Some of the London
properties of former Managing Director of the defunct Intercontinental Bank
Plc, Erastus Akingbola has 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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