10 Years After: Why Sanusi Sacked Former Intercontinental Bank Boss, Erastus Akingbola


Some facts have begun to emerge over the real reasons former Central Bank Governor, Sanusi Lamido Samu, sacked the Ex-Managing Director of the default Intercontinental Bank PLC, Erastus Akingbola in 2009.

lagoscityreporters.com investigates can authoritatively reveal that, from an insider and reliable source, that trouble started for the ex bank chief when Sanusi who was then the Managing Director of First bank PLC drew the attention of Akingbola to an illegal transfer of N500 million (five hundred million naira) from intercontinental bank to First Bank PLC, an account which had never been funded before and had never received such high volume of transaction

The source also revealed that when Sanusi notified Akingbola about this unusual transaction, he (Akingbola) rebuffed him (Sanuisi). But as investigations were carried out, Sanusi discovered that the said account, which was being run as proxy, was actually owned by Erastus Akingbola. This discovery did not go down well with Sanusi, who is now the Emir of Kano, and caused bad blood between both financial gurus.

lagoscityreporters.com investigates also learn’t how Akingbola tried to scuttle the confirmation of Sanusi by the National Assembly as the Governor of the Central Bank of Nigeria, CBN, to the point of allegedly inducing the national assembly members financially. But an insider in the national assembly leaked the moves of the embattled Intercontinental Bank CEO, which also did not go down well with the former CBN Governor, Sanusi Lamido Sanusi

The insider also revealed that all these might not be unconnected to the removal of the Inspiration FM Founder as the then CBN Governor, had already pencilled him for sack for various financial infractions

Intercontinental Bank PLC, Oceanic Bank PLC, Bank PHB PLC and Union Bank PLC were among the banks sanctioned in 2009 by the then Governor of the Central Bank of Nigeria, for financial infractions

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