I am disappointed with judgment of UK court; I am innocent – Akingbola Reviewed by Momizat on . Former Chief Executive Officer of defunct Intercontinental Bank Plc, Erastus Akingbola on Wednesday said that he is disappointed with the judgment of a UK court Former Chief Executive Officer of defunct Intercontinental Bank Plc, Erastus Akingbola on Wednesday said that he is disappointed with the judgment of a UK court Rating:
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I am disappointed with judgment of UK court; I am innocent – Akingbola

Former Chief Executive Officer of defunct Intercontinental Bank Plc, Erastus Akingbola on Wednesday said that he is disappointed with the judgment of a UK court which indicted him of corruptly enriching himself with the fund belonging to the bank he managed.

In a press statement signed by Charles Nwagwu, the media counsel to the embattled former bank chief, Mr Akingbola said that the Justice Michael Burton’s judgment “is at variance with all evidence at the hearing.”

He said that his lawyers “have been instructed to pursue an appeal of the judgment as well as consider all further legal options.”

The statement further said 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 takeover 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.”

A High Court in London found Mr Akingbola guilty of misappropriating the funds belonging to former Intercontinental bank (now Access Bank) and diverting the money for his personal use.

Delivering the judgement in a fraud lawsuit filed by Access Bank against Mr Akingbola, the presiding judge, Justice Burton ruled comprehensively in favour of the bank in respect of all aspects of its claims against the defendant.

Justice Burton said Mr Akingbola is responsible for directing the bank to buy its own shares at a loss of about N145 billion, siphoning money to companies controlled by him or his family and using Intercontinental bank’s funds to buy real estate in the U.K.

According to the judgment, Mr Akingbola wrongfully caused the bank to acquire 3.7 billion of its own shares between 2007 and 2009, and that he directed about 68 million pounds to a group of companies in which he had an interest in order to help them pay off “substantial debts.”

Intercontinental Bank one of eight lenders bailed out by the Central Bank of Nigeria (CBN) in 2009 after a debt crisis caused in part by loans to speculators in equities was later acquired by Access Bank.

The CBN had asked the U.K. to extradite Mr Akingbola after the bailout, though he later returned voluntarily to Nigeria in July 2010 to face the criminal case.

A trial in that matter is still ongoing.

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  • http://twitter.com/ikelionwu Arc Charles Amankwe

    you can’t get justice in England and you claim you didn’t get it too in Nigeria. maybe you should give up and do your term. am beginning to wonder if God’s judgement will be seen as justice by you.

  • http://twitter.com/ikelionwu Arc Charles Amankwe

    just do your term like the rest of em and become a freeman in six months. i doubt if even God can give you the kind of conditional justice you seek sir

  • http://www.facebook.com/abayomi.tolu.96 Abayomi Tolu

    if Erastu is disappointed with this judgement, i think its good to make him realise too that Nigerians are more disappointed with the bougth over judgement in Nigeria which today he might lay claim to as a basis for discrediting a sound judgement from the UK. Erastus, i think the best is to honor the path of the judgement and do accordingly, if there is any who advises you otherwise you should look into the case yourself, take a decision. remember, James Ibori had a better judgement from one abracadabra judge in Nigeria before the judgement from UK came, this of course vindicated the prosecution.

  • funshy40

    Time will tell oga Erastus.we go no who dey lie soon.

  • http://www.facebook.com/joyfavour.emmanuel Joy Favour Emmanuel

    MR Erastus plz save urself the headeche and serve ur 6months term, u shud count urself  lucky u had such  mid conditional term . sit down and think very well even in nigeria u will not go scornd free with dis no matter how much money u send in buying urself out ……. bcos in THE UK’s u don’t expect to get away freely with ur claims …..anyawy i wish u well with ur 6months term which i think is the best 4 u than bitting around the bush .

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