Court Remands Ex-Bank PHB Director, Adenmosun, in EFCC custody over alleged N26.6 Billion fraud

The Economic and Financial Crimes Commission (EFCC), yesterday, arraigned a former director of Bank PHB (now Keystone Bank), Funmi Adenmosun, before a Federal High Court sitting in Lagos for alleged N26.6 billion money laundering.

Adenmosun was arraigned alongside his company, Home Trust Savings and Loan Limited and a private company, Rare Properties and Development Limited.

They were arraigned before Justice Daniel Osiagor on a 10-count charge bordering on conspiracy, money laundering and fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc.

Earlier, EFCC prosecutor, Rotimi Oyedepo, informed the court of the 10-count charge dated January 5, 2020, urging it to direct that the charge be read to the defendants.

Following the reading of the charge, Adenmosun pleaded not guilty to all 10-count charges.

In view of his not-guilty plea, the prosecutor, Oyedepo, requested for a trial date, urging the court to remand him in the custody of the Nigerian Correctional Services (NCoS) till the determination of the charge.

However, Adenmosun’s counsel, Wale Adesokan (SAN), informed the court that a bail application dated January 13, 2022, has been filed, adding that it had been served on the prosecution. He urged the court to hand over Adenmosun to him, assuring that he would always attend to his case.

But Justice Osiagor refused the request and granted the accused bail in the sum of N250 million with two sureties.

The court directed that one of the sureties must be a Grade Level 15 officer in either a federal or state ministry, while the other surety must be a blood relation of the defendant and a property owner within the jurisdiction.

The court further directed that he should be remanded in EFCC custody pending the perfection of his bail application and adjourned to February 24 and March 4, 2022, for hearing.