The police in Lagos on Friday arraigned the deputy manager of the Ghana Branch of an old generation Bank , Chibuike Kenneth before the Federal High Court over an alleged N396.9 million fraud.
Kenneth was docked before Justice Akintayo Aluko by men of the Police Special Fraud Unit (PSFU) on a six-count charge of conspiracy, fraud and money laundering.
The police prosecutor, Ikechukwu Iredia had informed the court that the defendant committed the offences sometime in May 2022, alongside others now at large.
Iredia also alleged that the defendant fraudulently obtained the said sum from one Oladipo Okuntola, who trades under the name and style of Aqua 10 Nigeria Limited, with the pretence of converting the Naira to United States Dollars.
The prosecutor claimed that the defendant converted the said amount to his personal use instead of fulfilling his side of the bargain.
Iredia further told the court that the offences violated Section 8(a) and are punishable under sections 1(3), (a) and 2 (1),(a) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006.
He also maintained that the offence of money laundering is contrary to section 15(2)(b) of the Money Laundering (Prohibition Act 2012) as amended.
The defendant, however, pleaded not guilty to the charge.
Following the development, the defence counsel, Ademola Olabiyi, urged the court to grant his client bail in the most liberal terms.
In his ruling, Justice Aluko granted the defendant bail in the sum of N50 million with two sureties in like sum.
Justice Aluko ordered that one of the sureties must be a landed property owner within the court’s jurisdiction, while the second surety must be a Grade Level 12 officer in the civil service or a businessman with an account balance of N100 million.
The judge then adjourned the matter till February 23, 2023, for the commencement of the trial, while the defendant is to be remanded in prison until he perfects the terms of his bail.
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