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Erastus Akingbola sinks into deeper fraud mess -Cayman Islands’ court orders him to pay N238 billion and £1.8 million

Erastus Akingbola, former Managing Director of defunct Intercontinental Bank is in deeper mess than he bargained for. Apart from losing some of his London property, a Cayman Islands Court has ordered him to pay Access Bank N238 billion and £1.8 million.

Fullscreen capture 1212014 50510 PMThe Grand Court of the Cayman Islands, Financial Services Division, in cause number FSD 39 of 2014 (AJJ) between Access Bank Plc and Erastus Bankole Oladipo Akingbola, on September 12, 2014, ordered him to pay a total of about N239 billion.

The Hon. Mr. Justice Andrew J. Jones, QC stated:

Upon reading the Plaintiff’s application for default judgment dated the 4th day of September 2014

And upon reading the affidavit of service of Taiwo Abiodun dated 15 August 2014, exhibited to the affidavit of Jane Hale-Smith sworn on 4 September 2014

And no notice of intention to defend having been filed by the Defendant prior to the date of the Plaintiff’s said application

It is ordered that:

  1. Judgment be entered for the Plaintiff against the Defendant in the amounts of:

(A) N238,471,484,162; and

(B) £1,800,000.

  1. Interest shall accrue at the rate of 25/8% per annum pursuant to section 34 of the Judicature Law (2013 Revision) on the £1,800,000 sum due above from 1 April 2014 until payment.
  2. This Order shall be properly served if sent by courier to the Defendant at his residential address at Adura Lere House, 12, Ruxton Road, Ikoyi, Nigeria and/or by sending the documents by courier to his lawyers, Wole Olanipekun & Co at God’s Grace House, 94, Norman Williams Street, South West Ikoyi, Lagos, Nigeria, in accordance with the substituted service order of this court dated 22 July 2014.
  3. The Defendant do pay the Plaintiff’s costs of these proceedings.

Dated this 12th day of September 2014

Filed this 12th day of September 2014

Fullscreen capture 1212014 50527 PMEarlier in London (United Kingdom) on July 31, 2012, Justice Michael Burton of the Royal Courts of Justice, Strand, had found Akingbola guilty of sharp practices, fraud and theft of over N165 billion.

The grand machinations of Akingbola and the fabulous methods adopted to steal £654 million (N165 billion) were blown open during the court sessions.

Access Bank filed the case (number 2009 Folio 1680) against Erastus Bankole Oladipo Akingbola, Kayman Company Ltd., Verndale Properties Ltd, Jasmine Properties Ltd, Caehun Ltd and Sanami Ltd.

The court found Akingbola guilty, ordered him to refund £654 million stolen directly from the bank to buy propery in the UK and pay debts owed by his companies.

The N145 billion used in buying illegal shares in Intercontinental Bank was also ordered to be refunded.

It was also found out that Akingbola actually borrowed N9.3 billion from the bank to buy shares personally.

Another N16 billion was misappropriated to offset debts of his companies.  And £8.5 million, was used to buy property in UK.

In line with the UK court judgement, the North London show place (Flats 17, 18, 19 and 20 Embassy Court, NW8 9SX) was sold for £11 million.

Later, it was discovered that some assets were hidden under a trust in Cayman Islands, hence the law suit there.

But Akingbola never showed up nor was he represented in court in Cayman Islands, and eventually lost.

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