Railway history

Gov. Otti describes Opeifa as a thorough-bred professional ready to rewrite Nigeria Railway history
Lauds President Tinubu for picking the best material to reposition Nigeria’s oldest corporation
A deserving commendation came the way of the Managing Director of the Nigerian Railway Corporation, Dr Kayode Opeifa, as the Abia State Governor, His Excellency, Dr. Alex Otti, described him as an exceptional professional, most suitable to lead the Nigeria’s oldest surviving public corporation.
Governor Otti spoke on Wednesday, at the Government House in Abia State, during a business visit by the MD/CEO of the Nigerian Railway Corporation, as part of his familiarization tour of the Eastern District of the Corporation.
According to Governor Otti: “I have had so many engagements with past leaders of the Nigerian Railway Corporation, you are clearly different and knows the job”. He thanked President Bola Ahmed Tinubu for appointing Dr. Opeifa to lead the Nigerian Railway Corporation, expressing assurance at his ability to deliver.
He thanked the MD/CEO for promising to synergize with the Federal Ministry of Transportation, and the State Government to see that the transformation of the transportation system in Umuahia is achieved. According to the Governor, “Umuahia Bus terminal is progressing rapidly and we felt that it is important to replicate what we have in Paignton, United Kingdom in Umuahia, by linking the train station with the Terminal to enhance intermodal transportation services.
The Governor stated that he was very happy to see that the MD/CEO is committed to taking the track from Aba to Enugu and even beyond. He recalled, with nostalgia how the train had served the people of the state and regretted the downward trends of rain services across the entire South East.
On the MD/CEO’s request for the state government to assist the Railway Police in the state, Governor Otti promised that his government will provide mobility for Aba Railway Police.
He added that the state government is always ready to support the Federal Government institutions as users of such federal institutions are people of the state, adding that his administration cannot differentiate between federal and state government workers.
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Airlin Advocacy Commissions Jos Office, Targets 7m Members By Next Elections,Says Mohammed Gamawa

During the inauguration ceremony, the National Chairman of Airlin, Mohammed Gamawa, delivered a keynote address, emphasizing the organization’s commitment to educating Nigerians on their civic rights and responsibilities.
According to Gamawa, Airlin aims to bridge the gap between citizens and the principles of the rule of law by fostering a society where people understand not only their rights but also what is expected of them by the country.
“Our goal is to foster interaction among Nigerians, promote respect for the rule of law, and ensure citizens know their rights and civic responsibilities — such as voting to elect future leaders not based on materialism but based on integrity and competence,” Gamawa stated.
He added that understanding and exercising one’s franchise, especially during elections, must go hand in hand with being law-abiding and fully aware of civil responsibilities.
As part of its mission, Airlin is currently targeting 19 states in Northern Nigeria, with Jos becoming the 15th state to be commissioned.
The ceremony also featured the appointment of state and local government coordinators who will help drive the organization’s grassroots advocacy efforts.
With a current membership base of 2.1 million Nigerians aged 18 and above, Airlin projects a significant growth trajectory, aiming to reach 7 million members before the next general elections.
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