Efcc re arraign ex mds akingbola atuche nwosu alleged fraud
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EFCC Re-Arraigns Ex-MDs, Akingbola, Atuche, Nwosu, Others for Alleged Fraud
The Economic and Financial Crimes Commission (EFCC) has re-arraigned four former Managing Directors (MDs) of defunct banks, including Erastus Akingbola, Okey Nwosu, and Charles Uba, alongside others, before a Federal High Court in Lagos for alleged fraud.
The accused persons were re-arraigned on Wednesday, March 15, 2023, on a 12-count charge bordering on conspiracy, stealing, and money laundering.
According to the EFCC, the accused persons, who were MDs of the defunct banks, including Intercontinental Bank, Afribank, and Union Bank, allegedly conspired to steal and launder funds belonging to their banks.
The EFCC alleged that the accused persons, between 2006 and 2008, stole and laundered over N25 billion, which was meant for the banks' operations.
The accused persons, who were re-arraigned before Justice Chukwujekwu Aneke, pleaded not guilty to the charges.
The EFCC prosecutor, Rotimi Jacobs (SAN), told the court that the accused persons committed the alleged fraud in various ways, including the diversion of funds meant for the banks' operations to personal accounts.
The prosecutor also alleged that the accused persons used the stolen funds to purchase properties and invest in other businesses.
The court adjourned the case to April 12, 2023, for further hearing.
Accused Persons:
- Erastus Akingbola (former MD, Intercontinental Bank)
- Okey Nwosu (former MD, Afribank)
- Charles Uba (former MD, Union Bank)
- Danjuma Jauro (former MD, Intercontinental Bank)
- Niyi Latilo (former MD, Afribank)
- Oluwaseun Ogunbanjo (former MD, Union Bank)
Charges:
- Conspiracy to commit fraud (12 counts)
- Stealing (6 counts)
- Money laundering (4 counts)
Penalties:
If found guilty, the accused persons face a maximum sentence of 14 years imprisonment or a fine of N10 million or both.