Business
Court Adjourns Alleged Theft Case Against Ex-Bank Chairman
A Federal High Court sitting in Ikeja last Thursday fixed April 17 for hearing of all pending applications in the trial of a former Chairman of Wema Bank Plc, Olapade Mohammed.
Mohammed is standing trial alongside Sanni Mohamed, a Director of AKS Steel Nigeria Ltd. for allegedly stealing N1.2 billion belonging to the company, where he was also chairman.
Reports said that the two accused persons were dragged by the Economic and Financial Crimes Commission (EFCC) before the court, presided over by Justice Steven Adah.
When the matter came up for hearing on Thursday, their lawyer, Mr Olabode Olanipekun, told the court that they have filed an application for a stay of proceedings.
Olanipekun said the application was served on the EFCC on March 1, adding that the defence had also filed an objection to the prosecution’s written address.
Responding, the EFCC lawyer, Mr Steve Odiase, noted that the accused persons have failed to appear before the court to answer the charges preferred against them.
Odiase, in an oral application, asked the court for an extension of time to enable the prosecution regularise its processes and file their written address properly.
Adah, therefore, adjourned the matter to April 17, but ordered the parties to ensure that all processes were duly filed and served before the next adjournment date.
The accused persons in the application filed on March 1 by Olanipekun, had urged the court to stay further proceedings of the charge preferred against them.
This is pending the hearing and determination of their appeal against the charge, filed before the Court of Appeal in Lagos.
The anti-graft agency had in the charge alleged that the duo stole N1.2 billion, whilst Muhammed was the company’s chairman.
It said the alleged offences were committed between January 1, 2006 and March 23, 2009 in Lagos.
The EFCC claimed that they also laundered various sums amounting to N297. 7 million belonging to the company by transferring it to Dubai and subsequently, India.
The charge said they did so “without a board resolution authorising the removal of the funds.”
The agency alleged that they “knew” the sums “represented the proceeds of crime, with the aim of concealing the illicit origin of the said money”.
The alleged stealing and conversion contravene Sections 390, 421, 422 and 516 of the Criminal Code, Laws of the Federation of Nigeria, 2004.
The laundering charges are contrary to Section 14 (1) of the Money Laundering (Prohibition) Act of 2004 and punishable under Section 14 and 17 of the Act.
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