Intercontinental Bank Counters Speculations

The management of Intercontinental Bank Plc contrary to reports making rounds in a section of the media last week that the spurious transfer of N12 billion linked to Dr Erastus Akingbola, the former Group Chief Executive was done after the Central Bank of Nigeria (CBN) intervention on August 14, 2009, has affirmed that the transactions actually took place before the apex bank’s intervention.
Putting the records straight in a statement issued on Thursday, the management of the bank stated that the transactions on the transfer of approximately £10 million were done between March and April 2009 whilst the transfer of N10 billion was done in May 2009.
Both transactions, the management said, were done before the CBN intervention and resumption of the new management team.
Following the report by the current management on these transactions, four senior officials of the bank were invited by the EFCC for questioning.
The management reassures the public that it has since assumption of duties put stringent controls in place to forestall a reoccurrence of such transactions.