N164bn debt: Courts order sale of more Akingbola’s properties in London and Cayman Island

Following the recovery action filed against Dr.  Erastus Akingbola by the then Intercontinental Bank Plc. in a London High Court for recovery of the Bank’s funds fraudulent converted and misappropriated, the Bank obtained judgment for the sum of N164 billion in July 2012.

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 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.  

Following Dr. Akingbola refusal 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. Attached herewith is a copy of the Default judgment.