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Lagos court probes Swiss firm defrauding

17 March 2016, 08:33Okoro Chinedu

Lagos – The trial of a local businessman fingered in the defrauding of a Swiss-based global producer of potassium is set to resume at the Lagos High Court on Thursday.

Femi Ogunlowo and his five companies will appear on a ten-count 10 count charge bordering on conspiracy, obtaining money by false pretence and forgery.

Operatives of the Economic and Financial Crimes Commission (EFCC) arrested the suspect last August following  a petition ent to the Commission through the Ministry  of Foreign Affairs Abuja on behalf of the Office of the Public Prosecutor of Switzerland.

The petition alleged that some unknown individuals from Nigeria broke into the server of their company Uralkali Trading SA Account and fraudulently transferred about $860 000 into several bank accounts in Nigeria.

Also read: Bogus ITA agent appears in Kano court

Investigations later showed the said amount was traced to several corporate accounts spread across banks in Nigeria.

The company accounts where money was traced and in which Ogunlowo was found to be sole signatory and director are: Forston Construction Limited, Chestlinks Power System Limited, Chestlinks Concept Investment Limited, De Beauvior Integrated Limited and Crestcom Education Development Limited.

The defendant was said to have took over the complainant's email address and without their knowledge, authorized a transaction and instructed the bank to transfer the sum of money in question.

The defendant pleaded not guilty to all the charges when he appeared in court on Tuesday.

However, Justice Adebiyi adjourned the case to today for hearing of bail application. 

- CAJ News

Tags efcc fraud

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