Friday, 7 March 2014
Serial Fraud Suspect Seun Ogunbambo Says He’s Now Repaying Fraudulently Obtained N1.2Billion Bank Loan
Seun Ogunbambo, an indicted subsidy fraud suspect who is also alleged to have fraudulently obtained a large loan of N1.2billion from Stambic IBTC in 2009 using forged documents, told a court today that he has begun repaying the loan.
At the trial today, Mr. Ogunbambo’s counsel complained of his poor health that might have made him miss the hearing, but that he showed up with enthusiasm to inform the court that his client had begun to repay the sum.
On two prior occasions, before Justices Adeniyi Onigbanjo and Olabisi Akinlade, Mr. Ogunbambo had been denied bail on the ground of his hefty criminal demeanors while others arraigned alongside with him had their bail applications granted.
Apart from his alleged involvement in the perpetration of fraud in the subsidy fund scheme and fraudulently obtaining the Stambic IBTC Bank loan, Mr. Ogunbambo was also accused of using multiple identities and illegal possession of two international passports.
According to the Economic and Financial Crimes Commission (EFCC), Mr. Ogunbambo obtained the passports with different names but the same photo. Both were presented before the court to substantiate the commission’s insistence that Mr. Ogunbambo is a serial fraudster who does not merit the benefit of bail. The anti-graft agency said it seized the suspect’s international passport not knowing he possessed another, but he was then found to be traveling with another passport while still on trial.
The suspect’s counsel, Mr. Adebayo Adenipekun, did not deny the allegations while he pleaded the bail application in court.
In January 2010, the Embassy of Republic of Ireland notified the EFCC of Mr. Ogunbambo’s arrest for money laundering.
In the current trial, Mr. Ogunbambo is arraigned alongside his company, Adeline Investment Limited, on charges of fraudulently obtaining a credit facility of over N1.2bn from Stanbic IBTC Bank Plc in 2009.
Presiding judge Akinlade directed that at every step of the way as Mr. Seun repays the fraudulently obtained loan as claimed by his counsel, Mr. Adenipekun, he must acquaint the prosecuting EFCC of the developments.
The judge adjourned the case until 14th February, 2013.