Former Intercontinental Bank MD appeared before a Lagos High Court in Ikeja over theft allegations.

The Economic and Financial Crimes Commission, EFCC, on Tuesday, re-arraigned the former Managing Director/Chief Executive of Intercontinental Bank Plc, Erastus Akingbola and one of his associates, Bayo Dada, over allegations of stealing N47.6 billion.

The duo, who was arraigned before a Lagos High Court sitting in Ikeja presided over by Justice Adeniyi Onigbanjo, pleaded not guilty to the 22-count charge.

The men were initially docked on Tuesday May 31, 2011. But, the case was deferred following the re-assignment of the case to Justice Onigbanjo.

After taking their pleas, EFCC counsel, Godwin Obla, in his reaction to the application for bail filed by Mr. Akingbola's counsel, Wole Olanipekun, said that the defendants could continue to enjoy bail on the conditions granted them by the former judge, Justice Habeeb Abiru.

He, however, urged the court to accelerate the trial as the case has been on-going for a long time.

The new judge urged the counsels involved in the case to review the evidences and written statements previously provided so that they could continue from where Justice Abiru stopped.

Mr. Olanipekun, who was represented in court by, M .I. Igbokwe, SAN, said that, owing to the change of defence counsel, the court should give new trial dates to allow the judge make a fair decision.

In his ruling, Justice Onigbanjo granted the two defendants bail on their previous bail conditions and adjourned the case till July 10, 11, 12, 13, 14 and 15, 2013.