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Home News National Akingbola loses bid to stop EFCC seizing his assets

Akingbola loses bid to stop EFCC seizing his assets

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Justice Tijani Abubakar of the Federal High Court, Lagos, on Monday rejected an application by the former managing director and chief executive officer of Intercontinental Bank Plc, Erastus Akingbola, to stop the Economic and Financial Crimes Commission (EFCC) from seizing and freezing his assets.

The interlocutory application brought before him by Ayodele Fayose, the former governor of Ekiti State to stay proceedings in the case of corruption and money laundering leveled against him by the anti-graft agency suffered the same fate before Abubakar who dismissed the request.

Justice Abubakar had in December, last year, ordered the freezing of Akingbola’s accounts for various offences amounting to the tune of N346 billion and 10 million pounds. Also ordered to be frozen by the court pending the final determination of the 28-count charge filed against him, were the accounts belonging to Akingbola’s wife, his companies, and those of his agents.

At the resumed hearing of the case on Monday, counsel to Akingbola, Felix Fagbohungbe urged the court to grant his client an interim order stopping the EFCC from implementing the order of the court. He argued that from all indications, the anti-graft commission was executing the earlier order out of order and beyond the orders of the court.

Fagbohungbe added that while he was not asking the court to vacate the order, the commission needs to be stopped by the court since according to him it was going beyond the orders of the court. He further stated that since the commission obtained the order in the absence of the former bank chief, it had become clear that it was exceeding the order by clamping down on virtually all the assets of his client including the ones the court order did not cover.

 

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