The Economic and Financial Crimes Commission (EFCC) yesterday sealed off the Ikoyi, Lagos home of former Chief Executive Officer of Intercontinental Bank, Mr. Erastus Akingbola.

Akingbola’s six other houses in Lagos and London may also be sealed off today.

The commission has ordered eight banks to freeze over N346.1billion in Akingbola’s accounts.

It, however, said it has limited Akingbola’s access to only N1.4million per month for living expenses and legal services.

EFCC chair, Mrs. Farida Waziri, ordered that 12, Ruxton Road, Ikoyi, Lagos, be sealed off yesterday.

A source said: "The EFCC chair took the action in line with a court order secured by the commission on December 31.

"We have so far taken possession of the residence in Ruxton. We will seal off other houses in Lagos and London on Wednesday (today) based on the Mutual Legal Assistance Treaty with the United Kingdom (UK)".

The six other houses to be sealed off today are: Property at Milverton Road Ikoyi; Amazing Grace Plaza, Ligali Ayorinde Street, Victoria Island, Lagos; No 2, Bedwell Road, Ikoyi (suspected to be owned directly or indirectly by Akingbola); 26, Chester Terrace, London, England NW1 4ND (suspected to be the residence of Akingbola); No 65, Gove-End Road, London (suspected to be owned by Akingbola) and No 8, Connaught Street, London W2 2AH-England.

EFCC spokesman Femi Babafemi confirmed the story.

He said: "Our operatives went to Akingbola’s house to implement the court order."

Findings revealed that Mrs. Waziri has also written eight banks to freeze Akingbola’s accounts.

A document obtained yesterday named the accounts and banks as: "Special, current, savings, deposit or domiciliary in the name of Akingbola (and parties bound by the order) in Intercontinental Bank Plc (including accounts with numbers -0001200000029420; 0001210000005334; 0111001000352735; 0111001000352745; Access; Zenith; Fidelity Bank-02740201003714; Skye; First Bank of Nigeria Plc(in the name of Bankinson Nigeria limited) Associated Discount House Limited; and Intercontinental Bank (UK) Limited.

"The Mareval sums include N346, 185, 841, 243.75billion being the (a) total amount comprising the 28-count charge against the said Akingbola in (FHC/L/CS/443c/09) less the sums in counts four and five thereof being the subject of a civil recovery action in England against the said Akingbola by Intercontinental Bank Plc and (b) other sums in Naira being proceeds of economic crimes for which the said Akingbola is to be charged.

"The amount of £1,085,515million being the total amount which prima-facie investigation evidence shows were proceeds of economic and financial crimes by the said Akingbola".

Apart from the accounts, Akingbola’s shares and equities in 11 companies were frozen.

The companies are: Intercontinental Capital Markets Limited; Tropics Securities Limited; Summit Finance Company Limited; Tropics Finance and Investments Company Limited; Octopus Securities Limited; Regal Investment Nigeria Limited; Chartwell Securities Limited; Intercontinental Registrars Limited; Intercontinental Securities Limited; Yankuri Nigeria Limited; and Associated Discount House Limited.

The order, granted by Justice T. Abubakar of the Federal High Court, Lagos reads in part: "That an order be issued as specified in the form of the Schedule to the EFCC Act 2009 directing the Managers or such persons in control of the financial institution in Schedule I to this application to freeze all the bank accounts held directly, indirectly by or for the benefit or on behalf of Dr. Erastus B.O. Akingbola within Nigeria being accounts recipients of proceeds of economic crimes by Dr. Erastus B.O. Akingbola pending conclusion of trial of the said Akingbola.

"It is ordered that all assets being proceeds of economic crimes, held directly, indirectly by or for the benefit or on behalf of Dr. Erastus B.O. Akingbola within Nigeria listed in Schedule II to this application be temporally attached pending the conclusion of trial of the said Akingbola.

"I grant order of Mareval Injunction pending trial of the said "Akingbola, restraining the said Akingbola, his wife, Dr. Anthonia Tolulope; his children, relatives, solicitors, servants, associates, trustees, agents, privies and companies from removing, alienating, disposing of or dealing with or diminishing the value of assets whether held directly or indirectly or for his benefit within the jurisdiction of this court up to the amount set out in Schedule II."

This means he was a Forbes billionaire though not rated and why cant the CBN just inject the funds into the bank and put it back on the path of profitability.

The guy had enough money to pay Intercontinental staff salaries for ten years, incredible. Are we really sure of these figures ?

OP source abeg .

Sorry about that.

Here's the source:

http://thenationonlineng.net/web2/articles/31444/1/EFCC-seals-off-Akingbolas-Lagos-home/Page1.html

dappssee (m)

This means he was a Forbes billionaire though not rated and why cant the CBN just inject the funds into the bank and put it back on the path of profitability.

@dappssee
The value being quoted here include the current value of all his assests (UK properties inclusive) and not just cash in bank accounts

@Ade: So what makes a Forbes billionaire? $ 1bn and besides N346bn is more than the provision made for toxic assets by the bank.

dappssee:

why cant the CBN just inject the funds into the bank and put it back on the path of profitability.

word

The same treatment should be applied to the other bank MD's and they should all be sent to the galloos for single handedly causing economic meltdown in nigeria

According to forbes Dangote is worth about $3bn, this guy was not too far off. And here i thought you couldn't become a billionaire working on salary.

Dangote was never worth $3bn. It was about $2.6bn or less.

Is this amount not almost equivalent to what Sanusi injected into the various ailing banks?

My God, this guy has outdone his counterparts in Abuja and the Niger Delta . We don't even know if this is all he has and He's already the richest man in Nigeria. . Just imagine if these guys had done their jobs practising sound corporate governance, we'd be boasting of Mega Banks
by now. Such a pity, we're not good people in this country.

my pastor