LONDON – A UNITED Kingdom High Court has ordered the former CEO of Intercontinental Bank, Dr. Erastus Akingbola, to forfeit nearly seventy-five million British pounds to the bank.

Akingbola was arrested in 2010 after he returned from the UK, to which he had fled when he got wind of moves by the Economic and Financial Crimes Commission to prosecute him alongside other bank executives who were accused of defrauding the bank.

According to the UK court judgment obtained by an online publication, SaharaReporters, dated March 24, 2011, he will forfeit sums of £8,540,134.58, £68m and £1.3m to Intercontinental Bank.

The bank had approached the UK court after it successfully obtained a freezing order against huge sums of monies paid into various shell companies set up by Mr. Akingbola in the Cayman Islands and in which members of his family were beneficiaries.

When contacted, Akingbola said it was not true.  The  payments saw Akingbola allegedly transferring huge sums of money from Intercontinental bank in 2009. The payments, known as “1st Fuglers Payments”, “Tropics Payments” and “2nd Fuglers Payments”, together led to the transfer of £80million