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Court orders sale of Erastus Akingbola’s Cayman Island properties to recover N164Billion 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

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.

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