In a statement on the UK judgement, the media aide to former Intercontinental Bank chief, Erastus Akingbola, Charles Nwagwu, said: “We are disappointed with the judgment, which is at variance with all evidence at the hearing. Our lawyers have, therefore, been instructed to pursue an appeal of the judgment as well as consider all further legal options.

“May we also clarify that the judgment did not order Dr Akingbola to pay any sum of money as at today, contrary to claims in the media reports.

“This civil case in London is the fourth variant of the various cases in the Nigerian courts emanating from the forceful take-over and subsequent sharing of the assets of Intercontinental Bank and the ruthless suppression of any opposition.

“Dr Akingbola restates his innocence and is determined to clear his name. He remains confident that the judicial system will eventually vindicate him.”