Kemisola Oye
THE Federal Government of Nigeria earlier today re-arraigned the former director and shareholder of the defunct Gulf Bank Plc, Mr Johnson Adeyeba, the Managing Director, and Executive Officer Mr Babajide Rogers and others over an alleged Fifteen Billion, Seven Hundred and Sixty-One, One Hundred and Seventy-Six Thousand and Twenty-Four Naira (N15,761,176.24) fraud.
They were brought before Justice Daniel Osiagor of a Federal High Court in Lagos by the Federal Government.
Adeyeba was re-arraigned alongside a Briton, Gareth Wilcox, the Managing Director of Ibom Power Company; Lyk Engineering Company, and a lawyer, Mr. Uche Uwechia, who was the former Legal Advisor and Secretary to the defunct Gulf Bank Plc.
They are facing 28 counts of the fifth amended charge bordering on stealing, and fraud.
When the case was called, the Federal Government’s prosecution counsel, Rotimi Jacobs (SAN), told the court that it’s a case that has been ongoing since 2013 and had suffered several setbacks.
The counsel to the first defendant, Mr Okaja Okaja, announced his appearance; Johnson Samuel also appeared for the second defendant.
The counsel to the third and fourth defendants (Briton) and Ibom power company, Mr Bababode Adesoji, announced his appearance, while Miss O. G. Bassey appeared for the sixth defendant.
Adeyeba, Rogers, and Uwechia, alongside others, who are at large, were accused of recklessly granting a loan facility of N450 million to Ibom Power Company Limited without adequate security and contrary to the accepted practice.
The prosecutor said the incident occurred on 1st April 2001 in Lagos.
Jacobs told the court that Gareth Wilcox, while being the Managing Director of Ibom Power Company, Lyk Engineering Company Limited, alongside others who are at large, conspired with Adeyeba, Rogers, and Uwechia, recklessly granted a loan of N450 million to Ibom Power Company Limited without adequate security and contrary to the accepted practice.
The Federal Government said the third defendant, while being indebted to Gulf Bank, willfully made a statement denying the liability of the fourth and fifth, defendants in respect of the dollars and Naira loans granted them by the defunct Gulf Bank PLC, knowing the same to be false, so as to avoid the repayment of the loan granted.
The first, second and sixth defendants were alleged to have, on 24 December 2002, recklessly granted a bridging loan facility of $20 million to Ibom Power Company Limited without adequate security, contrary to the accepted practice.
The first to third defendants were also said to have on the same day granted a loan of $9.2m, N150m, and N10m, to Ibom Power Company Limited.
Adeyeba, Rogers, and Uwechia were said to have, on 25 April 2001, granted a loan of N1,454,000,000 to Lyk Engineering Company Limited.
On the same day, Wilcox, while being the Managing Director of Ibom Power Company, and Lyk Engineering Company Limited, while being indebted to the bank, willfully made a statement in asset’s debenture stamped only for the said N10m, knowing same to be false so as to avoid the repayment of the loan granted to him.
Sometime in January 2001, they also granted a loan facility of $17m to Lyk Engineering Company Limited for the payment of equity contribution of Lyk Engineering Company in Ibom Power Company, with no security as normally required in accordance with the bank’s regulation.
Between January 2001 and 2004, Adeyeba, Rogers, and Uwechia were alleged to have negligently granted a loan facility of $1.8m to Lyk Engineering Company for the operational and administrative expenses of Lyk Engineering Company Limited in Ibom Power Company Limited.
The six defendants were alleged to have, between 2003 and 2004, converted the aggregate of N1.8bn, which was illegally taken from the then Gulf Bank of Nigeria Plc, and paid Lyk Engineering Company for its operational and administrative expenses, the sum of which they knew represented the proceeds of crime.
Adeyeba, Rogers, and Uwechia were further accused of recklessly granting a loan facility of $9.1m for the payment of consultancies, conceptional design, rail designs and soil investigation for a non-existing refinery project for Lyk Engineering Nigeria Company Limited, Lyk Corporation and Centum Overseas Limited.
They were alleged to have, between 1st April 2001, 24 December 2002, 8 August 2003 and some other dates, fraudulently used their various positions to convert the sum of N15, 761,176.24 to fund their private businesses.
The defendants were alleged to have also used their positions to defraud the defunct bank of the said amount to fund the Briton’s companies, while the two of them were also alleged to have used the money to purchase a vessel and finance a non-existing refinery.
Adeyeba was specifically alleged to have also fraudulently converted to his personal property two plots of land, Plot 22 and 23 Zone K, Federal Government Layout, Banana Island, Lagos State, with Certificate of Occupancy numbers: 27/27/96 and 7/7/96 dated 20 June 2003, belonging to the defunct bank.
The lawyer, Mr Uche Uwechia, was alleged to have aided the former bank chairman in converting the said lands to his personal properties. The value of the land is estimated to be N600m.
The offences, according to the Office of the AGF, are contrary to Section 15(1)(c) (2) and (3) of the Failed Banks (Recovery of Debt) and Financial Malpractices in Banks Act, Cap F2,2010 and punishable under Section 16(1), (2),18(1)(2) and 19(4) of the Failed Banks (Recovery of Debt and Financial Malpractices.
The defendants were first arraigned in 2013, and subsequently before they were re-arraigned on Tuesday (today).
However, they pleaded not guilty to the charges against them.
They continued with the bail conditions earlier granted to them.
The former bank manager and the Briton were earlier admitted to bail in the sum of N200 million with two sureties each, while the lawyer was admitted to bail in the sum of N100 million with two sureties in like sum.
The court ordered that the sureties must produce three years of tax clearance that they must be residing within the jurisdiction of the court, and that the defendants must deposit their international passports with the court.
However, Justice Osiagor adjourned the case until 13 December 2024 for the commencement of trial.
Eighteen-Eleven Media