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Ishiekwene, others granted bail in alleged N350m fraud charge

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Azubuike Ishiekwene


Justice Mojisola Dada of a Special Offences Court sitting in Ikeja has granted bail to the Chief Executive Officer and publisher of The Interview magazine, Mr. Azubuike Ishiekwene, and two others in an alleged fraud allegation suit.

The judge granted them bail following the argument on the bail application from counsel on both side.The Economic and Financial Crimes Commission (EFCC) had arraigned Ishiekwene, the former Chief Executive Officer of Cleanserve Integrated Energy Solutions Limited (CIES), Mr. Olalekan Abdul and Adeyinka Adewole on 15 count charge number ID/11126C/2019.

The anti-graft commission alleged the trio of offences bordering on conspiracy, obtaining money by false pretence, forgery, using false document, altering with the intent to defraud the sum of N350 million. They pleaded not guilty to the charge read to him.

While arguing the bail application, counsel to first and third defendant, Mr. Adeyinka Olumide-Fusika (SAN) urged the court to grant his client bail. He submitted that the defendants have no criminal record and will not interfere with the proceedings or any of the witnesses if granted bail.

On his part, the second defendant counsel, R.A.O. Adegoke in praying for bail urged the court to consider that the defendants was granted administrative bail during two years of investigation by EFCC and did not jump bail nor compromised.

However, Justice Dada in a bench ruling granted Olalekan Abdul, bail in the sum of N10 million and two sureties in like sum. She ordered that the sureties must have with landed property within jurisdiction of the court.

Also, the judge granted Ishiekwene bail of N2million with two sureties in like sum. She ordered that the sureties must be gainfully employed and ordered the trio to submit their international passports to the Chief Registrar.Justice Dada gave the defendants two weeks grace to perfect their bail or forfeited there temporary bail and adjourned trial to April 6 and 9, 2020 .

EFCC alleged that the defendants with intent to defraud obtain credit facility for Cleanserve Integrated Energy Solution in the sum of N350,000,000.00 on 14th December, 2010 by false pretence from Wema Bank while falsely representing to the bank that they were Board Member of Cleanserve Integrated Energy Solution” dated which representations they knew to be false.

The anti graft agency said the defendants used a false document titled “Board Resolution of Cleanserve Integrated Energy Solution Limited” dated 27th day of September 2010 to open an account with Keystone Bank PLC formerly known has Bank PHB to secure the loan.


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Azubuike IshiekweneEFCC
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