Akingbola Loses Case Against Access Bank in London Court-Read the full verdict

Click here  to download  :Full text of the London Verdict

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 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” he did know 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 .

It wa revealed shortly before he commenced the strategy to increase the Bank’s share 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 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 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.

Click here  to download  :Full text of the London Verdict

No tags for this post.