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
Peregrino Brimah
#XenophobiaSA: Don’t just get mad...

Our governments in Africa are all the same, they like to get the disaffected masses fighting each other to distract them from the central ills of corrupt, vacuous governance. Read more...

Submitted by
iAmDiipo
The Rebirth of a Giant

The election came and peacefully went and we all owe the PDP-led government an appreciation for not unnecessarily holding on to a power that in truth belongs to the people.  Read more...

Submitted by
Martin Beck Nworah
Valentine Obienyem: Have you trie...

Valentine Obienyem (herein after referred to as Val or Mr. Val) is the media aide to the former Governor of Anambra State, Peter Gregory Obi.  Read more...

Submitted by
Peregrino Brimah
Nigeria 2.0: A plebeian council a...

This process deserves input from all Nigerians…equal shareholders in the New Nigeria Project. Read more...

Submitted by
Samuel Ufot Ekekere
Slow and steady wins no race

You may recall that childhood folktale that features the tortoise and the hare, the slowest and fastest animals respectively.  Read more...

Submitted by
Aderonke Abimbola
Yes I am thin, so what?

Have you ever find yourself in a situation where you are constantly being bullied for been thin, or you get frequently asked that don’t you eat? Read more...