N1.4bn Fraud: Absence Of Defence Stalls Kogi Assembly Candidate’s Trial

The trial of the embattled Kogi State House of Assembly candidate of the New Nigeria Peoples Party (NNPP), Ismaila Atumeyi overall alleged N1.4 billion fraud was yesterday stalled due to the absence of the defence counsel, Chief Bolaji Ayorinde (SAN).

The Economic and Financial Crimes Commission (EFCC), had arraigned Atumeyi and his alleged fraud syndicate members, Ngene Dominic and Abdulmalik Salua on an 18-count charge of conspiracy, cybercrime, money laundering, fraud and concealment of proceeds of fraud before the Federal High Court in Lagos.

The EFCC counsel, Rotimi Oyedepo had told the trial judge, Justice Tijani Ringim that the defendants were arrested with N326 million and $610,500 cash, part of the money they allegedly stole from a bank and its customers.

Oyedepo also claimed that the third defendant, Abdulmalik Salau, an employee of the bank, supplied insider information that facilitated the cyber-attack on the bank by the syndicate.

The lawyer also told the court that the anti-graft agency recovered $470,000 from Femi, who he alleged without lawful authority directly caused modification of data held in the network of Union Bank, Plc leading to the fraudulent transfer of the total sum of N 1,403,343,400.00 to the account of Fav Oil And Oil And gas Limited  and you thereby committed an offence contrary to and punishable under section 16(1) of Cybercrimes (Prohibition, Prevention, etc) Act, 2015.

He alleged that the defendants moved N887 million into the account of a firm, Fav Oil and Gas Limited, from where the fund was disbursed to several Bureau de Change operators and some auto dealers for exchange into United States dollars and purchase of high-end cars.

The EFCC counsel accused the defendants of laundering the sum in tranches of N100 million, $480,000, N12.5million, N7million, N9million, N7 million, N12 million, N8 million, $140,000 and N326,400,000.

Oyedepo alleged that the defendants acquired a N12.5 million black Mercedes Benz C300, N7 million BMW 3 Series, N9 million Black Range Rover, N7 million Toyota Hilux 2014 upgraded to 2021, N12 million Black BMW SURXI 2016, N8 million White Toyota Hilux 2010 and N10 million White Toyota Hilux.