The Nation Newspaper

Tag: assets

Alleged N700m fraud: EFCC seizes 44 assets from eight suspects

The Economic and Financial Crimes Commission (EFCC) has seized 44 assets from eight suspects who “defrauded” Union Bank of Nigeria (UBN)of about N700million. The seizure followed an interim order secured by the commission.

Also, the commission has signed a Memorandum of Understanding (MoU) with the Office of the Inspector General of the Global Fund to facilitate exchange of information on fraud and abuse of office in relation to grant programs

According to a statement by the Commission’s Head of Media and Publicity, Mr. Wilson Uwujaren, a Federal High Court in Umuahia, Abia State asked the anti-graft agency to take over the assets.

The statement said: “The Economic and Financial Crimes Commission (EFCC) has received an interim order from Justice F.A Olubanjo of the Federal High Court, Umuahia, Abia State, to take possession of 44 assets of the eight persons who allegedly defrauded Union Bank of Nigeria Plc of about N700million.

“The order also covers the freezing of the account of one of the accused person with a credit balance of N30million.

“The eight accused are Chikezie Neoma Agbara, Amarachi Iroha, Lucy Nwosu and Glo Chizzy International Limited. Others are Nneamaka Raphael Iheabuchi, Nnamdi Nwosu, Ikechukwu Nwosu, Chukwu Chikezie and Oliver Ogbujie.

“The accused were arraigned in two separate charges that border on criminal conspiracy, stealing by fraudulent conversion, money laundering and fraud to the tune of about N700million.

“The EFCC had on January 4, 2013 sought the leave of the court to seize their assets – in line with Sections 28 and 34 of the EFCC (Establishment Act) 2004 and Section 13(1) of the Federal High Court Act, 2004.

Section 28 reads: “Where a person is arrested for an offence under this Act, the Commission shall immediately trace and attach all the assets and properties of the person acquired as a result of such economic or financial crime and shall thereafter cause to be obtained an interim attachment order from the Court.”

Justice Olubanjo, in granting the interim forfeiture request ordered as follows, “That all assets as listed in schedule 1 to 5 of the ex-parte originating summons being proceeds of economic and financial crimes held directly by or for the benefit of or on behalf of the persons named in Schedule 1 to 5 of this ex-parte originating summons be temporarily attached pending the conclusion of trial in charge Nos. FHC/UM/CR/30/2012-FRN VS. Chikezie Neoma Agbara and 3 others; and FHC/UM/CR/77/2012-FRN vs. Chikezie Neoma Agbara and 6 others”

“The Judge also ordered the manager or “ such other person in control of the financial institution in schedule 6 of this ex-parte originating summons i.e. Zenith Bank Plc, to freeze all accounts held directly, indirectly, by or for the benefit, and on behalf of one Oliver Ogbujie within Nigeria more particularly account No. 2006909505.”

The commission gave a breakdown of the affected choice mansions.

The statement added: A breakdown of the assets affected by this order is as follows: A four bedroom apartment at World Bank Housing Estate, Umuahia; twin two bedroom apartment at Amakama, Umuahia; one storey building of four flats at Umudike, Umuahia; an undeveloped plot of land at Government Station layout, Umuahia; another undeveloped parcel of land at Udume Ibeku Umuahia North Local Government Area; uncompleted Hotel project at Winners Road, near House of Assembly Complex, Umuahia; a 2002 ModelToyota Camry and 2002 Model Toyota Corolla cars – all belonging to Chikezie Agbara

“The property belonging to Nneamaka Raphael Ibeabuchi include, five bedroom duplex with two rooms Boys Quarters at Umuagoro, Umudike, Umauhia; a block of five self-contained students Hostel at Umuagoro, Umudike, Umauhia; 3-bedroom bungalow at Plot UM/964, Health Centre Road, World Bank Housing Estate, Umuahia, among other assets.

“Assets belonging to Nnamdi Nwosu include, one storey uncompleted block of 16-room students residential apartment at Unuahu/ Ofeke Ndum Ibeku, Umudeke Umuahia. A parcel of land at Umuohu Azueke, Umudike, Umuahia belonging to Ikechukwu Nwosu was also attached.

Meanwhile, EFCC has signed a Memorandum of Understanding, MoU, with the Office of the Inspector General of the Global Fund to facilitate exchange of information on fraud and abuse of office in relation to grant programs managed by the Global Fund targeted at fighting Tuberculosis and Malaria in Nigeria.

A separate statement by the commission said: “Under the MoU which was signed on behalf of the Fund and the Commission by the Head of the office of the Inspector General, Global Fund, Norbert Hauser, and the Chairman of the EFCC, Mr. Ibrahim Lamorde, respectively, both parties will cooperate by providing information and intelligence to each other, which may help in the investigation and prosecution of anyone suspected of engaging in fraud and abuse of Global Fund grant funds and related criminal activity.

“Terms of the agreement stipulate that both parties will consult regularly, in particular to exchange information regarding new areas of potential cooperation and other joint activities falling within their respective mandates. All information exchanged will be treated as strictly confidential.

“The Memorandum stipulates that any information exchanged will not be used as evidence in any judicial proceedings without the express prior consent of the party providing that information.

June 10, 2013
‘We can’t declare President’s assets’

The Code of Conduct Bureau (CCB) yesterday ruled out the possibility of making public the assets declared by President Goodluck Jonathan.

It also said it was compiling charges against 12 states bordering on non-declaration of assets and breach of trust.

The states are: Abia, Akwa-Ibom, Bauchi, Bayelsa, Borno, Cross River, Ebonyi, Enugu, Kano, Katsina, Kwara and Nasarawa.

Addressing reporters in Abuja, its Chairman, Mr. Sam Saba, said the Bureau had no backing of the law to reveal assets declared by the president, governors and other top public officers.

November 28, 2012
Two years after, Court orders CBN to account for assets seized from Ibru

A Federal High Court in Lagos has asked the Central Bank of Nigeria (CBN) to account for all assets forfeited to the Federal Government by former Chief Executive Officer of the now defunct Oceanic Bank Plc, Mrs. Cecilia Ibru.

Mrs Ibru, under a plea-bargain arrangement on October 6, 2010, pleaded guilty to charges bordering on economic crimes.

She was accordingly convicted by then Chief Judge of the Federal High Court, Justice Dan Abutu and sentenced to six months imprisonment per count.

Yesterday, Justice Mohammed Idris ordered the CBN to make public within 72 hours, “the total cash and value of properties recovered from Mrs Ibru; the whereabout of the money and properties recovered and what part of this cash and properties has been returned to Oceanic Bank and/or its shareholders.”

Justice Idris’ orders were contained in a judgment on a suit brought under the Freedom of Information (FOI) Act by a shareholder of the defunct bank and President, Progressive Shareholders Association, Boniface Okezie.

Okezie had, by a January 26 letter to the CBN Governor, sought information on what it cost the government to engage the law firms of Messrs Olaniwun Ajayi, LLP, and Kola Awodein & Co. in executing the banking reform initiated by the apex bank.

He went to court following the bank’s refusal to honour his request. Relying on the provisions of Section 25 of the FOI Act, Okezie urged the court to compel the CBN to provide him with detailed information as contained in the letter.

Justice Idris held that with regard to the request on the contractual agreement between the CBN and the law firms, the bank was not obligated under Section 16 (a) of the FOI Act to disclose such information.

He further held that Section 15 (1) (a) of the FOI Act allows public institution to refrain from disclosing information which could reasonably be expected to interfere with the contractual or other negotiations of a third party.

The judge, however, held that despite these provisions, any public institution to which request for the release of information was made under the FOI Act, wax under the obligation to respond to such request in writing indicating why, in the case of refusal, the request was refused.

He said: “Overall, I hold that the action succeeds in part,” the judge held, and subsequently ordered the apex bank to make available to the plaintiff, information regarding the total cash and properties recovered from Ibru, their where about and what portion of them had been returned to Oceanic bank or its shareholders.

Ibru, under the plea bargain arrangement with the Economic and Financial Crimes Commission (EFCC), pleaded guilty to an amended three count-charge in which she was accused of exceeding her approval limit by approving the grant of $20million to a company – Waves Project Nigeria Limited.

Other counts were that she failed to take all necessary steps to ensure that her bank’s balance sheet as at May, last year, gave a true and fair view of the state of affairs of the bank and that she granted N2 billion loan to a company – Petosan Farms Limited – without adequate security.

The court, upon her conviction, also ordered Ibru to forfeit all assets and property estimated at N191billion, listed in a settlement agreement signed by parties and filed before the court.

The forfeited assets are to be managed by a company owned by the Federal Government– Assets Management Corporation of Nigeria (AMCON).

Assets to be forfeited include about 82 houses (scattered across Nigeria, the United Kingdom and Dubai, United Arab Emirate), shares in 19 companies not listed in the Nigerian Stock Exchange and shares in 199 listed companies.

October 3, 2012
Jonathan has declared assets, says Conduct Bureau chair

President Goodluck Jonathan has declared his assets and has no case to answer, Dr Sam Saba, the Chairman of the Code of Conduct Bureau (CCB), has said.

“As far as we are concerned, Mr President has declared his assets, though not publicly. There is no law that says that you should declare your assets publicly; it simply states that you should declare your assets.

“What is important is that he has declared his assets and when we go through his form and we discover any area that is questionable, then we will take him to court,” he said.

Saba spoke through the Federal Commissioner representing Northwest in the Bureau, Alhaji Ibrahim Manzo. Manzo, represented Saba at a Compliance Training Workshop for Public officers yesterday in Abuja.

He said the Bureau was doing its bit, but that the public was not doing its own part by refusing to blow the whistle on defaulters.

Saba, who noted that the fight against corruption is the collective responsibility of all patriotic Nigerians, said Nigerians should wake up to the task.

He said the aim of the training was to sensitise public officers to the importance of assets declaration and what was required of them while filling the form.

“If they know what they are being asked and how to answer correctly, it will lessen our work and reduce the burden of taking people to court for non-compliance,” he said.

Saba said education was the key to understanding any issue, and that the Bureau organised the enlightenment programme in the hope that the National Universities Commission (NUC) would help in sending the message across through education.

The Executive Secretary of the NUC, Prof Julius Okojie said the bane of corruption in the country was lack of provision of basic necessities of life and lack of knowledge of basic societal norms.

Okojie said that an individual’s behavioural pattern was determined by the society because “what the society defines as right, is what the people follow’’.

“We know that there are issues, but we must endeavour to be on the side of truth. When we learn to be honest and stand on the side of truth, this country will be better for all of us.’’

Alhaji Kabir Mashi, the Acting Chairman of the Federal Inland Revenue Service, described the compliance programme as “a very good and noble development”, adding that with interaction, there would always be a better understanding of critical issues.

September 27, 2012