:: Cover Story...

Sunday, December 1, 2014.

More Trouble For Embattled Banker, Erastus Akingbola As Bank Sells Cayman Island & London Properties To Recoup N164b Debt.

Respite appears far from the horizon for embattled banker Erastus Akingbola.


A Cayman Island court has affirmed judgment given by a London court’s judgement that his properties be sold to recover debt against his name.


This development comes via a default judgement after Akingbola failed to oppose the application.


And the july 2012 London Judgment has become effective in Cayman Island as well.

Erastus Akingbola

Listed property sold includes Flats 17, 18,19 and 20 Embassy Court London, NW 8. £11 million where reportedly realised from the sale.


The Cayman island property is revealed as on 2 Cambridge Court.


In delivering judgement on September 3 2014, Justice Adrew Jones of the Grand Court of Cayman Island had ordered Akingbola to pay his creditor the sums of  N238, 471,484,162 and £1,800,000  at 2. 5/8 % interest per annum from April 1 2014 till payment.


Information revealed his creditor, Access bank – inheritors of the N164B debt Akingbola acquired at Intercontinental bank (when it bought the former) had discovered Akingbola had hidden properties in Cayman Island.


The discovery necessitated the court action that resulted in favourable judgement.
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