Business

Erastus Akingbola Forfeits Assets To Access Bank

Some London properties of a former Managing Director of the defunct Intercontinental Bank Plc, Erastus Akingbola, have been sold by Access Bank Plc in a bid to recover a debt of N164bn from him.
According to the bank, a sum of £11m has so far been recovered by selling Akingbola’s properties known as Flats 17, 18, 19 and 20, Embassy Court London, NW 8.

The bank stated that its move was pursuant to a judgement given in its favour against Akingbola in July 2012 by a London High Court.

It added that upon discovering another of Akingbola’s properties in Cayman Island, it filed an application to convert the London judgment to a Cayman Island judgment.

And on September 4, 2014 Justice Andrew Jones, of the Grand Court of Cayman Islands, ordered Akingbola to pay the bank the sums of N238, 471,484,162 and £1,800,000.

Access Bank acquired Intercontinental Bank in 2012. The bank had filed a debt recovery action in the London High Court, in respect of the sum said to have been converted and allegedly misappropriated by Akingbola.

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