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Tag: fraud

  • Etete, Adoke, seven others charged with $1.6b ‘fraud’

    Etete, Adoke, seven others charged with $1.6b ‘fraud’

    EFCC to try ex-ministers over Malabu Oil deal

    The Economic and Financial Crimes Commission ( EFCC) yesterday filed nine charges bordering on alleged mismanagement of $1,616,690,656.78 Malabu Oil cash against two former ministers.
    Charged are former Minister of Petroleum Resources, Chief Dan Etete, former Minister of Justice and Attorney-General of the Federation Mr. Mohammed Bello Adoke (SAN) and seven others.
    The others are a businessman, Aliyu Abubakar, Malabu Oil and Gas Limited; Rocky  Top Resources Limited; Imperial Union Limited; Novel Properties and Development Company Limited, Group Construction Limited and Megatech Engineering Limited.
    The nine-count charge was filed  at the Federal High Court, Abuja by a team of lawyers, including Johnson Ojogbane, C.C. Nduese, H.M. Mohammed, and  Victor Ukagwu.
    No date has been filed for the arraignment of the suspects, some of whom are outside the country.
    The charges read in part:  “That you Dauzia Loya Etete (aka Dan Etete) and Malabu Oil and Gas Limited on or about 24th August 2011 in Abuja within the jurisdiction of this Honourable Ciurt directly or indirectly took control of $400million only paid from the Federal Government of Nigeria Escrow Account No. 41451493 IBAN 30CHAS699242411492 with JP Morgan Chase Bank in London into the account of Malabu Oil and Gas Limited domiciled  in PHB PLC (now Keystone Bank) Account No. 1005552028 when you knew that the funds formed part of the proceeds of an unlawful activity to wit: Fraud and thereby committed an offence contrary to Section 15(2) of the Money Laundering ( Prohibition) Act 2011 as amended in 2012 and punishable under Section 15(3) of the same Act.
    “That you Dauzia Loya Etete (aka Dan Etete) and Malabu Oil and Gas Limited on or about the 10th August 2011 in Abuja within the jurisdiction of this Honourable Ciurt directly or indirectly took control of the sum of $401million only paid from the Federal Government of Nigeria Escrow Account No. 41451493 IBAN  GB 30CHAS699242411492 with JP Morgan Chase Bank in London into the account of Malabu Oil and Gas Limited domiciled in First Bank Nigeria Plc in  Account No. 2011828805 when you knew that the funds formed part of the proceeds of an unlawful activity to wit: Fraud and thereby committed an offence contrary to Section 15(2) of the Money Laundering ( Prohibition) Act 2011 as amended in 2012 and ounishable under Section 15(3) of the same Act.
    “That you Dauzia Loya Etete( aka Dan Etete) and Malabu Oil and Gas Limited on or about the 10th August 2011 in Abuja within the jurisdiction of this Honourable Court converted the sum of $400m only which sum was transferred   from the Federal Government of Nigeria Escrow Account No. 41451493 IBAN  GB 30CHAS609242411493 with JP Morgan Chase Bank in London into the account of Malabu Oil and Gas Limited domiciled in Bank PHB Plc( now Keystone Bank) Account No. 1005552028 which you claimed was received as payment for Oil Prospecting Licence ( OPL 245)   when you knew that the funds formed part of the proceeds of an unlawful activity to wit: Fraud and thereby committed an offence contrary to Section 15(2) of the Money Laundering ( Prohibition) Act 2011 as amended in 2012 and punishable under Section 15(3) of the same Act.
    “That you Dauzia Loya Etete( aka Dan Etete) and Malabu Oil and Gas Limited on or about the 10th August 2011 in Abuja within the jurisdiction of this Honourable Court directly or indirectly converted the sum of $401,540,000( $401.540m) only which sum was transferred   from the Federal Government of Nigeria Escrow Account No. 41451493 IBAN  GB 30CHAS609242411493 with JP Morgan Chase Bank in London into the account of Malabu Oil and Gas Limited domiciled in Bank PHB Plc( now Keystone Bank) Account No. 1005552028 which you purportedly claimed was received as payment for Oil Prospecting Licence ( OPL 245)   when you knew that the funds formed part of the proceeds of an unlawful activity to wit: Fraud and thereby committed an offence contrary to Section 15(2) of the Money Laundering ( Prohibition) Act 2011 as amended in 2012 and punishable under Section 15(3) of the same Act.
    “That you Aliyu Abubakar, Rocky  Top Resources Limited, sometime in 2011 in Abuja within the jurisdiction of this Honourable Court did retain the sum of $336,456,906.78 only in Bank PHB Plc (now Keystone Bank) Account No. 100555202 belonging to Rocky Top Resources Limited when you reasonably  ought to have known that the said funds formed part of  the proceeds of an unlawful activity of Dan Etete and Malabu Oil and Gas Limited to wit: Fraud and thereby committed an offence contrary to Section 15(2) of the Money Laundering ( Prohibition) Act 2011 as amended in 2012 and punishable under Section 15(3) of the same Act.
    “That you Dauzia Loya Etete( aka Dan Etete) and Malabu Oil and Gas Limited sometime in Abuja within the jurisdiction of this Honourable Court having reason to know that the aggregate sum of $801,540,000 only directly represent the proceeds of an unlawful activity of Malabu Oil and Gas Limited to wit, fraud in respect of the said amount used the said funds and you thereby committed an offence contrary to Section 15(2) of the Money Laundering ( Prohibition) Act 2011 as amended in 2012 and punishable under Section 15(3) of the same Act.
    “That you Dauzia Loya Etete( aka Dan Etete) and Malabu Oil and Gas Limited and Mohammed Adoke Bello( SAN) sometime in 2011 in Abuja within the jurisdiction of this Honourable Court conspired among yourselves to commit money laundering offences contrary to Section 18 of the Money  Laundering ( Prohibition) Act 2011 as amended in 2012 and punishable under Section 15(3) of the same Act.
    “That you Mohammed Adoke Bello( SAN) on or about the 10th August 2011 in Abuja within the jurisdiction of this Honourable Court aided Dauzia Loya Etete( aka Dan Etete)
    and Malabu Oil and Gas Limited  to commit an offence of money laundering by facilitating the payment of an aggregate sum of $801,540,000 only to Dauzia Loya Etete( aka Dan Etete) and Malabu Oil and Gas Limited through the Federal Government of Nigeria Escrow Account No. 41451493 IBAN  GB 30CHAS609242411493 with JP Morgan Chase Bank in London which you  reasonably  ought to have known that the said funds formed part of  the proceeds of an unlawful activity to wit;  fraud and thereby committed an offence contrary to Section 18(a) of the Money Laundering ( Prohibition) Act 2011 as amended in 2012 and punishable under Section 15(3) of the same Act.
    “That you Aliyu Abubakar, Rocky  Top Resources Limited, Novel Properties and Development Company Limited, Group Construction Limited and Megatech Engineering Limited between August and December 2011  in Abuja within the jurisdiction of this Honourable Court disguised the origin of an aggregate sum of $478,693,750 only by paying several companies for services rendered  when you reasonably  ought to have known that the said funds directly represented the proceeds of an unlawful activity of Dauzia Loya Etete( aka Dan Etete) and Malabu Oil and Gas Limited to wit fraud and thereby committed an offence contrary to Section 15(2) (a) of the Money Laundering ( Prohibition) Act 2011 as amended in 2012 and punishable under Section 15(3) of the same Act.”

  • NSE expels stockbrokers, accountant over ‘fraud’

    NSE expels stockbrokers, accountant over ‘fraud’

    The Council of the Nigerian Stock Exchange (NSE) has kicked out three stockbrokers and an accountant for fraudulent sale of client’s shares.
    They are Mr. Taju Folaji, Mr. Ichie Mike Ejezie and Mr. Segun Adebayo Adams. The accountant is Mr. Olorunfemi Ayorinde. He could be reported to the Institute of Chartered Accountants of Nigeria (ICAN) for further disciplinary action, according to a source.
    This brings the number of stockbrokers expelled so far this year to seven.
    A document obtained by The Nation at the weekend indicated that the Disciplinary Committee of the NSE, indicted the affected for shares fraud.
    The stockbrokers, who were members and authorised dealers on the Exchange, were stripped of their registration and authority to trade on the NSE for selling shares belonging to their clients without the mandate and consent of the clients.
    Also, the accountant, who was in a stockbroking firm, was blacklisted from carrying out capital market activities with dealing member firms of the Exchange for engaging in “unauthorised transfer and sales of clients’ shares”.
    The stockbrokers would also be subjected to further disciplinary procedures by the Chartered Institute of Stockbrokers (CIS) and the Securities and Exchange Commission (SEC), two institutions that also share jurisdictions on ethics, discipline and compliance at the capital market.
    The NSE had earlier this year expelled three stockbrokers – Mr Ayokunle Oyedeji, Mr Abioye Eluwole and Mr Gregory Otsu for a similar offence.
    “Dealing members are strongly advised not to engage in any activity with the above listed individuals,” the NSE stated in a circular on the expulsion.
    With the expulsion, the indicted stockbrokers and accountant will also not be able to work in any stockbroking and investment firms in Nigeria, according to Rule Six, subsection 12 of the NSE Rules.
    Under the rule known as “Specific Actions Requiring Prior Consent of The Exchange”, a dealing member shall not be allowed to employ some categories of persons without the prior written consent of the NSE.
    These include directors, authorised clerks or other persons including principal officers, such as the chief executive officer, chief finance officer, chief compliance officer and chief risk officer, who have been indicted by the NSE or Securities and Exchange Commission (SEC).
    Others include any person who was an officer or employee of a dealing member expelled from the Exchange, any person expelled, as an authorised clerk or its equivalent, from any other Exchange, any person refused admission as a member of the Chartered Institute of Stockbrokers (CIS), or any person expelled from its membership, any person expelled as a member of any professional association or institute and any person who is insolvent or has been convicted of theft, fraud, forgery, or any other crime involving dishonesty.
    The Exchange had recently started the implementation of newly amended rules aimed at tightening the noose on unauthorised sale and transfer of shares by unscrupulous stockbroking firms and traders.
    Under the amended rules, it could withdraw the dealing licence of any erring stockbroking firm and trader as well as impose fines not less than N1 million on any offender.
    According to the rule, no dealing member shall sell or transfer any securities without the authorisation of the owner.
    “A dealing member that has sold or transferred any securities without the authorisation of the owner shall not be permitted to keep any benefits accruing from such transaction, including but not limited to bonuses, rights, commissions, cash dividends, capital appreciation, and any profit accruing therefrom whatsoever,” the rule stated.
    Any dealing member that sells or transfers securities without the authorisation of the owner shall be required to buy back the securities along with any accrued benefits within a period of 14 business days.
    Besides, where the unauthorised sale transaction is worth N5 million and below in value, the erring stockbroking firm will be liable to pay a fine of N1 million or three times the value of the sale or transfer, whichever is higher, and N5,000 for every day from the day on which the dealing member is required to buy back the securities by the Exchange until the day the dealing member completes buying back the shares for the owner.
    Also, NSE has also started implementing its “naming and shaming” rule, which empowers the Exchange to notify the public of suspensions and expulsions of any stockbroking firm.
    According to the rule, it shall have power to publish in the local newspapers or circulars to dealing members and other members of the Exchange, the name of any member expelled or suspended by the Exchange, or any authorized clerk whose registration has been revoked by the Exchange, and also to publish such expulsion, suspension or revocation in any other way it may deem fit.

  • Man jailed for fraud in Edo

    Man jailed for fraud in Edo

    A 33-year old man identified as Musa Baba has been sentenced to 12 months imprisonment for defrauding one Moses Achebe.

     

    The convict, who was jailed by an Oredo Magistrate Court, was said to have defrauded his victim the sum of N140,000.

     

    Police Prosecutor, A.O. Enababor, informed the Court that the accused committed the crime between August 18 and 31, 2015 by presenting himself as an employee of the Nigerian Army to sign army guarantor form.

     

    Enababor said defrauded his victim by obtaining the sum of N140, 000 under the pretence that he would help him secure employment into the Nigeria Army.

     

    He said the offence contravened section 108 and 419 of the criminal Code.

     

    Presiding Magistrates, Mrs M.C. Ojobo, found the accused guilty on both the two count charges preferred against him. 

     

    Ojobo convicted Musa to 12 months imprisonment of an option of N100, 000 fine in each of the count.

     

  • Kaduna Electric sacks 24 workers for ‘fraud’

    Kaduna Electric has sacked 24 workers for alleged fraud related cases, it was learnt yesterday.

    A statement by Head of Corporate Communication, Abdulazeez Abdullahi, Head of Human Resources, Hajiya Khadija Kabir, said “the workers were laid off following reports of an investigation committee, finding them culpable of fraud, and confirmed by a disciplinary committee.’’

    The statement reads: “The workers were relieved of their duties after they were found guilty of offences ranging from stealing company fund, meter theft, illegal meter installation and signature forgery.

    “The offenders were issued a query to explain themselves and whosoever’s explanation was genuine was allowed to go, while the unconvincing ones were forwarded to the investigative committee.

    “The process is to checkmate fraud and other negative behaviour among workers. The decision and process leading to the sack are in line with the company’s policy and best practices, which gave each accused the right to fair hearing irrespective of tribe, ethnicity or religion.”

    Hajiya Kabir called on workers to desist from fraudulent activities and see themselves as stakeholders expected to maintain high integrity.

     

  • N2.2b ‘fraud’: Ex-ICC man to try Supreme Court chiefs

    N2.2b ‘fraud’: Ex-ICC man to try Supreme Court chiefs

    The Federal Government has hired a former International Criminal Court (ICC) prosecutor, Charles Adeogun-Philips, to lead its team of lawyers to prosecute the Supreme Court Registrar and others for alleged N2.2b fraud.

    But the arraignment of the three senior officials of the apex court was put off yesterday by Justice Abba Mohammed of the Federal Capital Territory (FCT) High Court in Jabi, Abuja because one of the Supreme Court officials, Muhammed Sharif, was absent.

    The Federal Government on November 3 filed a nine-count charge against Chief Registrar Ahmed Saleh, Sharif and Rilwanu Lawal (who are both officials of the court’s Account Department.)

    They are charged with conspiracy and criminal breach of trust for allegedly diverting N2.2billion belonging to the apex court and receiving gratification as public officers.

    The three officials are also accused of receiving N74.4m gratification from contractors between 2009 and 2016.

    The contractors from which they allegedly received the gratification are Willysdave Ltd., Welcon Nig. Ltd., Dean Musa Nig. Ltd., Ababia Ventures Ltd. and MBR Computers Ltd.

    On November 8, Justice Mohammed granted a request by prosecution lawyer Hajara Yusuf for time to produce the three defendants in court for arraignment, following which the court adjourned till November 17 for arraignment.

    Saleh and Lawal were in court. Sharif was absent.

    Garba Tetengi (SAN), who announced appearance for Sharif, said he was ill and was on admission at the hospital. He sought an adjournment, which other defence lawyers – Abdulhakeem Mustapha – SAN – (for Saleh) and I.K Sanusi – SAN (for Lawal) did not object.

    The Director of Public Prosecutions of the Federation (DPPF), Mohammed Umar, who led the prosecution team, later yielded proceedings to Adeogun-Philips, who spoke for the prosecution.

    Umar said the Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), had in exercising his powers under Section 174(1) of the Constitution, elected to engage an international lawyer to conduct prosecution in the case.

    Adeogun-Philips said he was unhappy that Tetengi could not provide any document to show that Sharif was on admission in the hospital.

    Justice Mohammed rescheduled the arraignment for December 15.

  • Wonder bank MD, wife arraigned for N6b fraud

    Wonder bank MD, wife arraigned for N6b fraud

    A federal High Court sitting in Enugu yesterday granted the owner of a wonder bank, Patrick Nwokike, his wife and a director, Rosemary Nwokike, N2 million bail each.
    The two accused persons were said to be running a micro-finance bank, known as “Let’s Partner with You’’, in which they collected over N6 billion from their customers on agreement to pay them 30 per cent interest on amount invested.
    Problem started when the operators were unable to pay their customers the interest earlier agreed as well as pay back the money invested in the bank.
    The customers later petitioned the Economic and Financial Crime Commission (EFCC).
    The accused were arraigned on a four-count charge of conspiracy, stealing, conversion and illegal operation of a bank without a licence.
    The prosecution led by Mr. Harrison Ibekwute told the court that the accused had in 2013, 2014, 2015 and this year issued advertisement, inviting the public to deposit money with the bank without authorisation.
    He added that the bank had been operating without a valid licence.
    Ibekwute said the offences committed by the accused contravened the Bank and other Financial Institution Act, Law of the Federation.
    The defense counsel, Mr. Orji Nwafor-Orizu, pleaded with the court to grant his clients bail, saying the charges against them were bailable, a position the prosecutor did not opposed.
    The trial judge, Justice Dugbo Oghoghorie, granted the accused persons N2 million bail each and two sureties in like sum.
    She ordered that the sureties must be civil servants of not less than Grade Level 12, residing and owning a landed property within the court’s jurisdiction.
    The judge adjourned the matter till March 6, 2017 for trial.

  • Socialite to face fresh charges for allegedly defrauding Bamaiyi

    Socialite to face fresh charges for allegedly defrauding Bamaiyi

    Lagos socialite, Mr Fred Ajudua is to be re-arraigned before a Lagos High Court sitting in Ikeja for allegedly defrauding former Chief of Army Staff, Lt. General Ishaya Bamaiyi of one million US dollars.

    The Economic and Financial Crimes Commission (EFCC) has filed a fresh 28 count charge against Ajudua before the court presided by Justice Josephine  Oyefeso.

    The charges border on conspiracy and obtaining money under false pretence.

    Ajudua was initially arraigned before Justice Lateef Lawal-Akapo along with a former court registrar Mrs Oluronke Rosolu for allegedly defrauding Lt.Gen. Bamaiyi of 330,000 US dollars.

    The charges against the suspects were separated when Ajudua became elusive consequent upon which Mrs Rosolu alone went through trial and was jailed ten years December last year after being found guilty by the court.
    Part of the new charges read: “That you, Fred Chijindu Ajudua, Alumile Adedeji a.k.a Ade Bendel (still at large), Mr. Jonathan (still at large), Mr. Kenneth (still at large), Princess Amabong Williams (still at large) and others still at large on or about 16 December 2004 at Lagos within the jurisdiction of this Honourable Court; with intent to defraud, obtained the sum of $1,000,000 (One Million Dollars) from Lt. General Bamaiyi by falsely representing that the said sum was part payment for the professional fees purportedly charged by Chief Afe Babalola to handle Lt. Gen. Bamaiyi’s case and to facilitate General Bamaiyi’s release from prison custody.

    “That you, Fred Chijindu Ajudua, Alumile Adedeji a.k.a Ade Bendel (still at large), Mr. Jonathan (still at large), Mr. Kenneth (still at large), Princess Amabong Williams (still at large) and others still at large on or about 27 December 2004 at Lagos within the jurisdiction of this Honourable Court; with intent to defraud, obtained the sum $350,000 (Three Hundred and Fifty Thousand Dollars) from Lt. General Bamaiyi (rtd) by falsely representing that the said sum was part payment for the professional fees purportedly charged by Chief Afe Babalola to handle Lt. Gen Bamaiyi’s case and to facilitate Lt. General Bamaiyi’s release from prison custody.”

    Ajudua failed to appear before the court on Monday for re-arraignment alongside others said to be at large.

    His counsel, Mr Allens Agbaka  however undertook to produce Ajudua at the next sitting of the court.

    Agbaka told Justice Oyefeso  that he only stumbled on the matter Monday morning.

    “I tried to contact the defendant and got in touch with the younger sister, Gina Osuala who informed me that the defendant (Ajudua) is being hospitalised at the National Hospital, Abuja.

    “This is the first time I am hearing about this matter. I personally undertake to produce the defendant at the next adjourned date.

    “I will produce the defendant if we can get a clear date, maybe by January”, he requested.

    Justice Oyefeso granted his request and adjourned the matter till January 12, 2017 for Ajudua to be re-arraigned.

  • Businessman faces N1.5m fraud charge

    An Ojo Magistrates’Court  in Lagos on Monday admitted to bail in the sum of N500,000 a 28-year-old businessman, Chima Ikeoha, who allegedly obtained N1.5 million from a bureau de change operator.

    The Magistrate, Mr A.A. Paul, in his ruling, ordered the defendant to also provide two sureties, as part of the bail conditions.

    He said that the sureties must be gainfully employed and also show evidence of two years’ tax payment to the Lagos State Government

    Ikeoha, a resident of the Ojo area of Lagos, is facing a two-count charge of stealing and obtaining by false pretence.

    The prosecutor, Insp. Uche Simon, told the court that the defendant committed the offences on Sept. 23, at Aspamda Market, Trade Fair Complex, Lagos.

    Simon alleged that the defendant fraudulently obtained N1.5 million from Umar Sanda, under the pretext of paying him back in Pounds Sterling.

    He added that the defendant promised to give him £3,100 on the same day, but Ikeoha failed to keep to his promise.

    The prosecutor said that when the complainant went to  Ikeoha’s shop to ask for his money, he discovered that the defendant  had locked up his shop and bolted with the money.

    Simon said that all efforts to reach the defendant on phone proved abortive.

    According to him, the complainant reported the case to the police, and the defendant was traced to his house and apprehended.

    The prosecutor said the offences contravened the provisions of Sections 285, 312 and 409 of the Criminal Law of Lagos State, 2011.

    Section 285 prescribes three years imprisonment for stealing, while Section 409 stipulates two years imprisonment for conspiracy, if convicted.

    The defendant, however, pleaded not guilty to the charge.

    Paul, however, adjourned the case till Dec. 12, for mention.

  • Edo to EFCC: Return N500m seized from Igbinedion

    Edo to EFCC: Return N500m seized from Igbinedion

    Edo State has asked the Economic and Financial Crimes Commission (EFCC) to return N500million and property seized from convicted former Governor Lucky Igbinedion to it.

    This request is contained in a November 7 letter to the EFCC through the state government’s lawyer Mr Femi Falana (SAN).

    Igbinedion was arraigned in 2008 along with his company Kiva Corporation Limited on sundry allegations of defrauding the state government.

    The charges were subsequently amended pursuant to a plea bargain agreement. They pleaded guilty.

    The convicts were ordered to forfeit N500million to the Federal Government as well as three properties.

    They included a landed property measuring 4,823.02 square meters in Asokoro, Abuja, a detached two plots of land comprising four bedrooms and boys quarters at 57 Ihama Road in Benin City and a storey building and a bungalow at 24, Izekor Street, off Chris Mary Street, also in Benin City.

    “While thanking the EFCC for the successful prosecution of the defendants, it will be accepted if the said sum of N500million and the three properties which have been recovered on the orders of the Federal High Court are transferred to the Edo State Government forthwith,” Falana wrote.

  • SUG leaders quizzed for alleged fraud

    Two Students’ Union Government (SUG) leaders of the Adekunle Ajasin University, Akungba-Akoko (AAUA), Ondo State are being investigated for misappropriation of the union funds. Students’ Representative Council (SRC), the union’s legislative arm, ordered the probe of Financial Secretary, Segun Bello, and Treasurer, Olayinka Ojo, over misuse of funds.

    A five- man panel headed by Kayode Fagoroye was constituted by the SRC to investigate the affected union leaders. The legislative arm ordered Segun and Olayinka to step down for three working days to allow the SRC investigate the allegations against them. The panel is required to submit its findings to the House today.

    CAMPUSLIFE gathered that all the union’s property and documents in the custody of the embattled leaders had been retrieved.

    When Segun appeared before the SRC panel, he said he was deceived into changing the union’s account mandate from three signatories to two.

    He said: “I gave in to the idea of changing the union’s account mandate from three signatories to two, because I was told the Treasurer was going for Students Industrial Work Experience Scheme (SIWES)

    in Ekiti. This was to save us from the stress of getting the signature of the third signatory. The SUG president was in the know.

    “I was never aware there was another plan. Olayinka is currently undertaking her SIWES in

    Akungba. On several occasions, I have called her on the need to reverse the mandate back to three, since she is now taking the SIWES in Akungba; she turned me down. Since then, I have been in the dark over the union’s finance. I am only aware of two cash withdrawal, and those were the ones I signed.”

    In her defence, Olayinka accused Segun of lying against her, denying any wrongdoing in the transactions carried out in the union’s account.

    When asked about the money left the union’s account, Olayinka she gave conflicting figures. The union’s president, Adegbola Odunyemi, and General Secretary, Segun Odunayo, have been summoned to appear before the House today.