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UK Freezes Erastus Akinghola’s Assets Globally
A United Kingdom Court in London has ordered a temporary forfeiture of all assets, both identified and unidentified, belonging to the wanted former group managing director and chief executive officer of Intercontinental Bank Plc, Mr. Erastus Akingbola.
The order, known, as Mareva order, covers all assets traceable to him globally, including his investments, cash in bank accounts and property, among others.
It was granted on December 23, 2009.
The order is used to preserve assets in a situation where there are fears that the other party in a case may waste or dissipate the assets in contention.
It was gathered that the temporary forfeiture order was jointly sought by the Economic and Financial Crimes Commission (EFCC) and the new management of Intercontinental Bank, following a tip-off that he was in the process of moving £3.3 million about N858 million from Isle of Man, an Island in the Caribbean to London.
His total investment in the Island is said to be about N12 billion.
The Island is known in the banking world as the safe haven for bankers to hide slush funds.
Before the move by the commission, Akingbola was alleged to have moved a huge sum of money from his investment in the Island to purchase some property in London.
In the Mareva order, which is now in the possession of the anti-corruption agency, property allegedly bought by Akingbola during the initial cash movement reportedly included houses on numbers 17, 18, 19, 20 on Finchey Road, London, as well as the property located at 26, Chesire Terrace, London.
EFCC, which is set for the implementation of the order, was said to have moved in particular for the all-covering order to stop Akingbola from dissipating the assets, which the commission claimed were proceeds of crime.
The commission was said to have convinced the court to grant the global order after it was able to provide evidence that he had initially moved monies from the Island to buy property in London.
In the charge filed against him in a Federal High Court in Lagos by the commission, which is being used to push for his extradition, the property traced to him were described as proceeds of the alleged crime he committed with shareholders’ funds, while at the bank.
Commission’s spokesperson, Mr. Femi Baba-Femi could not be reached on his mobile phone for comments on the development.
Four top management staff of the bank arrested over another alleged N12 billion fraud involving Akingbola are still being detained on court order by the commission.
The affected top officers included Akin Fabunmi, Financial Controller; Toyin Odesilo, Head, Domestic Operations and Toyin Oyelade, Treasurer.
It was gathered that they allegedly removed N12 billion from the bank’s General Legal Account in November and gave some to Akingbola.
According to information from the commission, the affected bank top shots had in November moved N2 billion to a subsidiary of the bank {names withheld}, from where it was moved to a bureau de change where it was converted to Pounds Sterling and wired to Akingbola’s domiciliary account with the bank before it was finally wired to another account of his in the United Kingdom.
He was said to have successfully withdrawn the money before the commission was called into the alleged scam.
In the same month, another N10 billion was reportedly moved by the same people into the accounts of some companies owned by Akingbola domiciled with Access Bank Plc, before it was finally paid to Access Bank to defray the N10 billion debts Akingbola and his companies owed the bank.
Five non-executive directors of the bank were recently fingered in another alleged fresh N50 billion scam.
The money, which was said to have been shared among the five directors, was believed to be part of the missing N1 trillion in the sector.
It was gathered that while N1.2 billion was shared by the five former directors in March, 2008 as bonus, another N1.8 billion was shared among them in the same month.
The commission’s sustained investigation into the books of the troubled bank was said to have uncovered another fresh N31 billion allegedly laundered by Akingbola while at the helms of affairs in the bank.
In May 2009, the probe report stated that Akingbola allegedly used his own registered company, Tropics Properties Ltd, to launder over N13 billion investors’ funds.
The first payment made into Tropics account was N4.5 billion, the second being N4.4 billion, while the third was N4.06 billion.
News
Victory Over Insurgency Certain, Tinubu Assures
President Bola Tinubu has expressed confidence that the country would win the fight against insecurity.
The President gave the assurance at the Argungu International Fishing Festival in Argungu town, Kebbi State, on Saturday.
He noted that the relative peace currently being enjoyed in Kebbi and neighbouring states was the result of sustained investments in security intelligence, coordination among security agencies, and community engagement.
Tinubu assured farmers and fishermen of sustained federal support to guarantee food security and safety across the country.
“The peace we are witnessing today is not accidental. It is the outcome of deliberate and sustained efforts. I assure you that the fight against banditry, insurgency, and insecurity will be won.
“Our farmers, fishermen, traders, and families will go about their lawful activities without fear,” he assured.
The President commended the organisers of the festival for sustaining the cultural event for decades, noting that it had endured for 83 years despite social and security challenges.
Describing the Argungu festival as a powerful symbol of unity, resilience, and peaceful coexistence, Tinubu stated that it reflects the richness of the country’s culture and the opportunities to harness its natural and human resources for national growth.
He said, “Today, this festival stands as a powerful symbol of unity, resilience, and peaceful coexistence among our people.
“It reflects the richness of our culture, the strength of our traditions, and the opportunities inherent in harnessing our natural and human resources for national development.”
The President was received by a large crowd of residents, traditional rulers, fishermen, tourists, and government officials from across the country.
The President reaffirmed his administration’s commitment to youth and women empowerment, irrigation development, rural electrification, and agricultural productivity.
Earlier, the Kebbi State Governor, Nasir Idris, said his administration was determined to elevate the Argungu Fishing Festival to full international standards while pursuing aggressive development across critical sectors of the state.
News
US Embassy, Lagos Consulate Close Today For President’s Day
The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.
The mission made this known in a notice shared on its official X page, yesterday.
“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.
According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.
The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.
In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.
Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.
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Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role
United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.
Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.
The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.
Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.
“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.
The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.
Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.
The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.
In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.
“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.
Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.
He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.
Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.
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