A London High Court has found Dr. Erastus Akingbola, the erstwhile Managing Director of Intercontinental Bank Plc liable of unwholesome practices and misappropriation of the bank’s funds to the tune of N164 billion.

The court described the purchase of “shares in a box” as an insider dealing which is not an accepted best practice in civilized business dealing.

However a source close to Dr. Akingbola’s legal team in London, Peter and Peters law firm said they plan to appeal the judgment as all the needed documentation for the appeal were being assembled in London.

But one of Dr. Akingbola’s aide told Vanguard that they were not aware of the judgment and are waiting to be briefed. He said by the time they receive briefing from Akingbola’s lawyers in London they will respond appropriately.

We ‘ll appeal judgment— Akingbola’s aide

Dr. Erastus Akingbola has been involved in the civil litigation since his removal by the Central Bank Governor Sanusi Lamido Sanusi on August 14, 2009 and his subsequent flight to safety in London.

Explaining the matter came before him in London, Justice Burton said: “The litigation began in this country, not only because the Fuglers Claims related to (and led to injunctive relief in respect of) property in the UK, but primarily because the defendant left Nigeria and was, at the time of service of these proceedings, resident in London.

The proceedings began in respect of the Fuglers claims only on December 23, 2009, when an initial freezing order was made by Nicol J, increased by Blair J on January 25, 2010 to include the Tropics payments claim and continued until judgment or further order by Christopher Clarke J on February 12, 2010. The particulars of claim were amended to add the unlawful share purchase claim in July 2010.

“This case came on for trial on April 23, 2012, and the claimant has been represented, as it was before me in the summary judgment application, by Mr Simon Browne-Wilkinson QC and Mr Adam Zellick, instructed by Messrs Berwin Leighton Paisner LLP.

The defendant, although still instructing the same solicitors, Messrs Peters & Peters Solicitors LLP, has been represented for some time and for the purposes of this hearing by Mr Paul Chaisty QC. The hearing lasted for 26 days, concluding on June 1, 2012, subject only to the subsequent delivery of some short additional supplementary submissions/references.

After considerable discussion and with the agreement of parties, the course was taken whereby opening submissions by both counsel and the evidence for the claimant were given in the Commercial Court in London in the normal way, with a video link so that the defendant in Nigeria, with his Nigerian lawyers, could listen to and watch the hearing in London, with a contemporaneous transcript in addition.

At the close of the claimant’s case, the counsel and solicitors for both parties flew to Nigeria, and the evidence of the defendant and his witnesses was given in Nigeria, where counsel for both parties examined, cross-examined and re-examined them.

“I sat in London with the benefit of the same video conferencing facilities and contemporaneous transcript. Although the equipment broke down occasionally, and there was a small time-lag which inevitably meant that I would find myself speaking over counsel or the witness, and/or counsel or the witness would speak over me.

In a ruling delivered in London yesterday in the case against Dr Erastus Akingbola, Mr. Justice Burton ordered Mr. Erastus Akingbola to refund N164 billion being proceeds of “unlawful share purchase scheme” and fund misappropriation and converted into personal use while at the helm of affairs as Managing Director of former Intercontinental Bank Plc. The Court held that Dr. Akingbola devised and oversaw the implementation of the strategy to buy the bank’s shares.

Court alleges Akingbola lies under cross-examination

The court found under cross examination that Mr. Erastus Akingbola told obvious lies that he did not know that the bank was buying its own shares.

It was discovered that shortly before the implementation of the strategy to increase the bank’s share price with the intent of benefiting from the unethical and illegal scheme. Dr. Akingbola had borrowed a whooping sum of N9.3 billion to purchase a large quantity of the bank’s shares for himself.

The court held that the illegal share purchase scheme substantially contributed to the collapse of the erstwhile Intercontinental Bank Plc.

Further investigation by the court revealed that at a time the bank was undergoing significant liquidity strain, Dr. Erastus Akingbola misappropriated N16 billion which was paid to Tropics Companies, a business owned by his family to repay debts owed by the companies personally guaranteed by Dr. Akingbola.

Dr. Akingbola was found to have misappropriated another £8.5million which was paid to his English solicitors to complete the purchase of luxury properties in London in his name.

This judgment confirms with the findings of the Central Bank of Nigeria on some of the illegalities un-ravelled in the bank following the CBN special audit which led to the removal of some banks chief executives, including Dr. Erastus Akingbola.

http://www.vanguardngr.com/2012/08/uk-court-finds-akingbola-guilty-of-misappropriation-of-fund/

Hmm. Who is witch-hunting this guy again?

Okija_juju: And the UK does it again!!

Maybe we should start trying all our cases abroad.. They seem to work better..

hmmm

la furia: Hmm. Who is witch-hunting this guy again?

"Witch-hunting" ke !. There's no way he could have amassed over $2 billion as personal wealth from his salary alone. Even with legal investments he did, he could not be worth that much. Who and what was he before Intercontinental bank ?.
EFCC should hurry up and recover investors money he stole. The man is a thief.

Chai!!!!!!!! Ds man wicked oO! Se aow him dey embezle ego

la furia: Hmm. Who is witch-hunting this guy again?

And you know he's being witch-hunted, how?

Somebody shout Hallelujah! I'm sure their Papa Adeboye must be very proud of him. Akingbola is as 'redeemed' as any pastor I can think of.

UK again. Maybe we should outsource our legal system to the UK, since they seem to be more effective.

that erastus of a man should flog before sending him to jail

maybe we should start importing judges from the uk to judge our corruption cases.

la furia: Hmm. Who is witch-hunting this guy again?

GEJ now, who else? Even me, the guy is witch-hunting me.

Okija_juju:


My point exactly!!

Its seems like all the legal system in Nigeria is interested in doing is producing Yoruba SANs and prosecuting small cases.

Here we go again!

afam4eva:
And you know he's being witch-hunted, how?

Lol. He was being sarcastic. Remember how people claimed Sanusi was after him, which was the 'reason' he was ousted, e.t.c.

If Akingbola, Ibru & co were not booted out at that time, i'm almost sure these banks would have outrightly collapsed and several depositors (who were calling for Sanusi's head) will probably still be crying to the NDIC for help, whilst blaming the CBN for failing to rescue them before the rogue MDs ran the bank aground.

Festus Akingbola knows that he is not clean and should face the music. Nigeria judicial system is a mockery of any legal system in the world. Only civilized countries like UK, China, USA and some Asian countries that people like Akingbola and others like him can be convicted.

Nigerian lawyers, except few lawyers like, Late Gani, Femi Falana and other of their likes that cannot be compromised.

They are after money. Akingbola is going down. Extradict him to the UK.

Festus Akingbola knows that he is not clean and should face the music. Nigeria judicial system is a mockery of any legal system in the world. Only civilized countries like UK, China, USA and some Asian countries that people like Akingbola and others like him can be convicted.

Nigerian lawyers, except few lawyers like, Late Gani, Femi Falana and few others like them that cannot be compromised.

They are after money. Akingbola is going down. He should be extradited to the UK.

Okija_juju:


My point exactly!!

Its seems like all the legal system in Nigeria is interested in doing is producing Yoruba SANs and prosecuting small cases.

dude must u always go tribal....*sigh

Pls wen is d UK Parliament going to impeach GEJ for us? *sarcasm*

Since it is obviously becoming impossible for EFCC to effectively prosecute anybody in this country despite the high level of corruption in the country, I am of the opinion that, all cases presently being handled by EFCC be transferred to UK for effective prosecution. Please what are your views?

Ojuju Calabar: Since it is obviously becoming impossible for EFCC to effectively prosecute anybody in this country despite the high level of corruption in the country, I am of the opinion that, all cases presently being handled by EFCC be transferred to UK for effective prosecution. Please what are your views?

Extremely correct.All cases with EFCC and even the police should be transferred to UK. After all, they colonized us.

pro01: Somebody shout Hallelujah! I'm sure their Papa Adeboye must be very proud of him. Akingbola is as 'redeemed' as any pastor I can think of.

Did Papa G.O ask him to go steal? The man teaches, what u do with his teachings is ur choice.

you people dont really what this people do. they collect people's money and convert it to personal use and at the end of the day turn the people's money to tissue paper.
similar thing i am experienceing with tetrazini foods ltd my money has been with them for almost 5yrs now without any return. infact they dont want to refund the money again.
for this, i will never uy shares where i will not be a director, same to anyone who want to invest in other peoples investment

Okija_juju:

My point exactly!!

Its seems like all the legal system in Nigeria is interested in doing is producing Yoruba SANs and prosecuting small cases.

I'm with you, except for the Yoruba part... Lol.

But seriously, what do you call a country where two brothers who stole N39,000 are sentenced to death by hanging while oil subsidy thieves are walking free? A very sick one indeed.

THIS IS A NATIONAL DILEMA! Why is it never possible for the security outfits and judicial system of Nigeria to bring the biggest thieves of public funds to justice. The population must rise to demand an answer from the chief justice of Nigeria and from the person of the President of this country. If they cannot justify the expenses of their offices, they have no reason to occupy their seats. What is the purpose of the Nigerian judiciary?? What is the purpose of the Presidency as the chief welfare office?? What is the purpose of this government?? IS THIS NOT REALLY A FAILED STATE?? We call on all elites of good conscience to urgently demand a change!! THE PEOPLE MUST BE MOBILIZED TO OCCUPY CRITICAL NATIONAL OFFICIES AND FREE THE NATION FROM THE BONDAGE OF AN INEPT LEADERSHIP.

HNosegbe:

I'm with you, except for the Yoruba part... Lol.

But seriously, what do you call a country where two brothers who stole N39,000 are sentenced to death by hanging while oil subsidy thieves are walking free? A very sick one indeed.

What are all those SANs doing?!! Defending the Criminals... Finish!!

Call to Bar every year.. Yet no criminal goes to Jail..

Nigerian Lawyers appear so inefficient that it baffles me..

Like you said, lets out source or Judiciary.. Many young UK lawyers would use us to get a reputation.. A small time District Attorney in the US would use Nigerian Politicians to build a reputation.. I still wonder what exactly the Attorney General of the Federation does for a living..

Thats the system.. Dude, the only courts that are still prosecuting criminals are the Magistrate courts.. When once your case enter High Court, na money kill am..

Pastor indeed.Again the Brits to our rescue,shame to our judicial system if there is any!

Do you guys know how many industries and jobs that amount can generate? Do we know how many Akingbola's we have in Nigeria.

This is only but one thief from the business class, by the time we add up the criminals from the political class plus those from the civil service; we will understand why our people are dying without jobs and basic necessities of life.

He did not only stole the amount, he sent it out of Nigeria's economy.

Guys we need to spill thousand of blood for this country to work. I know there are thousands Akingbola's out there, starting from the IBB's, ADDUSALAM's, Atiku's, Tinubu's, the mini ex and present governors, the so called "captains of industries";

THIS LAND STINKS !

Come, Come, Come; Messiah Come,
Messiah Come, come ooooooh, Come, Come, Come
Messiah aaaah, Come; come ooohhh
Come, Come, Come.

Kockane:
GEJ now, who else? Even me, the guy is witch-hunting me.

Kockane:
GEJ now, who else? Even me, the guy is witch-hunting me.

Find Out!:


Lol. He was being sarcastic. Remember how people claimed Sanusi was after him, which was the 'reason' he was ousted, e.t.c.

If Akingbola, Ibru & co were not booted out at that time, i'm almost sure these banks would have outrightly collapsed and several depositors (who were calling for Sanusi's head) will probably still be crying to the NDIC for help, whilst blaming the CBN for failing to rescue them before the rogue MDs ran the bank aground.

My brother, it is very sad, when you read comments from supposedly educated youth/fellas and they are pouring out very ridiculous, bias comments, that lacks all elements of objectivity, men one feels like weeping. Akingbola has no business walking free on the streets of Nigeria; He should be cooling his heels in jail like Madoff.Because of his greed, many Businesses have collapsed, Many people have lost their jobs, many more have lost their wealth (shares) and died of shock.

our judges should wake up from there slumber or better still, we should start importing judges from UK.