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
Ugly girls, who will pay your bri...

The ruling party is paying out sums of at least N50 million to purchase any law maker they can, most especially in opposition states.  Read more...

Submitted by
DSAGE
Public approval for supernatural ...

One truth in life is that one cannot work for people without "real" approval. We know our opinion, and the gods and forces had commissioned our works long time ago. Read more...

Submitted by
Peregrino Brimah
Towards a new political party for...

Several progress desirous Nigerians came together and established the Sovereign National Party as a result of the January 2012 fuel subsidy removal atrocity. Read more...

Submitted by
DSAGE
Mental and real battles for liber...

We fight in mind, and the mental battle also reflects and manifests in reality through different ways. One may call it "real" war.  Read more...

Submitted by
Jibunor George Chuks
So much untold stories in the cou...

The heart is so heavy, the eyes yet to dry-up from tears, the minds filled with pains, anger and resentment, the country filled with sufferings and stagnation. Read more...

Submitted by
DSAGE
Educated illiterates due to socia...

Truth of the matter is that both the country and citizens are wasting away in limbo of downhill. That is why dreams, desires and longings are seen everywhere in fantasy or facebook.  Read more...