Business

Nigerian former bank chief faces court

Erastus Akingbola
Image caption Erastus Akingbola returned to Nigeria from the UK earlier this month

The former head of Nigeria's Intercontinental Bank has been formally charged with financial crimes relating to the near collapse of the lender.

Erastus Akingbola appeared in court in Lagos to face a 22-count charge, defence lawyer Felix Fagbohungbe told the BBC.

The former banker pleaded not guilty to all counts.

Mr Akingbola was sacked by Nigeria's central bank last year, before a government bail-out of the banks.

A total of $4bn was injected into nine Nigerian banks amid concerns that they posed a systemic risk to the economy, with several top bank chiefs removed from their posts.

It is the first time Mr Akingbola has appeared in court, having returned to Nigeria from the UK earlier this month.

Mr Fagbohungbe said the charges did not allege that Mr Akingbola profited personally from his actions.

The charges alleged that he manipulated Intercontinental Bank's share price and made loans without the approval of board members.

An application for bail has been made, but the case has now been adjourned until 23 August.