In a judgment delivered Tuesday afternoon at the Royal Courts of Justice,London, Mr Justice Burton, ruled comprehensively in the Access bank’s favour in respect of all aspects of its claims against Dr Akingbola.
The Judge found that Dr Akingbola was liable to repay to Access Bank the followings sums :N145 billion in respect of the Unlawful Share Purchase Scheme;N16 billion in respect of the Tropics Payments Claim; and approximately £10.5 million in respect of the Fuglers Payments Claim.This makes a grand total of approximately of N164 billion or £654 million
The following highlights the findings by the Judge: During his cross-examination, Mr Akingbola told “obvious lies” that he did know that the Bank was buying its own shares. Dr Akingbola in fact devised and oversaw the implementation of the strategy to buy the Bank’s shares and thereby artificially increase its share price.
It wa revealed that shortly before he commenced the strategy to increase the Bank’s share price and in order to benefit from it, Dr Akingbola borrowed 9.3 billion Naira and used it to acquire a large quantity of the Bank’s shares for himself.
Also,the strategy to buy the Bank’s shares was a “substantial contributing factor to the collapse of the Bank”.At a time when the Bank was undergoing significant liquidity strain, Dr Akingbola misappropriated 16 billion Naira of the Bank’s money and paid it to the Tropics companies, which he and his family owned. The money was used to repay those companies’ debts to their bankers, which debts Mr Akingbola had guaranteed.
Dr Akingbola paid £8.5 million of the Bank’s money to his English solicitors in order that they could use the money to complete the purchase of luxury properties in London.
Financial experts said this judgment could not have been achieved without the diligence, perseverance and courage of the bank’s leadinvestigators and witnesses,(names with held) who doggedly stuck to their guns and left no stone unturned in order to find the “smoking gun” documents on which the bank’s case was built.