Akingbola To Forfeit N626bn, 8 Houses, Others – EFCC

The Mareva order granted against the wanted former Group Managing Director of Intercontinental Bank Plc, Mr. Erastus Akingbola, would see him forfeiting, temporarily, to the Federal Government, about N626 billion, eight houses, nine companies and 12 bank accounts.

This is even as the Economic and Financial Crimes Commission (EFCC) again sealed off his property at 2, Bedwell Road Ikoyi, Lagos on Wednesday.

Commission’s spokesperson, Mr. Femi Babafemi, confirmed the sealing off of the property.

The Mareva order issued by a London court and a federal high court sitting in Lagos covered all his properties worldwide.

All the items listed by the commission were covered by the order.

His property at 12, Ruxcon Road, Ikoyi, Lagos was sealed off on Tuesday which signaled the commencement of the execution of the Mareva order.

In the Mareva sum contained in the order, N346 billion was listed in local currency while 1,085,575 British pounds was also listed as alleged proceeds of crime.

The order restrained Akingbola and members of his family from coming in contact with the said property until it is lifted.

In the schedule 11 of the order, assets listed included, property at Milverton Road, Ikoyi, 26, Chester Terrace London, 8 Connaugh Street, London, 65 Gove-End Road, London, Amazing Grace Plaza, Ligali Ayorinde Street, Victoria Island among others.

Companies listed in the order included Tropics Securities, Tropics Property, Tropics Holdings, Summit Finance Company, Tropics Finance and Investment Company, Yankuri Nigeria Ltd, Regal Investment, Bankinson Nigerian Ltd and Associated Discount House Ltd among others.

Some of the bank accounts included accounts with numbers 0001200000029420, 0001210000005334, 0111-001-000352735 and 0111-001000- 352745 domiciled with Intercontinental Bank.

Fifteen cars and five dogs were found on the property sealed off on Tuesday.

In the property listed in his name in the court order, he is said to own 10 properties in Ikoyi ansd Victoria Island, Lagos alone.

The commission’s guards now watch over the seized property.

It was also gathered that the commission’s chairman, Mrs Farida Waziri had written to all banks where Akingbola has accounts for the transfer of same to the government.

Other banks where he has accounts included Access Bank, Zenith Bank, Skye Bank, Fidelity Bank and Intercontinental U.K.

Security agencies abroad where Akingbola has properties and bank accounts, had also been contacted for the same measure of treatment for the former banker.

While the Lagos order was granted on the last day of 2009, the London court had granted its, on 23rd December, 2009.

Some of the assets to also be frozen were Nos 17, 18, 19, 20 on Finchey Road, London as well as the property located at 26, Chesire Terrace, London.

Properties said to have been owned by him in Accra, Ghana and Dubai, United Arab Emirates, were also listed for forfeiture.

The Group Managing Director/Chief Executive Officer, Oceanic Bank, Mr. John Aboh, has said the bank concluded staff rationalisation exercise December last year, stressing that it has no plan to sack any of his workers in the new year.

Speaking against the backdrop of insinuations that the bank had carried out fresh disengagement of staff, Aboh explained that it was unfounded and a premeditated attempt by people to derail the consistent progress being recorded by the bank.

According to him, last year rationalisation was to drive operational efficiency in the organisation, noting that it had become imperative to alert customers and shareholders on true situation.

“I urge our esteemed customers, shareholders, and the entire banking public to disregard such reports. Oceanic Bank is making steady progress with its recovery efforts and the trends before us show promising prospects and enhanced value creation for all stakeholders.”

The Oceanic Bank boss explained that prior to the bank’s staff rationalisation exercise, the bank was expending over N4 billion monthly on salaries and wages to a workforce of over 20,000 people.

“We had to implement the painful process of staff rationlisation to streamline the workforce along the line of the current business realities otherwise we will be deploying depositors’ funds to sustain the bloated workforce. The vision we have is to grow the business to ensure consistent value creation for our customers and shareholders.”