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Court overrules EFCC over Akingbola’s seized property


LAGOS – A Federal High Court sitting in Lagos, yesterday, counselled Economic and Financial Crimes Commission, EFCC, to seek the court’s directives on the management of attached  property of the former managing director of Intercontinental Bank Plc (now Access Bank), Dr. Erastus Akingbola, pending when sthe charges against him (Akingbola) would be disposed of.

Trial judge, Justice  Binta Murtala-Nyako, gave the advice during hearing in a suit by Akingbola  against EFCC Chairman, Mr. Ibrahim Lamorde and one E.L. Etudo  over moves by the commission to continue to deny him access to some of his (Akingbola) property that were attached by the court in December 2009.

The court said the interim order of court made in December 2009 was for the attachment of the property and not forfeiture, adding that EFCC had no right to deal with seized property but should approach the court to appoint a receiver-manager, who is to collect the rents and put them in a dedicated account, pending the conclusion of Akingbola’s trial, one way or the other.

The court noted that EFCC should have done that immediately it secured the order attaching the property in 2009 and adjourned till June 26, for ruling on the matter.

Akingbola in the suit is contending that the attached property had not been forfeited to the Federal Government.


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