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UK court orders Akingbola to surrender £78m to Intercontinental Bank




April 5, 2011
A United Kingdom High Court in London has ordered Mr Erastus Akingbola, former chief executive of Intercontinental Bank, to forfeit over £78 million to the bank.
Akingbola was sacked in August 2009 by the Central Bank of Nigeria (CBN) along with four bank bosses over allegation of mismanagement.
He was arrested in 2010 after he returned from the UK and later arranged in court by the Economic and Financial Crimes Commission (EFCC) which also seized some of his assets.
According to the UK court judgement dated March 24, 2011, he will forfeit sums of £8,540,134.58, £68 million and £1.3 million (making a total of £77.84 million) to Intercontinental Bank.
It was learnt that Intercontinental Bank had approached the UK court after it successfully obtained a freezing order against huge sums of monies paid into various shell companies set up by Akingbola in the Cayman Islands and in which members of his family were beneficiaries.
According to the report, the fraudulent payments saw Akingbola transferring huge sums of money from Intercontinental bank in 2009.
The payments, known as “1st Fuglers Payments”, “Tropics Payments” and “2nd Fuglers Payments”, together the three payment led to the transfer of a total of £80 million; monies that were used to purchase expensive properties in the UK and beyond.
Akingbola siphoned most of the funds in dubious transactions between his shell companies in Nigeria within just six weeks through an illegal shares purchase scheme conducted by some of his companies. Forty-one million pounds (£41million) of the money was looted by Mr. Akingbola in one day alone, on 11 May 2009.
Source: Compass
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