Access Bank Plc said it had sold some
London properties of a former Managing
Director of the defunct Intercontinental
Bank Plc, Erastus Akingbola, in a bid to
recover a debt of N164bn from him.
According to the bank, a sum of £11m has
so far been recovered by selling Akingbola's
properties known as Flats 17, 18, 19 and 20,
Embassy Court London, NW 8.
The bank stated that its move was pursuant
to a judgement given in its favour against
Akingbola in July 2012 by a London High
Court.
It added that upon discovering another of
Akingbola's properties in Cayman Island, it
filed an application to convert the London
judgment to a Cayman Island judgment. And
on September 4, 2014 Justice Andrew
Jones, of the Grand Court of Cayman
Islands, ordered Akingbola to pay the bank
the sums of N238, 471,484,162 and
£1,800,000.
Access Bank acquired Intercontinental Bank
in 2012. The bank had filed a debt recovery
action in the London High Court, in respect
of the sum said to have been converted and
allegedly misappropriated by Akingbola.
In a copy of the said judgement, which was
obtained by our correspondent on Sunday,
the trial judge, Jones said all the issues
raised were decided in favour of the bank
since the defendant failed to enter any
defence.
The judge held, "Upon reading the affidavit
of service Taiwo Abiodun dated August 15,
2014, exhibited to the affidavit of Jane
Helle-Smith sworn on September 4, 2014
and no notice of intention to defend having
been filed by the defendant prior to the
plaintiff's said application, it is ordered that
judgment be entered against the defendant
in the amount of N238, 471,484,162 and
£1,800,000.
"Interest shall accrue at the rate of two per
cent per annum pursuant to Section 34 of
the Judicature Law (2013 Revision) on the
£1,800,000 sum due above from April 1 until
payment."
The court also put the cost of instituting
the action on Akingbola.
It directed that, if conveyed by courier, the
order of court shall be properly served on
Akingbola at his residence in Ikoyi, Lagos or
through his lawyer, Chief Wole Olanipekun
(SAN) in Nigeria, in accordance with the
substituted service order of the court dated
July 22, 2014.
0 comments: