Sunday, 4th December 2022
<To guardian.ng
Search
Breaking News:

Lagos police arraign businessman, banker for alleged N1.7 billion fraud

By Yetunde Ayobami Ojo and Azeez Olorunlomeru
03 March 2022   |   2:37 am
The police in Lagos have arraigned a businessman, Isaac Adewole, and banker, Kingsley Ananwede before Chief Magistrates’ Court, Ikeja over alleged N1.7 billion fraud.

[FILES] Fraud<br />Photo: AARP

The police in Lagos have arraigned a businessman, Isaac Adewole, and banker, Kingsley Ananwede before Chief  Magistrates’ Court, Ikeja over alleged N1.7 billion fraud.
   
The duo was arraigned on a four-count charge of conspiracy, money laundering, concealing or failing to report felonies and resisting public officers.
 

 
The defendants, however, pleaded not guilty to all the counts before Chief Magistrate A.O. Layinka.
     
The prosecutor, Inspector Lucky Ihiehie, told the court that the defendants laundered more than N1.7 billion and concealed activities.
   
Ihiehie alleged that Adewole used his company, Shibawells Energy Limited to launder the sum with Wema Bank account numbers 0122367964 and 0122554405.
   
He added that the second defendant, who worked with the bank, concealed the alleged fraud and money laundering.
 
The prosecutor said that Adewole and others at large resisted and obstructed police detectives attached to Area ‘G’ Police Command, Ogba, Ikeja, during an investigation.
 
“Adewole stopped the police from carrying out a detailed investigation into fraudulent and money laundering activities involving  Shibahwells Energy Ltd., which belongs to him, and Wema Bank,” he said.
 
  
The prosecutor said that Adewole had, between January 28, 2021, and July 18, 2021, through Shibahwells Energy Ltd. with account number  0122367964 domiciled with Wema Bank Plc, fraudulently received transactions on different dates.
 
“On January 18. 2021, via transaction ID No: M35660, Adewole received the sum of N630, 000, 000 from Messrs Bean Energy Ltd. On January 28, 2021, via transaction ID No: M35660, he received the sum of  M424, 811, 000 from Caverton and N160, 000, 000 from Dana with the same transaction number.
 
The alleged offences, the prosecutor, said contravened Sections 98, 117, 332 and 411 of the Criminal Law of Lagos State, 2015.

After their pleas, Chief Magistrate Layinka admitted the defendants to bail in the sum of N10 million and two sureties each in like sum.

She ordered that the sureties must have a landed property within the court’s jurisdiction, show evidence of five years tax payment to Lagos State government, and adjourned further hearing till March 15.