Court orders sale of Erastus Akingbola's Cayman Island properties

A grand court of the Cayman Islands has granted Access Bank Plc leave to sell some of the properties belonging to former Managing Director of Intercontinental Bank Plc, Dr. Erastus Akingbola that were recently discovered.

 

Dr. Erastus Akingbola was also ordered by the court to pay Access Bank Plc the sum of N238,471,484.162 and £1,800,000 with interest from April 2014 until the payments are made.  Access Bank Plc acquired Intercontinental Bank in 2012 after the bank was taken over by the Asset Management Corporation of Nigeria (AMCON).

 

 

 In a July 2012  judgement by a London High Court Dr. Erastus Akingbola was asked to make a payment of N164 billion to Access Bank based on an action filed by Intercontinental Bank to recover some of the bank’s funds that the former bank chief was said to have converted and misappropriated.

 

On the court’s order properties known as Flats 17, 18, 19 and 20 Embassy Court London, NW8 were sold and £11million was recovered from the sale.

 

Access Bank was again able to discover that Erastus Akingbola has some assets such as 2 Cambridge Court hidden under a Trust in Cayman Island.  The bank then proceeded to file an application to the Grant Court of the Cayman Islands to convert the London judgment to a Cayman Island judgement.  The court was said to have accepted after Erastus Akingbola refused to challenge the application.