EFCC Shuts Down Ex Intercontinental Bank Boss Ikoyi Home

Lagos Jan 06, (THEWILL) – The Economic and Financial crimes Commission in Lagos on Tuesday sealed off the Ikoyi, Lagos residence of fugitive former managing director of Intercontinental Bank Plc, Mr. Erastus Akingbola.

The residence is located at 12, Ruxton Road, Ikoyi, Lagos.

The former managing director's other houses in Nigeria and the United Kingdom may also be sealed off this week.

The properties are:
1. 2, Bedwell Road, Ikoyi, Lagos
2. Amazing Grace Plaza, 2-4E, Ligali Ayorinde Street, Victoria Island

3. A property on Milverton Road, Ikoyi, Lagos
4. 26, Chester Terrace, London, NW1 4ND
5. 8, Cannaught Street, London W2 2AH and
6. 65, Grove End Road, London, NW8 9NH
The EFCC successfully acquired a court order last week to freeze assets belonging to Akingbola who has since being charged for various financial crimes. The 28-count charge against Akingbola borders on money laundering and other economic crimes amounting to N346 billion naira.

Some of the assets include: units in Regal Towers, Dubai, Properties in Accra, shares held in listed companies in Nigeria including, but not limited to, Intercontinental Bank Plc, Access Bank, shares held in other companies in Nigeria including, but not limited to Tropics Securities Limited, Tropics Property Limited, Tropics Holdings Limited, Summit Finance Company Limited, Tropics Finance & Investments Company Limited, Yankuri Nigeria Limited, Regal Investment Nigeria Limited and Bankinson Nigeria Limited.

It will be recalled that Intercontinental Bank PLC had obtained a similar injunction from the High Court of Justice, Queen's Bench Division, Commercial Court, London on December 24, last year, freezing Akingbola's assets up to the tune of British pound sterling 10,500,00.00.

That prohibition included the following assets in particular: British pound sterling 8,540,134.58 and 1,300,000.00 which were transferred to Fuglers Solicitors, any money held in an account of Fuglers Solicitors, the property on 26, Chester Terrace, London, NW1 4NB, the property on 65, Grove End Road, London, NW8 9NH and the property on 8, Connaught Street, London, W2 2AHEND.

Also a High Court of England had on December 23, last year granted Intercontinental Bank a worldwide mareva (restraining order) injunction over the assets of the former bank chief put at over £10 million.

Erastus Akingbola fled after his sack as managing director of Intercontinental Bank Plc.