At FRC hearing, Akingbola says ‘matter is subjudice’

FINANCIAL Reporting Council of Nigeria (FRC) yesterday in Lagos opened its much anticipated two-day investigative hearing on activities of Central Bank of Nigeria (CBN) for financial years ended December 31, 2011 and 2012 with the Managing Director of the defunct Intercontinental Bank, Dr. Erastus Akingbola, not making his presentation upon invitation by the probe panel.
The session which started as scheduled had set-up audio-visual mechanisms for ease of presentation by the individuals invited by the panel including Dr. Akingbola.
A source said: “After introduction of the parties and their counsel including international lawyers, Mr. Akingbola informed the panel that he was constrained due to the fact that the subject of his petition was currently before a court of competent jurisdiction and that based on the advice of his lawyers, it would be wrong for him to comment on the same issues before the investigators.”

The hearing session continues today with Malam Sanusi Lamido Sanusi, the suspended Governor of the Central Bank of Nigeria (CBN); Mr. Tunde Lemo, former Deputy Governor (Operations), CBN; Ms. Evelyn Oputu, Managing Director, Bank of Industry ( BOI); the CBN’S Acting Governor, Dr. Sarah Alade; Deputy Governors of the CBN, Dr. Kingsley Moghalu and Alhaji Suleiman Barau, as well as others scheduled to appear.
Meanwhile, one of Akingbola’s alleged property located at 19 Embassy Court, London NW8 9SX was said to have been sold yesterday for £5.7 million pursuant to the verdict of Mr. Justice Burton of the Royal Courts of Justice, Strand, London ordering him to refund the sum of N165 billion to Intercontinental Bank which is now a part Access Bank Plc.