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EFCC arraigns Keystone Bank for N855million fraud

09 August 2012, 09:17

Lagos - The Economic and Financial Crimes Commission (EFCC) on Wednesday, arraigned Keystone Bank (former Bank PHB) and five others before a Lagos High Court, Ikeja, on charges of conspiracy and fraud.

The News Agency of Nigeria (NAN) reports that charged with the bank were Anayo Nwosu, Ashrok Isran, Olajide Oshodi, Sunny Obaeze and Nulec Industries Ltd.

Oshodi and Obazee are management staff of Keystone Bank while Isran, an India national, is the Chairman of Nulec Industries.

The EFCC counsel, Rotimi Jacobs, said that the defendants allegedly defrauded one Daniel Chukwudozie of Dozzy Oil of the sum of N855 million.

Jacobs alleged that the defendants had between June 2008 and July 2008, obtained the aforesaid sum from Chukwudozie with intent to defraud.

The prosecutor said that the defendants collected the money on the pretext that it would be used in payment of an upcoming initial public offer of Nulec Industries shares.

All the defendants pleaded not guilty to the alleged offences.

Justice Habeeb Abiru, after listening to the submissions of counsel, granted the defendants bail.

 Abiru held that the Chairman/Managing Director of Keystone Bank must write a letter of undertaking to guarantee that Nwosu, Oshodi and Obazee would be in court for trial.

He also ruled that a member of the top management of the bank should stand as surety for the trio in the sum of N100 million each.

The judge granted Isran N50 million bail with two sureties in like sum.

Abiru also gave the condition that one of the sureties must be a property owner in Lagos and must also show evidence of payment of tax.

The judge further ruled that the travel documents of all the defendants should be deposited with the chief registrar of the court.

He fixed trial to commence on Oct. 22.



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