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Man Arraigned, Remanded in Prison Custody for Alleged N700m Fraud

The Economic and Financial Crimes Commission, Lagos Zonal office, on Thursday, August 1,2019, arraigned one Omotola Fawehinmi before Justice Austin C. Obiozo of the Federal High Court sitting in Ikoyi, Lagos on a five -count charge bordering on forgery and failure to carry out due diligence to the tune of N700m (Seven Hundred Million Naira).

Fawehinmi, an employee of Zenith Bank Plc, was arrested, following a petition received by the Commission from the complainant, Union Bank Plc.

One of the counts reads: “That you, Omotola Fawehinmi, sometime in February, 2015 in Lagos ,within the jurisdiction of this Honourable Court aided the forgery of a document title: “Transfer of funds via RTGS-1014152125” dated 19th of June 2015 to the prejudice of Zenith Bank Plc who, in the belief that the said document was signed by Uka Chidi Udo, was induced to debit the account of Mobilng Huil Service Ltd to the tune of N394,916,175.66 (Three Hundred and Ninety -our Million, Nine Hundred and Sixteen Thousand, Sixty -six Kobo) and you thereby committed an offence punishable under Section (C) of the Miscellaneous Offences Act CAP M17 Laws of the Federation 2004.”

The defendant pleaded not guilty to the charge preferred against him.
In view of his plea, the prosecution counsel, Rotimi Oyedepo, asked the court for a trial date and accelerated hearing of the matter, while also praying that the defendant be remanded in prison custody. 

Counsel to the defendant, Kadija Belgore Yusuf, informed the court of a bail application for the defendant.

The defence counsel also prayed the court to admit the defendant to bail in the most liberal terms.
Justice Obiozor granted the defendant bail in the sum of N250million with one surety in like sum.
The surety must deposit the title of a landed property in Lagos State, produce an affidavit of means, evidence of three years tax clearance, statement of account of the surety and one passport photograph of the surety, which must be verified by the court’s Deputy Registrar.

The Judge also ordered the defendant to be remanded in Ikoyi prison custody pending the fulfilment of bail conditions.

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