We’ll sell Akingbola’s property to recover stolen money - CBN gov •I’m disappoin

8 years ago by: AYORINDE MAYOWA
-- (m) at 2-08-2012 03:20PM

(826 | Upcoming)

THE Central Bank of Nigeria (CBN) governor, Mallam Lamido Sanusi, has said the properties of the erstwhile Managing Director of the defunct Intercontinental Bank Plc, Mr Erastus Akingbola, would be sold if he fails to refund the sum of N164 billion he allegedly stole.

Sanusi, who disclosed this in London, on the sidelines of the Nigeria Business and Investment Summit,  on Wednesday, in his reaction to the ruling by a London court on Tuesday, affirmed that the properties would be sold to recover the money.

“We have a ruling for N164 billion against Akingbola. This means that we can sell all the assets he has in the world until we recover the money. So if he doesn’t have that funds to be refunded, we will sell everything he has to get that,” Sanusi said.

In a ruling delivered in London in the case against Akingbola on Tuesday, Mr Justice Burton ordered the ex-Intercontinental bank chief to refund the sum of N164 billion, being proceeds of unlawful share purchase scheme and fund misappropriation, which was converted into personal use.

The court held that Akingbola devised and oversaw the implementation of the strategy to buy the bank’s shares and told lies that he did not know that the bank was buying its own shares.

Besides, it was discovered that shortly before the implementation of the strategy to increase the bank’s share price with the intent of benefitting from the scheme, Akingbola had borrowed N9.3 billion to purchase a large quantity of the bank’s shares for himself.

The court also held that the illegal share purchase scheme substantially contributed to the collapse of the erstwhile Intercontinental Bank Plc.

Commenting further on the court’s ruling, Sanusi said the verdict would send signals to other bank chief executives that depositors’ funds should not be tampered with.

Reacting to the judgment of the London court, Akingbola, on Wednesday, said he was disappointed with the judgment 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 for the embattled former bank chief, Akingbola said the Justice Michael Burton’s judgment was “at variance with all evidence at the hearing.”

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

The statement further said “the judgment did not order 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.”

-- ajanni (m) at 2-08-2012 04:07PM
(95320 | Grande Master)

chei ----- every days for the thief na , but on day -------------