19 February 2013

Nigeria: UK Court Rejects Akingbola's Appeal Bid

The Civil Division of the Court of Appeal in London has rejected the application filed by the former Managing Director of the defunct Intercontinental Bank Plc, Mr. Erastus Akingbola, seeking the leave of the court to appeal the judgment of the High Court of Justice, Queen' Bench Division, delivered on July 31, 2012.

Recall that the High Court of Justice, London presided over by Mr. Justice Burton had delivered a judgment in favour of the Access Bank Plc in the suit instituted by the bank against Akingbola and others for the recovery of the bank's assets fraudulently converted.

The court found the former bank boss liable for fraudulent conversion of former Intercontinental Bank's (now Access Bank Plc) assets and for supervising an unlawful Share Purchase Scheme which led to the collapse of former Intercontinental Bank.

The court had consequently ordered Akingbola to refund to Access Bank, the sum of £654 million for the losses suffered by the bank.

With the Court of Appeal ruling rejecting Akingbola's application for permission to appeal, it is still not clear what steps he would take to comply with the court judgment.

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