Nigeria's Access Bank ex-executive to pay $932 million damages
August 2 , 2012
A London high court has ordered an ex-executive of Nigeria's Access Bank to pay $932 million to the bank.
Erastus Akingbola, a former managing director of Intercontinental Bank that was taken over by Access last year, was ordered to pay the amount after being found guilty of illegal share dealing.
The Nigerian central bank bailed out Intercontinental in 2009.
The judge ruled Akingbola's dealings had contributed to the bank's collapse. Akingbola denied any wrongdoing.
The case was heard in London as the defendant was living in the city at the time the proceedings were issued.