Alleged N15b fraud: Court fixes March 14 for ex-Gulf Bank MD's trial
(Nigeria) A Federal High Court in Lagos on Wednesday fixed
March 14 for the trial of a former Managing Director of the defunct Gulf Bank,
Johnson Adebami, and three others over alleged N15 billion fraud.
Justice Mohammed Yunusa granted the adjournment in
accordance to the prayers of the prosecution.
Adebami is being tried alongside Uche Uwechia, a Briton,
Gareth Wilcox, and his companies -- Ibom Power Ltd and LYK Engineering.
They are facing a 21-count offence bordering on fraud.
At the resumed hearing of the case on Wednesday, the
prosecutor, told the court that another accused would soon
be arraigned.
Prosecution asked for an adjournment as a result of the new
development.
The accused, who were arraigned on December 23, 2013, had
pleaded not guilty to the charges.
The judge granted them bail in the sum of N200 million each
with two sureties each in like sum.
The accused were alleged to have converted over N15 billion,
property of the defunct bank to personal use on the pretext of granting loans
and overdrafts to various companies without records.
In addition, the former MD and the others are also charged
with appropriating 55.3 million dollars and about N3.7 billion belonging to the
bank.
Part of the money was also said to have been used to finance
a non-existing refinery, while the rest funds were converted to personal use.
The offences contravened the provisions of Section 390 of
the Criminal Code, Laws of the Federation, 2006.
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