Naijatalk - Nigeria Social Network

A Federal High Court in Lagos has set a record N500 million bail for disgraced banker and former boss of Intercontinental Bank of Nigeria, Erastus Akingbola over charges of fraud.

The bail amount is the highest for other bankers charged with similar offences by Nigeria’s anti financial crimes agency, Economic and Financial Crimes Commission (EFCC).

Akingbola was fired by Nigeria’s apex bank, Central Bank of Nigeria (CBN) last year along with four other bank chief executives for mismanging their banks and other fraudulent activities.

"I think the bail condition is fair having regards to the facts of the case," Rickey Tarfa, a lawyer for Akingbola told reporters outside the Federal High Court in Ikoyi.

Despite the stiff conditions, Akingbola is expected to make bail. He is personal wealth runs into billions and has two private jets in his name and choice properties running into billions both in and outside of Nigeria.

The banker will remain in EFCC’s custody pending when bail conditions are met.

Source: http://www.thetimesofnigeria.com/Article.aspx?id=2793