EFCC Arraigns Nigerian Bank For $50,000, N9.2m Fraud

The Lagos zonal office of EFCC, on Tuesday, March 12, 2019, arraigned Ecobank Plc before Justice Saliu Seidu of the Federal High Court sitting in Ikoyi, Lagos on a five-count charge bordering on conversion of funds to the tune of $50,000 and N9.2million.

Ecobank is facing trial alongside one of its employees, Anieka Udoh.

One of the counts reads: “That you, Ecobank Plc and one Anieka Udoh, whilst being an employee of Eco Bank Plc sometime in 2009, at Lagos within the jurisdiction of the Honourable court, negligently failed to exercise due diligence in relation to conduct of financial transactions with Major General Umaru Mohammed and fraudulently converted Major General Umaru Mohammed’s Ecobank MasterCard Account No. 0015052989 from debit card to credit card and consequently debited Major General Umaru Mohammed’s account in the sum of over USD 50,000 (Fifty Thousand United States Dollars) without the knowledge and authority of Major General Umaru Mohammed.”

Another count reads: “That you, Ecobank Plc and one Anieka Udoh, whilst being an employee of Eco Bank Plc sometime in 2009, at Lagos within the jurisdiction of the Honourable court, negligently failed to exercise due diligence in relation to conduct of financial transactions with Major General Umaru Mohammed and fraudulently converted Major General Umaru Mohammed’s Ecobank Domiciliary account to Naira account Number 0015052989 without the knowledge and authority of Major General Umaru Mohammed and consequently left a debit of N9.2Million in the said Naira account.”

At the scheduled arraignment on March 7, 2019, the first defendant, Ecobank, had no legal representative. However, at today’s sitting, the first defendant, Ecobank Plc represented by E. Majemite, pleaded not guilty to the charge preferred against it.

Counsel to the second defendant, Udoh O.J. Owoh, informed the court about a pending application for bail on behalf of his client, who pleaded not guilty to the charge when he was arraigned. In her response, counsel to the prosecution, Bilkisu Buhari, objected to the bail application, stating that “the defendant is a flight-risk if granted bail.”

Justice Seidu, after listening to both parties, admitted the second defendant to bail in the sum of N20million and two sureties in like sum. One of the sureties must be a relation to the second defendant, resident in Lagos and have a landed property in Lagos, whose title documents must be verified by the court.

The second surety must be a civil servant on grade level 16 in Lagos. The Judge also directed that the credentials of the second surety must be verified by the court.

Justice Seidu ordered the second defendant to be remanded in prison custody pending the perfection of his bail conditions and adjourned to April 9 and 11, 2019 for commencement of trial.

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