Alleged N164bn Debt: Access Bank Obtains Order To Sell Erastus Akingbola’s properties in London, Cayman Island

Alleged N164bn Debt: Access Bank Obtains Order To Sell Erastus Akingbola’s properties in London, Cayman Island

A Grant Court of the Cayman Islands has granted Access Bank Pls 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  the sum of N238,471,484,162 and  £1,800,000 with interest at 2. 5/8% per annum from April 2014 until payment.

It will be recalled that a London High Court in July 2012 had also asked the embattled former bank chief to pay Access Bank the sum of N164 billion while delivering judgment 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 by Dr. Akingbola consequent upon which the Court ordered that the properties be sold.

Based on the Court Orders, the following properties were sold and the sums of £11 million Pounds have so far been recovered. Properties known as Flats 17, 18, 19 and 20 Embassy Court London, NW 8 were sold.

Upon the discoveries by Access Bank that Dr. 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 Judgment to a Cayman Island Judgment.

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

The Grand Court of the Cayman Island on the 12th September 2014, granted judgment 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.

But two weeks ago, Justice Chukwujeku Aneke of the Federal High Court in Lagos had told Access Bank Plc that the £654 million (N212.2 billion) judgment its obtained against Akingbola from the London Court is not enforceable in Nigeria.

Justice Aneke, who stated this while ruling on an application filed by Access Bank to enforced the London judgment in the country, held that Justice Burton's admission of hear- say evidence in reaching the judgment ran counter to Nigerian law and practice which placed premium on cross examination of witness by counsels. 

In addition Justice Aneke explained that by denying Akingbola the right to appeal the judgment amounted to a breach of his fundamental right which no Nigerian court could do.

Quoting several Supreme Court cases he stated that the right of appeal was every Nigerian's inalienable right adding that the London court contravened this fundamental provision of the constitution.