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.
It docked Olapade before Justice Babs Kuewunmi following the transfer of the former judge handling the matter out of Lagos jurisdiction.
Prosecution counsel Toyosi Kuteyi informed the court that the case was for report of settlement, but added that talks had broken down.
The counsel 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, 2015.
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.
After the re-arraignment, Mr. Oladipopo Yeye, counsel to the first and second accused persons and Mr. Kunle Ayorinde, who represented the third accused, urged the court to allow them enjoy the bail granted them by the previous judge.
Justice Babs Kuewumi granted their application and adjourned the case till January 26, for continuation of hearing..