Erastus Akingbola Biography, Wiki, Wife, Children, Age, Net Worth, Family, Career & More
Erastus Akingbola (born 26 October 1950, Age: 73 years old) is a Nigerian banker, investor, and philanthropist who was once the chief executive officer of Intercontinental Bank, one of the largest banks in Africa. He is also the founder and chairman of Tropics Finance and Investment Company and Inspiration 92.3 FM, a family-oriented radio station.
He has been involved in various social and religious causes, such as the Amazing Inspiration Foundation, a non-governmental organization that promotes ethical values and empowerment among the youth.
However, his remarkable career and achievements have been overshadowed by his legal troubles, as he has been accused of fraud, money laundering, and mismanagement of the bank’s funds. In this article, we will explore the life story of Erastus Akingbola, from his humble beginnings to his rise to fame and fortune, and his eventual downfall and disgrace.
Early Life and Education
Erastus Bankole Oladipo Akingbola was born on October 26, 1950, in Okeigbo, Ondo State, in Western Nigeria. He was the son of Chief Samuel Orogbode Akingbola, a church catechist and teacher, and Mrs. Christiana Akingbola, a bookseller. He had a modest upbringing and attended Christ’s School, Ado Ekiti, for his secondary education.
He then studied for and obtained the Associate Diploma from the Institute of Bankers, AIB, London, in 1975. He later obtained a Bachelor of Science degree in Business Administration from the University of Lagos in 1981, and a Master of Business Administration degree from the same university in 1983.
He also attended several executive courses at the Harvard Business School, the Wharton School, and the London Business School.
Erastus Akingbola Wiki/Bio
| Name | Erastus Bankole Oladipo Akingbola |
| Date of Birth | October 26, 1950 |
| Place of Birth | Ilesa, Osun State, Nigeria |
| Nationality | Nigerian |
| Ethnicity | Yoruba |
| Religion | Christianity |
| Occupation | Banker, Investor, Philanthropist, Preacher |
| Spouse | Anthonia Tolulope Odesanya |
| Children | Oluwaseun, Oluwafemi, Oluwatosin, Oluwadamilola |
| erastusakingbola | |
| Homepage | newsunzip.com |
Banking Career
Akingbola started his banking career in 1974 as a clerk at the Nigerian Agricultural and Cooperative Bank. He then joined the National Bank of Nigeria in 1977 as an operations officer. He rose through the ranks and became the senior manager of international operations and correspondent banking in 1984.
He left the bank in 1987 to join First City Merchant Bank as the controller of operations. He was instrumental in the transformation of the bank into a universal bank, offering a wide range of financial services. He became an executive director of the bank in 1989 and was responsible for treasury, capital markets, and corporate finance.
In 1991, Akingbola left First City Merchant Bank to establish his bank, Intercontinental Merchant Bank, with a group of investors. He was the managing director and chief executive officer of the bank, which later changed its name to Intercontinental Bank in 1996. Under his leadership, the bank grew rapidly and became one of the leading banks in Nigeria and Africa.
It had over 300 branches across the country and subsidiaries in Ghana, Gambia, Benin, and the United Kingdom. It also had strategic alliances with international banks such as Citibank, HSBC, and Standard Chartered.
The bank was involved in various sectors of the economy, such as oil and gas, telecommunications, manufacturing, agriculture, and real estate. It also sponsored several social and cultural events, such as the Intercontinental Bank Lagos International Half Marathon, the Intercontinental Bank Lagos Polo Tournament, and the Intercontinental Bank Prize for Literature.
Rise To Fame
Akingbola was widely regarded as a visionary and innovative banker, who introduced several products and services to the Nigerian banking industry.
He was also a respected and influential figure in business and political circles, as he had close relationships with many prominent personalities, such as former presidents Olusegun Obasanjo and Goodluck Jonathan, former governors Bola Tinubu and James Ibori, and billionaire businessmen Aliko Dangote and Femi Otedola.
He was also a generous philanthropist, who donated millions of naira to various causes, such as education, health, sports, and religion. He was honored with several awards and recognitions, such as the Officer of the Order of the Niger (OON), the Fellow of the Chartered Institute of Bankers (FCIB), the Fellow of the Nigerian Institute of Management (FNIM), and the African Banker of the Year.
Legal Troubles
However, Akingbola’s success and reputation came crashing down in 2009, when the Central Bank of Nigeria (CBN) intervened in the affairs of Intercontinental Bank and four other banks, following a special examination that revealed that they were in a grave financial situation.
The CBN governor at the time, Sanusi Lamido Sanusi, accused Akingbola and the other bank executives of mismanaging the banks’ funds, engaging in insider dealings, granting unsecured and non-performing loans, and inflating the banks’ capital base. Akingbola was removed from his position and replaced by Mahmud Alabi, a CBN-appointed chief executive officer. The CBN also injected N620 billion into the five banks to prevent their collapse and protect the interests of the depositors and creditors.
Akingbola denied the allegations and claimed that he was a victim of a political witch-hunt orchestrated by Sanusi, who was his former rival and competitor in the banking industry. He alleged that Sanusi had a personal vendetta against him because he had complained that Sanusi, as the managing director of First Bank, was de-marketing Intercontinental Bank and spreading false rumors that it was going to fail.
He also alleged that Sanusi had a hidden agenda to sell Intercontinental Bank to his cronies and associates, such as Aigboje Aig-Imoukhuede, the managing director of Access Bank, who eventually acquired Intercontinental Bank in 2011.
Akingbola fled the country and sought refuge in London, where he challenged the CBN’s actions in a British court. However, he was also sued by Access Bank and the Nigerian Deposit Insurance Corporation (NDIC) in London for allegedly diverting about N164 billion of Intercontinental Bank’s funds to offshore accounts and companies owned by him and his associates.
He was also charged by the Economic and Financial Crimes Commission (EFCC) in Nigeria for alleged fraud, money laundering, and stealing of about N179 billion of Intercontinental Bank’s funds. He was declared wanted by the Interpol and was eventually extradited to Nigeria in 2012 to face trial.
Controversy
Since then, Akingbola has been embroiled in a long and complex legal battle, involving multiple cases, charges, and appeals, in both Nigeria and the United Kingdom. He has maintained his innocence and pleaded not guilty to all the charges against him. He has also challenged the jurisdiction, competence, and validity of the courts and the prosecutors handling his cases.
He has been granted and revoked bail several times and has spent some time in prison and hospital. He has also suffered some losses and setbacks, such as the seizure and forfeiture of some of his assets, the dismissal of some of his applications and appeals, and the judgment of the British court that ordered him to pay Access Bank N238 billion and £1.8 million.
However, he has also recorded some victories and successes, such as the quashing and striking out of some of the charges against him, the reversal and reduction of some of the judgments against him, and the granting of some of his applications and appeals. As of the time of writing this article, his cases are still pending and unresolved, and his fate is still hanging in the balance.
Net Worth and Income Sources
Erastus Akingbola’s net worth is not publicly disclosed, but it is estimated that he was once one of the richest bankers in Nigeria, with a fortune running into billions of naira. His main sources of income were his stakes and dividends from Intercontinental Bank, Tropics Finance and Investment Company, and Inspiration 92.3 FM. His estimated net worth is around $30-40 million (approx.)
Physical Stats
| Height (approx.) | In Feet Inches: 5′ 7″. In Meters: 1.7 m. |
| Weight (approx.) | In Kilograms: 70 kg. In Pounds: 154.32 lbs. |
| Hair Color | Black. |
| Eye Color | Black |
Wife and Kids
Erastus Akingbola is married to Anthonia Tolulope Odesanya, whom he met in 1978 when she was working as a secretary at the National Bank of Nigeria. They got married on October 20, 1979, and have been together for over 40 years.
They have four children, three sons and a daughter, who are all successful in their respective fields. Their names are Oluwaseun, Oluwafemi, Oluwatosin, and Oluwadamilola. They also have several grandchildren.
Nationality, Ethnicity and Religion
Erastus Akingbola is a Nigerian citizen by birth and by descent. He hails from Oke-Igbo, Ondo State, in Western Nigeria. He belongs to the Yoruba ethnic group, one of the largest and most influential ethnic groups in Nigeria. He is a devout Christian and a preacher of the gospel.
He is an ordained minister of the Redeemed Christian Church of God (RCCG), and the pastor of the RCCG City of David Parish in Victoria Island, Lagos. He is also the founder and president of the City of David Foundation, a charitable organization that supports the church and the community.
Philanthropy and Other Ventures
Despite his legal troubles, Akingbola has not given up on his philanthropic and social causes. He has continued to support and sponsor various initiatives and projects that aim to improve the lives and well-being of Nigerians, especially the youth. He is the founder and chairman of the Amazing Inspiration Foundation, a non-governmental organization that promotes ethical values, moral standards, and a positive mindset among the youth.
The foundation organizes seminars, workshops, and mentoring programs for young people, as well as provides scholarships, grants, and loans for education and entrepreneurship. The foundation also partners with other organizations, such as the National Youth Service Corps (NYSC), the National Orientation Agency (NOA), and the Nigerian Institute of Management (NIM), to reach out to more youths across the country.
Akingbola is also the founder and chairman of Inspiration 92.3 FM, a family-oriented radio station that broadcasts from Lagos, Ibadan, and Uyo. The radio station aims to uplift the spirit of the listeners and encourage them to live purposefully and positively.
