Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.

 

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.

NAN

NEXT ON NEWS24 NIGERIAX

Read News24’s Comments Policy

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining

Read more from our Users

Submitted by
Rotimi Opeyeoluwa
Fayose weill bring about a return...

The speculation had been rife for some time that Abuja, nay the ruling People’s Democratic Party, (PDP), has long concluded plans about capturing the South-West at all cost. Read more...

Submitted by
Peregrino Brimah
Letter to 1 mllion youth defraude...

For too long, Nigerians have lacked and missed opportunities of true growth, true strength, true progress, true peace, true prosperity and true national competitiveness. Read more...

Submitted by
Peregrino Brimah
Death everywhere: The consequence...

Everywhere we look in Nigeria today and see death; it is not an accident. It is the price the people pay for the corruption of the government.  Read more...

Submitted by
Tque Majolagbe
Much ado about GDP rebasing

Over the years, successive governments in Nigeria have always bamboozled us with great terminologies such as GDP, per capita and other macroeconomic indices. Read more...

Submitted by
Peregrino Brimah
Who massacred the Fulani In Keana...

The chronology of the events that lead up to the attack on the Fulani settlement in Nasarawa State which left up to 30 people dead. Read more...

Submitted by
Peregrino Brimah
#XYZMassacre: We want A Revolutio...

Which massacre? Yobe? Borno? Adamawa? Plateau? Katsina? Kaduna? Benue? Nasarawa? The hashtag, “#XYZmassacre” has become the inevitably appropriate marker for the Nigerian holocaust.  Read more...