Debt: Court asks Access Bank to sell off Akingbola’s properties in Cayman Islands

More have been added to the troubles of former Intercontinental Bank Plc managing director, Dr. Erastus Akingbola, as Access Bank Plc has been granted permission to sell more of his properties discovered in Cayman Islands. 

The move is part of Access Bank’s efforts to recover funds allegedly fraudulently converted and misappropriated by the former bank boss. It was discovered that some of the funds used to purchase of properties abroad in Akingbola’s name.

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

A London High Court had in July 2012 also asked Akingbola to pay Access Bank N164 billion while delivering judgement in a recovery action filed by the then Intercontinental Bank. Some of the properties were also sold and £11million has so far been recovered.

Leadership newspaper now reports that

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 Grant Court in the Cayman Islands also asked Akingbola to pay Access Bank N238,471,484,162 and £1,800,000 with 2.5/8 per cent interest per annum from April, 2014 until payment.