Stockbroker, ex-banker absolved of N186m fraud

A Lagos High Court sitting in Ikeja has absolved the Managing Director and Chief Executive of the GMT Securities and Asset Management Limited, Ebi Odeigah and others of all the allegations leveled against the by the Economic and Financial Crimes Commission (EFCC).

The trial judge, Justice Lateefa Okunnu discharged and acquitted them of the allegations of issued dud cheques, conspiracy to steal, stealing N860 million from Union Bank of Nigeria Plc on July 22, 2008.

Odeigah said Union Bank ruined his business when it instituted a case against him and his company. According to him, he had over 70 graduates working in the marketing department of his company but he has less than eight now, adding that he had lost 13,000 customers due to the case. He therefore appealed to Union Bank to pay him N860million.

EFCC had on December 2009 charged Odeigah, his brother-in-law and branch manager of Union Bank, Alexander Nkenchor as well as the firm as first to third defendant respectively.