Access Bank Plc has announced the sale of some London properties belonging to Erastus Akingbola a former managing director of the defunct Intercontinental Bank Plc. The move was in a bid to recover a debt of N164bn from him.
The bank said a sum of £11m has so far been recovered from selling Akingbola’s properties at Flats 17, 18, 19 and 20, Embassy Court London, NW 8. The bank also stated that its move was pursuant to a judgement given in its favour against Akingbola in July 2012 by a London High Court.
Upon discovering another of Akingbola’s properties in Cayman Island, the bank filed an application to convert the London judgment to a Cayman Island judgment. And on 4th September 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, the bank revealed.
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.
All the issues raised against akingbola by Access bank were decided in favour of the bank because the defendant failed to enter any defence, a copy of the judgement revealed.
“Upon reading the affidavit of service dated 15th August, 2014, exhibited to the affidavit of Jane Helle-Smith sworn on 4th September 2014 and no notice of intention to defend having been filed by the defendant prior to the plaintiff’s said application, it is ordered that judgment be entered against the defendant in the amount of N238, 471,484,162 and £1,800,000,” the judgement read.
“Interest shall accrue at the rate of two per cent per annum pursuant to Section 34 of the Judicature Law (2013 Revision) on the £1,800,000 sum due above from 1st April until payment.”
The cost of instituting the court action was also put on Akingbola, directing that, if conveyed by courier, the court order shall be properly served on Akingbola at his residence in Ikoyi, Lagos or through his lawyer, Chief Wole Olanipekun (SAN) in Nigeria, in accordance with the substituted service order of the court dated 22nd July 2014.
