Reprieve came the way of the former Managing Director and Chief Executive Officer of Intercontinental Bank Plc, Dr. Erastus B. O. Akingbola, as a Federal High Court sitting in Lagos this morning granted him bail.
In his ruling on the bail application argued last week, Justice Mohammed Idris granted him bail on the following conditions:
He must provide three sureties who must produce N500 million bond each. They must also be landed property owners within the jurisdiction of the court. They must also provide eight years tax clearance. The said tax clearance must be verified by the appropriate authorities to confirm its genuineness.
Also, as part of the bail condition, Akingbola who was barred from travelling outside Nigeria, was ordered to deposit his international passport with the registrar of the court.
He was also ordered to report to the Economic and Financial Crimes Commission, EFCC, on the first working day of every week.
The former bank boss was given the bail on the ground that he has no previous criminal record, he is no longer in charge of the bank, therefore, the loyalty of his workers must have shifted.
The EFCC publication declaring him wanted that was attached to the counter-affidavit was struck out based on the fact that he had travelled out before he was declared wanted.
The court adjourned the matter till 25 October, 2010 for trial to commence.