Under cross-examination by defence counsel Chief Wole Olanipekun during Akingbola’s trial before Justice Mojisola Olatoregun, Jimoh, the second prosecution witness, said he relied on records of suspicious transactions.
Asked whether Akingbola as MD/CEO could obtain facilities from other financial institutions, Jimoh said it had to be with board approval, but later changed his answer to “I don’t know”.On whether he asked Intercontinental Bank if action was taken on Regal Finance Ltd’s alleged indebtedness, he said he did not ask, adding that he did not look into ICL’s books before writing his report.
EFCC added in the charge: “The manager cheques were subsequently used to repay loan granted by Access Bank Plc to your companies and which sum you knew represented the proceeds of crime, to wit: stealing.”In the 22-count charge, the prosecution alleged that Akingbola made an equity investment of N100million in Flexmore Technologies without a prior approval in writing of the Central Bank of Nigeria .
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