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EFCC arraigns microfinance MD for N316.9m fraud

21 January 2017, 09:23

Abuja - The Economic and Financial Crimes Commission on Friday arraigned the acting Managing Director of Uda Community Bank (now Uda Microfinance Bank), Fredrick Ogbueifun, for an alleged N316.9m fraud.

The suspect, who was slammed with 33 charges before Justice P.A. Ajoku of the Federal High Court, Benin, Edo State, was accused of raising different overdrafts at different times in favour of several account holders above the limit laid down by the law and the bank’s regulation.

Also read:MMM: EFCC, SEC declare total war on ponzi schemes

Ogbueifun, however, pleaded not guilty to all the counts when they were read to him in court.

In view of his plea, the prosecution counsel, Sadiq Hussaini, asked the court to fix a date for the commencement of trial.

Justice Ajoku granted the accused person bail in the sum of N1m with two sureties in like sum. 

The judge adjourned the matter till March 15, 2017 for trial, while the accused person is to be remanded in prison custody pending the perfection of his bail.


- News24

Tags efcc

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