The Economic and Financial Crimes Commission, EFCC has arraigned one Murtala Bashir, Director, Portfolio Manager and Circular Trust Limited before Justice M.T. Tukur of the Kaduna State High Court on a one-count charge bordering on criminal breach of trust and cheating.

The petitioner, in preparation for his retirement sometimes in October 2017, put together his gratuity and gave the sum of N2 million with an expected quarterly dividend of N120,000 to one Alhaji Baba who was in charge of the company till his demise.

However, Bashir took over the company but refused to keep up with the agreement of both parties to remit the proceeds of the investment made by the Complainant.

Between November 2007 to August 2012, some dividends were paid into his account, but it stopped subsequently. Frantic efforts to get back the initial investment became futile.

The charge reads:

“That you, Murtala Bashir sometime in October, 2007 in Kaduna within the Kaduna Judicial Division of the High Courg being entrusted with the sum of N4,040,000.00 (Four Million and Forty Thousand Naira) by Essienesak Johnson Ubom for the purpose that the money will be invested in shares and stocks with Circular Trust Limited dishonestly converted to your use in violation of the Legal Contract which you made in regard to the sum, you thereby committed an offence contrary to Section 311 of the Penal Code Law of Kaduna State and Punishable under Section 312 of the same Law”. He pleaded “not guilty” to the charge.

Prosecuting counsel, E. Onyeka, asked the court to fix a date for trial to commence.

Defence counsel, E.F. Emdo, moved motion for bail of the defendant.

Justice Tukur, thereafter, granted bail to the defendant in the sum of N1 million and one surety in like sum who must be a public servant on grade level 15.

The case has been adjourned to February 6, 2019 for “commencement of trial”.