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Akingbola's N346 Billion Assets Frozen - Politics - Nairaland

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Akingbola's N346 Billion Assets Frozen by tessybanks: 1:06pm On Jan 06, 2010
While the Lagos order was granted on the last day of 2009, the London court had granted its, on December 23, 2009.

Some of the assets to also be frozen are Nos 17, 18, 19, 20 on Finchey Road, London, as well as the property located at 26, Chesire Terrace, London.

Properties said to have been owned by Akingbola in Accra, Ghana and Dubai, the United Arab Emirates, were also listed for forfeiture. Mareva sums listed in the order were N346 billion and 1,085,575 British pounds.

His shares in Intercontinental and Access Banks were also listed for forfeiture.

Same for his shares in companies linked to him which included Tropics Property, Regal Investment, Yankuri Nigeria Ltd, among others.

The Mareva order covers all assets traceable to him globally.

It is used to preserve assets in a situation where there are fears that the other party in a case may waste or dissipate the assets in contention.

It was gathered that the temporary forfeiture order was jointly sought by the EFCC and the new management of Intercontinental Bank, following a tip-off that he was in the process of moving 3.3 million pounds (about N858 million) from Isle of Man, an Island in the Caribbean to London.

His total investment in the Island is said to be about N12 billion.

The tiny Island, mostly known for banking investment, is said to be known in banking world as the safe haven for bankers to hide slush funds.

Before the move by the commission, which provided the information that led to the granting of the order, Akingbola was alleged to have moved a huge sum of money from his investment in the Island to purchase some property in London.

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