The Nation Newspaper

Tag: Falcon Securities Limited

  • Court orders AGF to prosecute fraud suspects

    Justice Mohammed Idris of the Federal High Court in Lagos on Monday held that the Office of the Attorney-General of the Federation will prosecute 16 suspects accused of fraud at the Consolidated Discount House Limited.

    There was a disagreement between lawyers representing the AGF and the Economic and Financial Crimes Commission (EFCC) on who should prosecute the case.

    Justice Idris held that in light of the subsisting fiat given to private legal practitioners led by a former Nigerian Bar Association (NBA) president, Joseph Daudu (SAN), the EFCC cannot take over unless the AGF directs otherwise.

    Three separates charges were filed against the suspects. Defendants in the first charge are Stephen Akinretoye, Peter Ololo and Falcon Securities Limited.

    The second charge has Akinretoye, Mudashiru Shittu, Olawale Omisore, Captain Eddy Ndoms, Aquatic Transport Limited, Cross Oceans Limited and Ehco Ventures Limited as defendants.

    In the third charge, Akinretoye, Shittu, Larai Claude-Eninn, Hassan Gbenga, Ajibola Jolaosho, Omisore Olawale, Omisope Johnson, Onimole Adebawale and Emmanuel Odedina are the accused.

    In the first charge, the complainant, the Federal Government, alleged that between January 1 and December 31, 2007, the accused conspired to defraud Consolidated Discount Limited by granting loans to Falcon Securities Limited, a company owned by Ololo, without proper documentation.

    The prosecution said they allegedly converted N43.9 billion, funds belonging to Consolidated Discount, in contravention of Section 15 (2) and 15 (3) of the Money Laundering Prohibition Act, 2012.

    In the second charge, Akinterotoye and others allegedly defrauded the company in the guise of granting loans to the fourth to seventh defendants and converted N520 million, N303 million and N600 million respectively.

    The prosecution said investigations showed that Consolidated Discount paid for vessels before the dates of the applications for loan made by the fourth to seventh accused.

    In the third charge, the prosecution said the defendants, as employees of Consolidated Discount, committed fraud by converting its N915.7 million.

     

  • N43b fraud: EFCC, AGF disagree over suspects’ prosecution

    Justice Mohammed Idris of the Federal High Court in Lagos on Tuesday ordered the Attorney-General of the Federation (AGF) and the Economic and Financial Crimes Commission (EFCC) to decide which of them will prosecute 16 suspects accused of multi-billion fraud at the Consolidated Discount House Limited.

    The suspects’ arraignment was stalled due to a disagreement between two lawyers representing the AGF and EFCC on who should prosecute the case.

    Three separates charges were filed against the suspects. Defendants in the first charge are Stephen Akinretoye, Peter Ololo and Falcon Securities Limited.

    The second charge has Akinretoye, Mudashiru Shittu, Olawale Omisore, Capt. Eddy Ndoms, Aquatic Transport Limited, Cross Oceans Limited and Ehco Ventures Limited as defendants.

    In the third charge, Akinretoye, Shittu, Larai Claude-Eninn, Hassan Gbenga, Ajibola Jolaosho, Omisore Olawale, Omisope Johnson, Onimole Adebawale and Emmanuel Odedina are the accused.

    In the first charge, the complainant, Federal Republic of Nigeria, alleged that between January 1 and December 31, 2007, the accused persons agreed among themselves to defraud Consolidated Discounts Limited by granting loans to Falcon Securities Limited, a company owned by Ololo, without proper documentation.

    The prosecution said they allegedly converted N43.9billion being funds belonging to Consolidated Discount in contravention of Section 15 (2) and 15 (3) of the Money Laundering Prohibition Act 2012.

    In the second charge, Akinterotoye and others allegedly defrauded the company in the guise of granting loans to the fourth to seventh defendants and converted various sums, such as N520milion, N303million and N600million.

    The prosecution said investigations revealed that Consolidated Discount had already paid for vessels before the dates of the various applications for loan made by the fourth to seventh accused persons.

    In the third charge, the prosecution said the defendants, as employees of Consolidated Discount, committed an act of fraud by converting its N915.7million.

  • How Adigwe, others defrauded AfriBank’

    A Lagos High Court, Igbosere, on Monday heard how the managing director of defunct AfriBank, Sebastian Adigwe and others robbed the bank of N26 billion.

    Prosecution witness, Emmanuel Al-Hassan, who was the Investigating Police Officer (IPO) told the Justice Olabisi Akinlade court that Adigwe granted fictitious loans without security to AIL Securities Limited, Asset Management Nominees Holding Limited and Falcons Securities Limited.

    The former bank chief is facing a 36 count charge of conspiracy, stealing and receiving stolen property.

    He was arraigned alongside Osa Osunde, Jibrin Isah, Isa Zailani, Chinedu Onyia, Henry Arogundade and Peter Ololo, who all pleaded not guilty to the charges.

    According to the Economic and Financial Crimes Commission’s (EFCC) witness, Adigwe on March 2, 2009, granted a N10 billion loan to Petosan Property Development Company without any security.

    He told the court that when the first defendant (Adigwe) was interrogated on the disbursement of N26.5 billion he also maintained that the companies did not owe Afribank a dime.

    Al-Hassan who was led in evidence by EFCC’s lawyer, Dr. Ekwueme, told the court that an additional N16.5billion was taken from Afribank and lodged into Kolvey Company Limited, which belonged to Peter Ololo, the seventh defendant.

    “In the course of investigation, I discovered that Petosan Property Development Company and Kolvey Company Limited had no banker/customer relationship with Afribank prior to the disbursement of the money.

    “The first credit in the account of Petosan Property Development Company was N100, 000 and few weeks after N10 billion was lodged into the account.

    “Investigation further revealed that the sum of N26 billion was later transferred to the account of Falcon Securities and Property Development Company, belonging to the defendants.

    ‘We gathered that immediately the money entered into these accounts, cheques were issued in favour of Falcon Securities. We also learnt that there was no relationship between these companies and Falcon Securities.

    ‘’During findings we recovered Afribank cheque booklets belonging to Kolvey Company Limited from an officer of Afribank and it was discovered that various sum of money were disbursed to Falcon securities.”

  • Trial of ex- Union Bank executives adjourned

    A Federal High Court in Lagos on Friday adjourned till February 17, the trial of some former executives of Union Bank Plc, charged with money laundering.

    The accused are a former managing director of the bank, Barthlomew Ebong; Henry Onyemem, Niyi Opeodu and Samuel Anyininuola, former directors of the bank.

    They are charged by the Economic and Financial Crimes Commission (EFCC) alongside a company, Falcon Securities Limited and its Director, Peter Ololo, on 20 count-charge of money laundering.

    At the resumed hearing of the case on Friday, the prosecutor, Mr. Kola Awodehin (SAN), informed the court of a pending motion filed by the third accused for stay of proceedings.

    He, however, informed the court that the prosecution had filed a counter affidavit and preliminary objection to the motion for stay, adding that the third accused just served him with a reply on Friday.

    He, therefore, prayed the court for adjournment to enable him to study the counter affidavit to the processes filed by third accused person.

    Counsel representing the third accused person, Dr. Dapo Olanipekun, said that his reply was actually served on the prosecution in court on Friday and that he had no objection to the request for adjournment.

    Justice Rita Ofili-Ajumogobia consequently adjourned the case to February 17 for continuation of trial.

    The News Agency of Nigeria (NAN) recalls that the accused were re-arraigned on November 15, 2012.

    They were alleged to have granted loan facilities to themselves without security and above the approved limit, without lawful authority from the Central Bank of Nigeria.

    Ebong and other executives of the bank were also alleged to have granted several credit facilities to Falcon Securities, in connivance with its Director, Ololo, without collateral.

     

     

  • Judge’s absence stalls trial of ex-Union Bank MD, others

    The absence of Justice Rita Ofili-Ajumogobia of a Lagos Federal High Court on Friday stalled the trial of three ex-bank executives, facing money laundering charge.

    The accused are a former managing director of Union Bank, Bartholomew Ebong, Henry Onyemem, Niyi Opeodu and Samuel Anyininuola, both former directors of the bank.

    Also charged along with accused are Falcon Securities Limited and its Director, Peter Ololo.

    The Economic and Financial Crimes Commission (EFCC) on November 15, 2012, arraigned the accused before Justice Binta Murtala-Nyako of the same Lagos Federal High Court.

    But the case was later re-assigned to Ofili-Ajumogobia, following the transfer of Murtala-Nyko from the Lagos division.

    The EFCC in its charge sheet claimed that the accused used their former positions to unlawfully grant themselves loan facilities without security.

    It added that the accused also approved for themselves loan facilities above the authorised limit, without getting the Central Bank of Nigeria’s authority as prescribed by law.

    The EFCC said that Ebong and other executives of the bank were also alleged to have granted several credit facilities to Falcon Securities in connivance with Ololo, without collateral.

    The anti-graft body said that the offence contravened the provisions of Section 2(3) of the Money Laundering (Prohibition) Act, 2004 and punishable under Section 2(5) of the same act.

    The News Agency of Nigeria reports that the accused, who all pleaded not guilty to the charge, have been on bail, granted them by Murtala-Nyako.

    But at the resumed trial on Friday, the matter could not go on due to the absence of the trial Judge.

    The court’s registrar, however, announced January 27 as date for the continuation of the trial.