Erastus Akingbola

MD Erastus Akingbola
Erastus Akingbola

Erastus Akingbola; Nigerian banker. Akingbola’s inroad to banking started in 1971 when he secured appointment with Union Bank of Nigeria Ltd, As a bank clerk, he proceeded soon after to register for a professional course in Banking. This he did on a part-time basis. The turning point came in February 1989 after he had risen to the managerial level and worked with a couple of banks. He joined three other investors to float the Intercontinental Bank Plc and become the founding Managing Director/Chief Executive of the Bank[i]. Akingbola was accused by the Central Bank of Nigeria that sacked him in 2009 of mandating a fraudulent scheme of the bank buying its own shares, leading to heavy losses.


Places of Growth

Erastus Akingbola was born at Okeigbo on October 26, 1950, Erastus Akingbola had his early upbringing in Ondo State. He attended the well-known Christ School, Ado Ekiti, thereafter sought a job to assist his parents, as he prepared for further studies.



Akingbola earned the Associate Diploma of the Institute of Bankers, AIB, London, in 1975. Six years later, he obtained Associateship Diploma of the Chartered Institute of Secretaries and Administrators, ACTS, while progressing steadily in his banking career. Now a banking professional, he went to the University of Lagos for a post graduate course in Business Administration. By 1986, he had successfully completed the course, and bagged his Master of Business Administrations, MBA, in General Management. He also included OPM Certificate of the Harvard Business School to his profile in 2000.



Akingbola became a Fellow of the Chartered Institute of Bankers of Nigeria in 1988; Fellow of the Nigerian Institute of Management (1996); Fellow, Institute of Chartered Secretaries and Administrators in 1998; Fellow, Institute of Directors (2005), Fellow of the Institute of ‘Operations Research (2007), and most recently, Fellow of The Chartered Institute of Arbitrators



From 1971-1977, Akingbola served with Union Bank of Nigeria Ltd, Later, he joined NAL Merchant Bank late in 1977. By December 1984, Erastus Akingbola became senior manager, international operations and correspondent banking. He served in this position up till February 1987 when he left NAL to join yet another investment banking giant, the First City Merchant Bank Limited, as controller of operations.


[i] Westerner September 14, 2009

Tope Apoola
Profession: Writer