Lagos Court To Rule On Alleged $111,500,000 Fraud Against Zenith Bank

The ongoing trial of Stanley Okafor and his company, Larbrador Shipping Services Limited, for an alleged One Hundred and Eleven Million, Five Hundred Thousand Dollars ($111,500,000) fraud before Justice Oluwatoyin A. Taiwo of a Special Offences Court sitting in Ikeja, Lagos continued on Wednesday, 13th April 2022, with the defence and prosecution adopting their written addresses on the no-case submission filed by the defendants.

Okafor, who was first arraigned on 26th November 2021, is being prosecuted on a nine-count amended charge bordering on possession of false documents, forgery, attempt to obtain by false pretence and using as genuine a false document contrary to Section 364 of the Criminal Law of Lagos State 2011.

The offences are contrary to Section 8 (b) and 1 (3) of the Advance Fee Fraud and Other Related Offences Act, 2006; Section 361 of the Criminal Law of Lagos State 2011, and Section 6, 8 (b) and 1 (3) of the Advance Fee Fraud and other Related Act, 2006.

One of the counts reads: “That you, Okafor Stanley and Labrador Shipping Services Limited., sometime between November 2019 and January 2020 in Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, did attempt to obtain the sum of Twenty-Two Million Dollars ($22,000,000) only from Zenith Bank Plc by falsely representing that Citi Bank was in receipt of the said sum.”

Another count reads: “That you, Okafor Stanley and Labrador Shipping Services Ltd., sometime between November 2019 and January 2020 in Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, did attempt to obtain a cumulative sum of Eighty-Nine Million Five Hundred Thousand Dollars ($89,500,000) only from Zenith Bank Plc by falsely representing that Citi Bank was already in receipt of the said sum.”

He pleaded “not guilty” to the amended charges.

The prosecution led by E.E. Iheanacho had called four witnesses and tendered several documentary evidence against the defendants, before it closed its case on March 4, 2022.

However, rather than open defence, the counsel for the defendants, O. Chiemeke, informed the court of his client’s decision to file a no-case submission.

Adopting the written address of the defendants with respect to the no-case submission filed on 4th April 2022, Chiemeke urged the court to dismiss the charges against his clients.

Iheanacho also adopted the written address of the prosecution dated 6th April 2022 and filed on 7th April 2022.

“We adopt the same submission contained therein and urge my noble lord to dismiss the no-case submission and order them to enter their defence if any,” he said.

Thereafter, Justice Taiwo adjourned till 8th June 2022 for ruling on the no-case submission.