Delta govt, FG battle over Ibori’s $15m

ABUJA — The Delta State Government has gone before the Federal High Court sitting in Abuja to challenge moves by the Federal Government to claim the $15 million allegedly given to the Economic and Financial Crimes Commission, EFCC, by the jailed former Governor of the State, Chief James Ibori, who left ofice  in 2007.
The state, via an application by its Attorney General and Commissioner for Justice, Chief Charles Ajuyah, SAN, argued that the alleged money legitimately belongs to it, even as it urged the high court to issue an order, remitting the fund to the Delta State treasury.

It will be recalled that the Federal Government had on July 24, filed an ex-parte motion before the same court, wherein it sought to take possession of the money, which is equivalent of N150 million.

Exchange Notified of N164bn Judgment in Access Bank Plc V. Erastus Akingbola & Ors.

Access Bank Plc has notified The Exchange that pursuant to its acquisition and subsequent merger with former Intercontinental Bank Plc ("ICB"), Access Bank Plc (“Access Bank”) assumed all interests in litigation matters involving ICB. It is against this background that Access Bank assumed the claims instituted by ICB in 2011 against Dr. Erastus Akingbola and others, before Justice Burton of the United Kingdom High Court of Justice, Queens Bench Division Commercial Court. Yesterday 31st July 2012, Mr. Justice Burton gave his judgment comprehensively in favour of Access Bank Plc in respect of all its claims totaling 164 Billion Naira against the defendants.

Access Bank would therefore like to inform the public that following AMCON’s injection of capital into ICB (now part of Access Bank) pursuant to the Scheme of Arrangement approved by the Shareholders of the then ICB, and sanctioned by the Federal High Court, AMCON made good all the losses suffered by the then ICB under Dr. Erastus Akingbola’s management. It is by virtue of AMCON’s intervention that the then ICB’s huge negative net asset position was restored to zero.