Nigeria - Anti-Graft Body EFCC Arraigns Bankers, Others For N855m Fraud
https://nigeriaafrica1.blogspot.com/2012/08/nigeria-anti-graft-body-efcc-arraigns.html
The Economic and Financial Crimes Commission has arraigned three officials of the defunct Bank PHB (now Keystone Bank Plc), the bank itself and a firm, Nulec Industries Limited for fraud totaling N855,000,000.
The bank officials, Ananyo Nwosu, Olajide Oshodi, Sunny Obazee, and the Managing Director, Nulec Industries, Mr. Ashok Isran, were arraigned before a Laos High Court in Ikeja.
Isran is said to be a dual citizen of Swiss and India.
The accused were arraigned on two counts of conspiracy and fraud. They all pleaded not guilty to the two counts. Justice Habeeb Abiru granted bail to the accused shortly after their arraignment.
They were in 2008, said to have conspired “with intent to defraud, obtained the sum of N855,000,000 from Sir Daniel Chukwudozie of Dozzy Oil under the pretence that the said sum represented payment for preference shares of Nulec Industries in an upcoming initial public offer.”
The alleged offences allegedly violated sections 8(a) and 1 (3) as well as section 1 (1) (a) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006.
Shortly after the arraignment, EFCC counsel, Rotimi Jacobs, said he would not oppose the accused persons’ bail application but expressed concerns about the Isran’s dual citizenship.
