Former Director and shareholder of the defunct Gulf Bank Plc, Johnson Adeyeba, the Managing Director and Executive Officer, Babajide Rogers and others have been re-arraigned over an alleged N15,761,176.24 fraud.

They were re-arraigned yesterday before Justice Daniel Osiagor of a Federal High Court sitting in Lagos on a 28-count fifth amended charge, which borders on stealing and fraud.

Adeyeba was re-arraigned along with a Briton, Gareth Wilcox, the Managing Director of Ibom Power Company; Lyk Engineering Company, and a lawyer, Uche Uwechia, who was erstwhile Legal Advisor and Secretary to the defunct financial institution.

When the case was called, the prosecution counsel, Rotimi Jacobs (SAN), told the court that it was a case that had been ongoing since 2013 amid several setbacks.

Counsel to the first and second defendants, Okaja Okaja, Johnson Samuel, and attorney to the third and fourth defendants (Briton) and Ibom Power Company Limited, BababodeAdesoji, announced his appearance, while Miss O. G. Bassey appeared for the sixth defendant.

The anti-graft agency alleged that Adeyeba, Rogers and Uwechia, alongside others, who are at large, recklessly granted a loan facility of N450 million to Ibom Power Company without adequate security, and contrary to accepted practices on April 1, 2001, in Lagos.

The prosecutor told the court that Gareth Wilcox, while being the managing director of the firm, as well as Lyk Engineering Company Limited, along with others, who are currently at large, conspired to commit the ‘crime’.

It claimed that the third defendant, while being indebted to the bank, willfully made a statement denying the liability of the fourth and fifth defendants in respect of the dollar and Naira loans granted them by Gulf Bank Plc, “knowing same to be false, to avoid the repayment of the loan granted.”

The first, second and sixth defendants were alleged to have on December 24, 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 $9.2 million, N150 million and N10 million to Ibom Power Company Limited.

Adeyeba, Rogers, and Uwechia were said to have on April 25, 2001, granted a loan of N1,454,000,000 to Lyk Engineering Company Limited.

Several other allegations were made where the defendants pleaded not guilty.

Justice Osiagor, subsequently, adjourned the case to December 13 for trial.