Access Bank Plc has confirmed the sales of some properties belonging to former Managing Director of the defunct Intercontinental Bank Plc, Erastus Akingbola, in there bid to recover the sum of N164 billion which he owes.
Access bank, which acquired Intercontinental Bank in 2012, received the authority to sell the assets after a London High Court granted a judgment in its favour in July 2012.
The Grand Court of the Cayman Islands, in a September 4, 2014 judgment, also ordered Akingbola to pay the bank the sums of N238, 471,484,162 and £1,800,000.
The bank officials stated "that it had already recovered a sum of £11 million (N3,076,114,750.50) from the sale of properties in Embassy Court, London".
Access bank, which acquired Intercontinental Bank in 2012, received the authority to sell the assets after a London High Court granted a judgment in its favour in July 2012.
The Grand Court of the Cayman Islands, in a September 4, 2014 judgment, also ordered Akingbola to pay the bank the sums of N238, 471,484,162 and £1,800,000.
The bank officials stated "that it had already recovered a sum of £11 million (N3,076,114,750.50) from the sale of properties in Embassy Court, London".
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