6.6 C
New York
Friday, March 29, 2024

FG Court Remands A Briton, Two Others Over N15 Billion Bank Fraud

Must read

A Briton, two Nigerians and their firms were yesterday docked before the Federal High Court sitting in Lagos over alleged N15 billion bank fraud.

The accused persons, Gareth Wilcox, Prince Johnson Adeyeba, Uche Uwechia and their firms, Ibom Power Company as well as Lyk Engineering Company Limited were arraigned by the Special Fraud Unit (SFU) of the Nigeria Police  on behalf of the Federal Government and the Nigeria Deposit Insurance Commission (NDIC) before Justice Mohammed Yunusa.

SFU slammed the accused with a 21-count amended charge bordering on fraud, appropriating various sums of money from the defunct Gulf Bank to the use of Ibom Power Company and Lyk Engineering Limited, bridging loan facilities and taking overdraft facilities without due process among others.

Count one of the charge read:

“ That you Prince Johnson Adekunle Adeyeba, former director/majority shareholder of defunct Gulf Bank Plc, Ibom Power Company Limited and Gareth Mervyn Wilcox, MD of Ibom Power Company and former MD of Lyk Engineering, with other principal staff members of the defunct Gulf Bank Plc, Ibom Power Company and Lyk Engineering, now at large on or about April 1, 2001 in Lagos while operating in the above capacities in the defunct bank and the said companies; with intent to defraud, converted/appropriated the sum of N450 million only, property of the defunct bank to use of Ibom Power Company as a loan facility without appropriate and due accounting documentation in the records of the bank and thereby committed an offence punishable under Section 390 of the Criminal Code Cap A6, Laws of the Federation of Nigeria, 2006.”

When the charge was read, the accused persons pleaded not guilty. Counsel to the second and third accused, Munirudeen Liadi applied for their bail.

However, Justice Yunusa ordered that the accused persons be remanded in SFU custody pending argument on the bail application and adjourned the matter to Friday December 27 for hearing of the bail application.

Read More

More articles

- Advertisement -The Fast Track to Earning Income as a Publisher
- Advertisement -The Fast Track to Earning Income as a Publisher
- Advertisement -Top 20 Blogs Lifestyle

Latest article