The UK High Court in London has ordered former CEO of Intercontinental Bank, and prominent pastor of the Redeemed Christian Church of God (RCCG), Erastus Akingbola, to forfeit £68 million to the bank. The court ruling stems from financial misconduct during Akingbola’s tenure as the head of Intercontinental Bank, during which he orchestrated fraudulent schemes that funneled vast sums into personal accounts and shell companies.
Akingbola fled Nigeria in 2009 when the Central Bank of Nigeria uncovered the fraudulent transactions, prompting the Economic and Financial Crimes Commission (EFCC) to begin investigations. He was arrested in 2010 upon his return to Nigeria. The UK court, in its March 24, 2011 judgment, ruled that Akingbola must forfeit £8.5 million, £68 million, and an additional £1.3 million to Intercontinental Bank.
The court’s findings revealed that Akingbola used multiple transactions, known as the “1st Fuglers Payments,” “Tropics Payments,” and “2nd Fuglers Payments,” to illegally transfer a total of £80 million to offshore shell companies, some of which were owned by his family members. These funds were used to acquire luxury properties in the UK and other locations.
One of the most shocking revelations was that Akingbola moved £41 million in a single day, 11 May 2009, through fraudulent stock purchase schemes.
The case has brought attention not only to the greed present in Nigeria’s financial institutions but also to the country’s religious circles, with Akingbola being a high-profile figure in both arenas. His actions highlight the systemic issues of collusion between banks and government officials, where public funds are often diverted through illegal means.
It remains to be seen if the RCCG will respond to the court’s ruling or condemn the fraudulent actions of Akingbola, one of its prominent members. The case follows a similar scandal involving former Oceanic Bank CEO, Cecilia Ibru, who was convicted of securities fraud and stripped of nearly N200 billion in assets in 2010. Despite her conviction, Ibru faced only a brief jail term in a high-end medical facility.
Akingbola’s case continues to underscore the broader issue of financial crime in Nigeria and the often limited repercussions for those involved in such large-scale fraud.
