One of Nigeria’s largest banks has won a ruling in London’s High Court against a former executive, who is now liable to pay the bank more than £600m in damages.
Access Bank, which acquired Intercontinental Bank last year, brought legal action in the High Court against Erastus Akingbola, the former managing director of Intercontinental Bank.

Mr Akingbola was removed from his post in 2009 after an investigation into the bank by the Central Bank of Nigeria, which later had to rescue Intercontinental – at the time one of Nigeria’s largest banks, employing 20,000 people.
Intercontinental was one of eight stricken lenders bailed out by the Nigerian central bank following a debt crisis caused partly by loans to speculators in equities.
The civil lawsuit brought by Access alleged there were unlawful share purchases – spearheaded or at least known about by Mr Akingbola – whereby Intercontinental bought its own shares in order to bolster its stock price.
It was claimed that Intercontinental eventually owned approximately 25 per cent of its own share capital, and when the Nigerian stock market collapsed in 2009 the bank was left owning worthless shares.
Mr Akingbola had denied there was an unlawful scheme or that he was part of it.
The legal action was brought in London because at the time the lawsuit was issued, the former managing director was living in London.


http://www.ft.com/cms/s/0/66decf36-db2d-11e1-be74-00144feab49a.html#axzz22El58WH4

It's a shame that the nigeria judicial system is so wacked up, we have to go britian for a genuine legal verdict. Let the british just come back to continue with their colonization, since we are deprived of a better self rule system. Shame on our leadership.
The subsidy case should be outsourced to the british too.

metro10: It's a shame that the nigeria judicial system is so wacked up, we have to go britian for a genuine legal verdict. Let the british just come back to continue with their colonization, since we are deprived of a better self rule system. Shame on our leadership.
The subsidy case should be outsourced to the british too.

If that happens, they'll probably get 80% of the money back cash n assest and bar upto a 80 people from ever holding public office again
culminating in upto 3 ministers resigning!!

Dis Guy:

If that happens, they'll probably get 80% of the money back cash n assest and bar upto a 80 people from ever holding public office again
culminating in upto 3 ministers resigning!!

Isn't that what we want? Let the briticos do this job. I am tired of this hipocracy i see all around us.