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Former bank manager gets bail variation after three years in detention


High Court

High Court

A Federal High Court, Lagos, yesterday varied the bail conditions of a former Branch Manager of First City Monument Bank (FCMB), Rosemary Usifo, after she had spend three years in Prison, unable to meet the bail terms.

Usifo is charged with N30 million fraud and arraigned by the Special Fraud Unit (SFU) on December 5, 2013 on a one-count charge bordering on the offence.The accused, who was charged alongside her bank (FCMB) had pleaded not guilty to the charges. Following a bail application moved by her lawyer, the trial judge, Saliu Saidu, who has just been transferred to Port Harcourt division of the federal high court, had granted her bail in the sum of N10 million with two sureties in like sum.

The judge had added that one of the sureties must be a blood relation with a landed property in Lagos, while the other surety must be a public or civil servant of grade level 15 and above.


The judge however, ordered her remand at the Kirikiri Prisons pending the perfection of her bail terms. When the case was called yesterday, Mrs. M. Susan announced appearance for the prosecution, while Mrs. Tolulope Taiwo and Mr. Olu Akanbi announced appearance for the first (FCMB) and second accused respectively.

Akanbi then informed the court of a motion seeking a variation of the bail conditions granted to the second accused.He prayed the court to dispense with the conditions of a property owner in the bail terms. The prosecution did not oppose the application.

In a short ruling, Justice Saliu Saidu granted bail to the accused in the sum of N10 million with two sureties in like sum.The court held that one of the sureties must be a public or civil servant of grade level 15, and serving with either the Federal or Lagos State government.

The court added that the court’s registrars and the prosecutor must be satisfied with the sureties and thereafter adjourned the case to March 16 for continuation of trial.

In the charge the accused was alleged to have committed the offence in 2011.The prosecution alleged that the accused defrauded a bank customer, one retired Deputy Inspector-General of Police, Mr. Archibong Nkanga of the sum of N30 million.

The money was alleged to have been obtained from the fixed deposit account of the customer.The offence is said to have contravened the provisions of Sections 1(2) (a), (c), and 3 (1) (2) of the Miscellaneous Offences Act, Cap. M17, Laws of the Federation, 2004. ‎

In this article:
Rosemary Usifo
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