Court ruling: Erastus Akingbola’s Properties in Cayman Islands to be sold off

A Grant Court of the Cayman Islands has grantedAccess Bank Plc leave to sell more of the properties belonging to former managing director of the defunct Intercontinental Bank Plc, Dr Erastus Akingbola recently discovered on the Island.

The court also asked Akingbola to pay Access Bank N238,471,484,162 and £1,800,000 with interest from April, 2014 until payment.

A London High Court in July 2012 had also asked the embattled former bank chief to pay Access Bank N164 billion while delivering judgement in a recovery action filed by the then Intercontinental Bank in order to recover the bank’s funds he allegedly fraudulently converted and misappropriated.

Access Bank had acquired Intercontinental Bank on January 31, 2012 after the bank was taken over by the Asset Management Corporation of Nigeria (AMCON).

During the course of the trial, some of the funds were traced to the purchase of properties in London Dr. Akingbola consequent upon which the court ordered that the properties be sold.

Based on the court orders, certain properties were sold and £11million have so far been recovered. Properties known as Flats 17, 18, 19 and 20 Embassy Court London, NW 8 were also sold.

Upon the discoveries by Access Bank that Akingbola has some assets hidden under a Trust in Cayman Island (specifically property known as 2 Cambridge Court), the bank proceeded to file an application to the Grant Court of the Cayman Islands to convert the London judgement to a Cayman Island judgement.

This was done after Akingbola allegedly refused to challenge the application.

The Grand Court of the Cayman Island on September 12, 2014, granted judgement in the sum of N238,471,484,162 and £1,800,000 in favour of the bank with interest at 2. 5/8% per annum from April 2014 until payment.