Court freezes Akingbola properties in Cayman Island For N164 bn debt

           

Former Group Managing Director of the defunct Inter-Continental Bank Plc,Mr Erastus Akingbola has been ordered by a court in Cayman Island to pay 1.8 million pound sterling and N 238.4bn to Access Bank Plc for a suit filed against him for the recovery of fund he misappropriated.

The Intercontinental Bank Plc now Access Bank obtain a judgement from a London High Court in 2012 to be paid N 164 bn by Akingbola

During the trial some of the fund were traced to properties purchased in London by Akingbola,the court then ordered the properties which were Flat 17,18,19 and 20 Embassy court London,Nw8 to be sold, where 11 million pounds was recovered

The Bank also discovered that Akingbola has hidden assets under  Trust in Cayman Island,the Bank filed an application to the Grant Court of Cayman Island to convert the London High court judgment to Cayman Island judgement

Mr Akingbola did not defend the Judgement, the presiding judge, justice Andrew Jones QC of the Grant Court of Cayman Island grant the default judgement on 12 Sept in the sum of N 238,471,484,146 and 1.8 million pounds in favor of the Access Bank with interest of 2.5/8 %  per annual from April 2014 till when full payment is made