EFCC Arraigns Ex-Bank PHB Director For Alleged N26.6B Fraud
The Economic and Financial Crimes Commission (EFCC) yesterday arraigned a former director of the defunct Bank PHB, Mr. Funmi Adenmosun, at a Federal High Court in Lagos for an alleged N26.6 billion fraud.
Adenmosun and his firm, Home Trust Savings And Loans Limited, were docked before Justice Daniel Osiagor sitting in Lagos on a 10-count charge bordering on alleged conversion and obtaining money by false pretence.
EFCC Counsel, Mr. Rotimi Oyedepo, told the court that the defendant committed the offence in Lagos on November 12, 2007.
It was alleged that the defendants converted the N26.6 billion in tranches of N455 million, N455 million, N610 million, N706 million, N610 million, N702 million, N720 million, N12.57 billlion, among others.
But the defendants pleaded not guilty to all the counts.
Oyedepo applied that the first defendant be remanded in custody pending trial, but counsel to the defendant, Mr. Wale Adesokan, SAN opposed the application by informing the court of a motion filed on Adenmosun’s behalf seeking bail pending trial.
He prayed the court to release the defendant to him pending perfection of bail and pledged to enter an undertaken guaranteeing the defendant’s presence for trial.
One of the sureties must not be less than grade level 15 in the civil service, while the second surety must be the relation of the defendant as well as be a land owner within Lagos.
The judge remanded the 1st defendant in EFCC’s custody pending the perfection of the bail conditions.
The conditions must be verified by the prosecution.
Consequently, Justice Osiagor adjourned till February 25, for trial.
Count 1 of the charge reads: “That you, Funmi Adenmosun and Home Trust Savings and Loans Limited and Rare Properties and Development Limited sometimes in 2007 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to convert the total sum of N25,6000,000,000.00 (Twenty Six Billion, Six Hundred Million Naira) which sum you reasonably ought to have known forms part of proceeds of fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 18 (a) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (2) (b) of the same Act.