Businessman in prison over alleged N171.2m fraud
Tue Mar 15, 2016 12:31:pm Gist
2.6K By sosa hills
Justice Raliat Adebiyi of the Lagos High Court, Igbosere on Monday remanded one Femi Ogunlowo to prison for allegedly defrauding a Swiss company of $859, 940, equivalent of N171. 2million.
Ogunlowo was arraigned alongside five companies, Forston Construction Ltd, Cheslinks Power System Ltd, Cheslinks Concept Investment Ltd, De Beauvior Integrated Ltd and Crestcom Educational Development Ltd.
They are standing trial on a 10-count charge bordering on conspiracy, stealing, fraud and retaining of stolen property.
The EFCC Prosecutor, Mr Rotimi Oyedipo, told the court that the accused committed the alleged offences between January 5 and 29, 2015 in Lagos.
According to Oyedipo, the accused conspired and obtained $859, 940, from one Uralkali Trading SA of Geneva Switzerland through false pretence.
"Sometimes in January 2015, the accused under false pretence and with intent to defraud, induced the above company to deliver the said money to them.
"The accused with a dishonest intent converted the said money to their use", Oyedipo alleged.
The EFCC prosecutor also alleged that between January 5 and 29, 2015, the accused with a dishonest intent knowingly retained a stolen property.
He also alleged that on January 6 2015, the accused conducted a financial transaction which involved the proceeds of a specified unlawful activity to enable them disguise the source of the said money.
"The accused also retained the control of the proceeds of a financial crime which they knew was a result of a criminal conduct", the EFCC alleged.
Oyedipo also alleged that on October 4, 2014 in Lagos, the accused knowingly forged a document titled: Federal Republic of Nigeria National Driver's Licence No: YYY 13850AA" dated Feb 22, 2014.
Ogunlowo however denied all the charges.
The prosecutor urged the court to remand the accused to prison custody and for a short adjournment to enable him bring his witnesses.
Justice Raliat Adebiyi, however, remanded Ogunlowo in Ikoyi prison and adjourned the case till March 17, for hearing of the bail application and April 18, 19, 25 and 28, for commencement of trial.
Ogunlowo was arraigned alongside five companies, Forston Construction Ltd, Cheslinks Power System Ltd, Cheslinks Concept Investment Ltd, De Beauvior Integrated Ltd and Crestcom Educational Development Ltd.
They are standing trial on a 10-count charge bordering on conspiracy, stealing, fraud and retaining of stolen property.
The EFCC Prosecutor, Mr Rotimi Oyedipo, told the court that the accused committed the alleged offences between January 5 and 29, 2015 in Lagos.
According to Oyedipo, the accused conspired and obtained $859, 940, from one Uralkali Trading SA of Geneva Switzerland through false pretence.
"Sometimes in January 2015, the accused under false pretence and with intent to defraud, induced the above company to deliver the said money to them.
"The accused with a dishonest intent converted the said money to their use", Oyedipo alleged.
The EFCC prosecutor also alleged that between January 5 and 29, 2015, the accused with a dishonest intent knowingly retained a stolen property.
He also alleged that on January 6 2015, the accused conducted a financial transaction which involved the proceeds of a specified unlawful activity to enable them disguise the source of the said money.
"The accused also retained the control of the proceeds of a financial crime which they knew was a result of a criminal conduct", the EFCC alleged.
Oyedipo also alleged that on October 4, 2014 in Lagos, the accused knowingly forged a document titled: Federal Republic of Nigeria National Driver's Licence No: YYY 13850AA" dated Feb 22, 2014.
Ogunlowo however denied all the charges.
The prosecutor urged the court to remand the accused to prison custody and for a short adjournment to enable him bring his witnesses.
Justice Raliat Adebiyi, however, remanded Ogunlowo in Ikoyi prison and adjourned the case till March 17, for hearing of the bail application and April 18, 19, 25 and 28, for commencement of trial.
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