On 2 April 2012, a Federal High Court in Lagos struck out the 26 count criminal charges, including money laundering and granting unsecured loans, that had been filed against Erastus Akingbola, the former CEO of Intercontinental Bank Plc. It was alleged that he had stolen N364 billion from the bank.
The judge barred the prosecution from appearing before him or any other judge of the Federal High Court on the matter, due to what it called the "serious and professional incompetence" of the prosecution team. The prosecution were accused of not providing Mr Akingbola with a clear explanation of the case against him, and of drawing out the proceedings.
Mr Akingbola continues to face charges in separate proceedings before the Lagos High Court.