Intercontinental Bank Plc, one of the banks bailed out by the Central Bank of Nigeria (CBN) last year, has won a United Kingdom court order freezing 83 million pounds ($126 million) in assets held by its former chief executive officer, Mr. Erastus Akingbola.

The bank won the global freeze early this year in a lawsuit accusing Akingbola of using the bank's money to help buy apartments in London and enrich entities he controlled. The bank yesterday won permission from a judge to add new claims to the case, alleging that Akingbola wrongfully directed the lender to buy its own shares, resulting in a loss.

The money was "misappropriated by the defendant and is due to the claimant," the bank said in court papers. Akingbola used the money in "breach of fiduciary duty."

The CBN said the country had asked the UK to extradite Akingbola so that he could face charges, which include mismanagement of Intercontinental.

Companies outside Britain frequently use London courts to secure global freezes, including Glitnir Bank hf's freeze this year on assets of former Baugur Group hf Chairman Jon Asgeir Johannesson.

Akingbola's lawyer, Ed Crosse of Osborne Clarke in London, declined to comment. Akingbola's defence papers, filed March 19, say the alleged transactions were either valid or were mischaracterised in the lawsuit.

"Those claims are false, and have been made by the bank without any sincere belief that they are true," Akingbola said in the filing.

The bank's lawyer, Segun Osuntokun of Berwin Leighton Paisner LLP in London, declined to comment.

Akingbola served as the bank's managing director from 1989 until August 2009, when he was fired by the apex bank under the leadership of Malam Sanusi Lamido Sanusi. He was among leaders of Nigeria's commercial banks that were forced out by the central bank after the lenders gave out non-performing loans totalling 700 billion naira ($4.65 billion).

The UK Home Office didn't immediately have a comment yesterday on Nigeria's request. Akingbola has been living in the UK since last year.

It could be recalled that Akingbola was charged with a 28-count charge for offences of financial misappropriation, money laundering, financial malpractices, corrupt practices and other related offences at the Federal High Court, Lagos.

In a letter of request for the extradition of Akingbola, the Attorney-General of the Federation (AGF) explained, "The request for the extradition is made pursuant to the Extradition Act (Designation of Part 2 Territories) Order 2003 (SI2003 No.3334) of the United Kingdom". The purpose of the request, the AGF explained, was for the extradition to Nigeria of Akingbola for him to stand trial for the offences for which he is charged.

The request was supported with an affidavit deposed to by Ibeakaku Nkechi Rita, a deputy Superintendent of the EFCC and a certification signed by Ahmed T. Almakura, Senior State Counsel of the Federal Ministry of Justice.