A Grant Court in Cayman Islands has ordered a forfeiture of N238. 4 billion and £1.8 million to Access Bank Plc as enforcement of judgement debts.
The Court directed former Managing Director of the defunct Intercontinental Bank Plc, Dr Erastus Akingbola, to forfeit the sum to Access Bank in the litigation over asset ownership in the British Courts.
The Cayman Islands are a British Overseas Territory in the western Caribbean Sea.
Earlier, in a default judgement given by the judge on September 12, 2014, Justice Andrew Jones had ordered that the forfeited funds should carry an interest rate at 2. 5% per annum from April 2014.
Access Bank filed an application to the Grant Court seeking to convert the London judgement to a Cayman Island judgement when it discovered that Akingbola had some assets hidden under a trust in Cayman Islands (known as 2 Cambridge Court).
But the court said it arrived at the decision because Akingbola gave no notice to defend himself prior to the plaintiff’s application.
It said the order would be properly sent to the defendant’s address or his lawyer, Wole Olanipekun, in Nigeria.
Penultimate week, a Lagos Federal High Court dismissed the London verdict against Akingbola which ordered him to forfeit N164 billion to Access Bank.