EFCC arraigns Stanbic IBTC manager, one other for alleged N24m fraud

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Saturday, May 18,2019

 

The Economic and Financial Crimes Commission, EFCC, Lagos Zonal Office, has, arraigned one Olamide Salvador and Richard Olusegun Olatunji, before Justice Sherifat Solebo of the Special Offence Court sitting in Ikeja, on a five-count charge bordering on stealing, forgery and conspiracy to the tune of N24, 183, 120.

The first defendant, Salvador, allegedly conspired with the second defendant, Olatunji, a manager in Stanbic IBTC, and some others now at large to defraud one Foster Ene of the said sum of money.

One of the counts reads, “that you, Olamide Salvador, trading under the name and style of Stringent Global Concept; Richard Olusegun Olatunji trading under the name and style as Richard Ventures, Tiwa Onoja (now at large) and Mary Osagie Abiodun (now at large) sometime in December 2016, in Lagos within the Ikeja Judicial Division, conspired to steal the sum of N18, 183, 120 only property of Foster Ene, being part of the money he paid to you to secure the United States Dollars and committed an offence contrary to Section 409 of the Criminal Code Law of Lagos State of Nigeria, 2011.”

Another count reads, “that you, Olamide Salvador, trading under the name and style of Stringent Global Concept, Tiwa Onoja (now at large) and Mary Osagie Abiodu (now at large) sometime in December 2016, in Lagos within the Ikeja Judicial Division, dishonestly converted to the use of Kenechukwu Okafor, the sum of N6, 000, 000. 00 property of Foster Ene, being part of the money he paid to you to secure the United States Dollars and committed an offence contrary to Section 278 (1) (b) and (2) (f) of the Criminal Code Law of Lagos State of Nigeria, 2011.”

The defendants pleaded not guilty to the charges preferred against them. In view of their plea, the prosecution counsel, G.C. Akaogu, asked for a trial date and prayed that the defendants be remanded in prison custody.

However, counsels to the defendants, I. T. Oyedepo and Abdulrahman Dirisu respectively informed the court of bail applications on behalf of their clients.

Oyedepo, counsel to Salvador, (first defendant) prayed the court to grant his client bail in liberal terms in an application dated March 8, 2019. Dirisu, counsel to Olatunji, (second defendant), also pleaded same for his client, pending the determination of the case.

Justice Solebo granted each of the defendants bail in the sum of N10, 000,000.00 (Ten Million Naira) and two sureties in like sum. The sureties must be resident in Lagos with proof of residence, proof of employment and tax payment in the past three years.

One of the two sureties for each of the defendants must also be a property owner in Lagos, which will be verified by the registrar of the court.

Justice Solebo, however, ordered the defendants to be remanded in prison custody pending the fulfilment of their bail conditions and adjourned the matter to April 29 and 30, 2019.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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