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N1.4Billion Bank Fraud: Court Denies Bail To Kogi House Of Assembly Candidate, Two Others

N1.4Billion Bank Fraud: Court Denies Bail To Kogi House Of Assembly Candidate, Two Others
December 6, 2022

The trio are a candidate seeking election into the Kogi State House of Assembly.

The Federal High Court in Lagos on Tuesday denied bail to three men accused of hacking the computer network of Union Bank and stealing N1,403,343,400 (N1.4 billion).

The trio are a candidate seeking election into the Kogi State House of Assembly, Ismaila Yousuf Atumeyi; a former employee of Union Bank, Abdulmalik Salau and one Ngene Joshua.

The suspects were on Monday arraigned by the Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) on 18 counts before Justice Tijjani Ringim.

They pleaded not guilty and applied for bail through their counsel, Mr. Bolaji Ayorinde (SAN).

But EFCC counsel, Mr. Rotimi Oyedepo (SAN), opposed the bail application and prayed for an accelerated hearing of the matter.

Ruling on the application and counter-application on Tuesday, Justice Ringim upheld Oyedepo's arguments that the defendants were a flight risk and the probability of them jumping bail is high.

The court noted that the magnitude of the offence is such that the defendants can interfere with the law enforcement procedure and flee.

It further noted that extradition procedures from anywhere are such a cumbersome process.

"In all, I hold that the application for bail filed and argued by Chief Bolaji Ayorinde, SAN, lacks merit and it is accordingly dismissed," Justice Ringim held.

The judge, therefore, ordered that the defendants be remanded in the Ikoyi Correctional facility.

He also adjourned the matter till January 24, 2023, for trial.

Atumeyi, who is the first defendant, is the New Nigeria Peoples Party (NNPP) candidate for the Ankpa 11 Constituency for next year's House of Assembly election in Kogi.

The EFCC preferred 18 counts bordering on concealment of proceeds of fraud, money laundering and cybercrime against the defendants before Justice Ringim.

The defendants were alleged to have hacked into the system of the commercial bank and defrauded the institution of over N1.4 billion.




The court heard that they carried out a "modification of data held in the network of the bank, leading to the fraudulent transfer of the total sum of N1,403,343,400 to the account of Fav Oil a nd Gas Limited."

The agency allegedly recovered N326 million and $140,500 from the black Escalade Sports Utility Vehicle (SUV) of one of the defendants during an operation at his hideout in Queens Estate, Gwarinpa.

Oyedepo told the court in a charge numbered FHC/L/651C/2022, that the defendants committed the alleged offences between August and October 2022 in Lagos.

He said they conspired to "directly conceal" the N1.4 billion in the account of Fav Oil and Gas Limited, "which sum you reasonably ought to have known forms part of the proceeds of your unlawful activity and you thereby committed an offence contrary to sections 18 (a), 15 (2) (a) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.

The defendants were accused of laundering the sum in tranches of N100 million, $480,000, N12.5 million, N7 million, N9 million, N7 million, N12 million, N8 million, $140,000 and N326.4 million.

Specifically, they were alleged to have acquired N12.5 million black Mercedes Benz C300, N7 million BMW 3 Series, N9 million black Range Rover, N7 million Toyota Hilux 2014 upgraded to 2021, N12 million Black BMW SURXI 2016, N8 million white Toyota Hilux 2010 and N10 million white Toyota Hilux.

The court also heard that they allegedly directly transferred N80 million to Frank Maya Integrated Ventures, acquired property at No.8, Grace Crescent, EFAB Queens Estate, Gwarimpa, Abuja, and concealed $140,000 and N326,400,000 in a black SUV.