Court orders sale of Erastus Akingbola's Cayman Island properties to recover N164n debt

Ex- Group Managing Director of the defunct Intercontinental Bank Plc, Erastus Akingbola’s properties in Cayman Islands have been frozen by the Grand Court of Cayman Islands in a bid to recover a debt of N164 billion from him. The property is known as 2 Cambridge Court.

This comes after his properties, some flats at 17, 18, 19&20, Embassy Court London, NW 8, London, were sold. Access Bank, which acquired Intercontinental Bank in 2012, had filed a debt recovery action in a London High Court, in respect of the sum said to have been converted and allegedly misappropriated by Erastus Akingbola who was also saddled with the responsibility of paying for the cost incurred by Access Bank while processing the case.

The court in a ruling by Mr Justice Andrew Jones QC, also granted a default judgment in the sum of N238,471,484, 162 and 1.8 million pounds in favour of Access Bank with interest from April 2014 until payment is made.