The judge ordered their remand following their arraignment by officers of Police Special Fraud Unit (PSFU), Ikoyi.
The defendants were arraigned alongside Jitau Investment Limited, for alleged of conspiracy and unlawful conversion of N800 million.
The prosecutor, Mr. Emmanuel Jackson, a Chief Superintendent of Police (CSP), who led Mr. Justin Enang, told the court that the defendants alongside Albert Atiwurcha; Nanda Ezekiel and J &J Holding Villa Limited, now at large, with an intent to defraud, conspired among themselves and fraudulently sold off a property located at 3 Bunu Sheriff Crescent, Katempe Extension, Abuja, for the sum of N800 million.
The prosecutors also told the court that the said property belongs to one Abubakar Baba Zango, adding that upon selling off the property, the defendants diverted the proceeds into two bank accounts, Union Bank Plc account number 0041529275, belonging to Jitau Investment Limited and Zenith Bank Plc’s account number 1016265443, belonging to J and J Holding Villa Limited, different from the one nominated by the owner of the property, Abubakar Baba Zango.
He said their offence contravened sections 1(3) and 1(i)(a) and of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006, as well as section 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 as amended in 2012.
The defendants pleaded not guilty to the offences when the charges were read to them.
Following their plea, the defendants’ counsel, Kyari Joe Gadzama; Kole Bello and J. W. Dong, told the court that their clients’ bail applications had been filed and served on the prosecution.
While arguing their bail applications, Gadzama after citing a plethora of authorities, told the court that Silas, was earlier admitted to administrative bail by the police and came back to be arraigned.
Gadzama added that by the provisions of the constitution, his client is entitled to bail.
He told the court that the case that brought his client to court was purely a civil contract between parties.
He therefore urged the court to grant his client bail in the most liberal terms, and that the court should even grant him bail on self-recognition.
He assured the court that his client will always be in court till the determination of the charges.
Also, Mr. Kole, counsel to the second defendant, aligned with Gadzama’s submissions.
In his opposition to the bail applications, the prosecutor, Mr. Jackson, told the court that it took the police extra strength before they were rearrested and brought to court for arraignment.
He told the court to discountenance the arguments of the the defence counsel that matter was purely a civil one, stressing that the matter was a criminal one, which informed charging the defendants to court.
However, while ruling on the bail application, Justice Oweibo acceded to request of the defendants’ counsel and admitted each of them to bail in the sum of N500 million each, with one surety in like sum.
The judge ordered that the surety must be a property owner within Lagos and that the property must be worth the bail sum. Adding that the surety must provide evidence of tax payment for three years.
Justice Oweibo remanded the defendants in SFU’s custody till the perfection of the bail terms and adjourned the matter to June 2, 2023, for trial.
