Access Bank Plc (ACCESS) of Nigeria won a 653 million-pound ($1.02 billion) fraud lawsuit in Britain against Erastus Akingbola, the former chief executive officer of bailed-out Intercontinental Bank Plc, which it acquired last year.
Akingbola is liable for directing the bank to buy its own shares at a loss of about 145 billion naira ($902 million), siphoning money to companies controlled by him or his family and using Intercontinental funds to buy real estate in the U.K., Judge Michael Burton said in a ruling inLondon today.

“Quite apart from being contrary to Nigerian law,” Akingbola’s strategy for the bank to buy its owns shares “was simply wrong-headed, and was plainly a substantial contributing factor to the collapse of the bank,” Burton said.

Intercontinental was among eight lenders bailed out by the nation’s central bank after a 2009 debt crisis caused in part by loans to speculators in equities. Akingbola, who was fired by Intercontinental and then sued after he moved to London, has been back in Nigeria since 2010 defending a criminal fraud case stemming from the bank’s failure.

Burton found Akingbola wrongfully caused the bank to ... http://public-announcement..com

Lord have mercy! Nigerians

Well done!!! This is a case of "He who fights and run away, lives to fight another day". Erastus, where to this time