Lagos — FORMER Managing Director of Intercontinental Bank, Plc, now Access Bank, Dr Erastus Akingbola, was yesterday re-arraigned before an Ikeja High court over alleged theft of N47.1bn belonging to the bank.

The re-arraignment was as a result of the elevation of the former trial judge, Habeeb Abiru, to the Court of Appeal before the conclusion of Akingbola's case.

It would be recalled that the Economic and Financial Crimes Commission, EFCC, had already concluded its argument, while the defence had also opened its defence before the sudden halt of the case before former justice Abiru.

The former bank MD is standing trial alongside the former General Manager of Tropic Security Limited, Mr. Bayo Dada, before their case file was transferred to a new judge, Justice Adeniyi Onigbanjo.

When the matter came up yesterday, the duo pleaded not guilty to the 22 count charge read to them, while the trial judge aligned with the argument that they should continue with their bail earlier granted them by Justice Abiru.

The judge also adjourned the matter till July 10 for commence of the fresh trial.

However, at the middle of the proceedings, the defence lawyers accused the EFCC of trial by ambush, while they also condemned the arrest of the defendants, especially when their old bail granted them by another court had not been withdrawn.