EFCC opposes bail for Akingbola

THE Economic and Financial Crimes Commission (EFCC) yesterday urged an Ikeja High Court not to grant the bail application of detained former Managing Director of Intercontinental Bank Plc, Erastus Akingbola, arguing that the step would jeopardise the on-going trial before the court.

Counsel to the EFCC, Godwin Obla, who argued the motion, said the antecedents of the former bank chief should make the court reject the bail application, considering the fact that Akingbola’s wife, who was wanted in connection with a fraud case, was still at large and that Akingbola himself came back to the country unwillingly, as he only returned when the EFCC arranged with the British government to extradite him.

According to Obla, releasing Akingbola on bail based on the fact that a High Court has already granted him bail in a similar case cannot be justified, as he was arraigned under different laws and under different charges.

He then urged the court to use its discretionary power to dismiss the bail application as the weight of the offences preferred against the former bank chief and his co-defendant was heavy.

Obla prayed the court to sway its discretion in favour of the anti-graft commission.

In his own submission before the court, however, counsel to Akingbola, Deji Sasegbon (SAN), asked it to grant his client bail in line with the conditions applicable to the bail granted him before the Federal High Court, Lagos.

According to Sasegbon, granting Akingbola bail would not in any way affect the trial of the criminal case before the court.

Sasegbon further argued that the Federal High Court in granting Akingbola bail considered the defendant’s personality and stated that the former bank chief would abide by the court’s bail conditions.

The counsel further informed the court that it should consider the fact that the charges before it were bailable, though the discretionary power of granting the bail was in its hands. He urged the court to exercise its discretionary power in favour of his clients.

It would be recalled that Akingbola lost the battle to prevent the EFCC from arraigning him on fresh charges bordering on conspiracy and stealing N36.9 billion belonging to Intercontinental Bank Plc contrary to Section 390 (7) of the Criminal Code Law, Cap 17 Laws of Lagos State 2003.

Akingbola was arraigned alongside Mr. Bayo Dada on a 22-count charge.

Judge Habbeb Abiru adjourned the case till June 13, 2011, for ruling on the bail application