The Economic and Financial Crimes Commission (EFCC) yesterday re-arraigned a former chairman of Wema Bank, Mohammed Olapade, at the Federal High Court, Lagos, for alleged N1.2 billion theft.
The EFCC docked Olapade before Justice Babs Kuewunmi, following the transfer out of Lagos jurisdiction of the former judge handling the matter.
Prosecution counsel Toyosi Kuteyi told the court that the case was for report of settlement but that talks had broken down and applied that the accused be re-arraigned to enable the case start de novo (anew).
Olapade, who was also the chairman of AKS Steel, was re-arraigned alongside the former managing director of AKS Steel Nigeria Limited, Tony Obinwa, and a director, Sanni Aliyu Mohammed.
Olapade, Obinwa and Aliyu are standing trial on a 32-count charge bordering on fraud, stealing and conversion of funds belonging to the firm.
They were first arraigned on May 8, last year.
Kuteyi stated that the accused and others at large committed the alleged offences between January 2006 and March 2009.
He alleged that they fraudulently obtained over N1.2 billion belonging to AKS Steel through some banks and transferred same to Dubai in the United Arab Emirates (UAE) and India.
The funds, he added, were transferred without the company’s board resolution, using another firm identified as 3 Brothers Concept Nigeria Ltd.
According to him, the banks involved were Diamond Bank, United Bank for Africa (UBA), Spring Bank (now Enterprise Bank), Ecobank, Unity Bank, Intercontinental Bank (now Access Bank) and Equatorial Trust Bank (now Sterling Bank).
The prosecutor further alleged that the accused forged various documents and submitted same at the Corporate Affairs Commission (CAC) for it to be acted upon as genuine.
In one instance, Kuteyi said they forged a board resolution of the company, dated October 31, 2005 and filed same at the CAC on January 17, 2006.
In that resolution, they were accused of unilaterally increasing AKS Alloy PVT Ltd shares by 3.3 million and reducing the status of Shinning Star from majority to minority shareholder in the joint venture company of AKS Steel Nigeria Ltd.
But there was no board meeting where such decision was made.
Olapade was also accused of fraudulently converting another $500, 000 to his use.
After the re-arraignment, Oladipopo Yeye, counsel to the first and second accused persons and Kunle Ayorinde, who represented the third accused, urged the court to allow them enjoy the bail granted them by the previous judge.
Justice Kuewunmi granted their application and adjourned the case till January 26 next year, for continuation of hearing.