The Federal High Court in Lagos has adjourned hearings in the case against Babajide Rogers, the former Managing Director and Chief Executive of the defunct Gulf Bank, and other defendants till February 21, 24, and 28, 2025.
The case, brought before Justice Dan Osiagor of the Lagos High Court by the Nigeria Deposit Insurance Corporation (NDIC), involved a series of financial misconduct allegations totaling N6.27 billion and $64.10 million. The defendants include former Gulf Bank director and shareholder Prince Adekunle Adeyeba, ex-company secretary, Uche Uwechia, Gareth Mervyn Wilcox, Ibom Power Company, and Lyk Engineering Company Ltd.
The 28-count charges, filed by Rotimi Jacobs, SAN, under a 2023 fiat from the Attorney General of the Federation, accused the defendants of granting unsecured loans, money laundering, and financial misappropriation during their tenure.
The NDIC, in collaboration with the Police Special Fraud Unit (PSFU), initially filed the charges in 2013 following the Central Bank of Nigeria’s (CBN) revocation of Gulf Bank’s operating license on January 16, 2006. The CBN cited the bank’s failure to meet recapitalization requirements, which led to its insolvency and eventual liquidation by the NDIC.
During the hearing, the prosecution presented its first witness, Joseph Okechukwu Okolonji, a retired deputy director and former Head of the Criminal Investigation Unit at the NDIC. Okolonji’s testimony detailed the alleged financial malpractices that contributed to Gulf Bank’s collapse, highlighting irregularities in credit facilities and financial oversight.
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