Witness recounts how €2.556bn fraud was uncovered
The Federal High Court sitting in Ikoyi, Lagos on Wednesday heard how four alleged criminals used a company to perpetrate £2.556 billion fraud.
The four suspected fraudsters, Abayomi Kukoyi, Prince Kingsley Okpala, Prince Chidi Okpalaeze and Prince Emmanuel Okpalaeze and a company, Petro Union Oil and Gas Company Limited were arraigned before Justice Mohammed Liman.
A statement signed by the acting Head, Media and Publicity of the Economic and Financial Crimes Commission (EFCC), Tony Orilade stated that the defendants were arraigned on February 13, on aseven -count charge bordering on conspiracy, obtaining by false pretence, attempt to steal and forgery to the tune of £2,556,000,000.
The defendants pleaded not guilty to all the charges.
A prosecution witness, Adun Howard led in evidence by the prosecution counsel, Rotimi Jacob (SAN) narrated to the court the events that led to the charge.
Adun, a former operative of the EFCC, now a banker with the United Bank for Africa Plc, told the court that sometime in November 2004, the commission received a petition from the chambers of Joshua Mba and company alleging that a cheque of $2.5 billion was deposited on behalf of Petro Union Oil and Gas Limited with Union Bank and that the bank failed to pay the recipient of the said money.
“We invited Isaac Okpala to adopt the petition and he also volunteered statements. We thereafter, wrote a letter of invitation to Union Bank and they sent two representatives.
“During investigation, we did not see any proof that will make us continue with the investigation, so we wrote to the complainant that there was no evidence. The complainant however, wrote back to us asking us to write Union Bank requesting for the cheque deposited with them, which we did.
“I received the cheque Union Bank brought to the commission and I signed for it. I also registered it with the exhibit keeper. Isaac Okpala later wrote to the EFCC, requesting that the cheque be released to him. I processed the bond to release, which he signed and the cheque was released to him,” Adun said.
The petition, correspondences to Union Bank and the complainant’s statement were admitted in evidence and marked as exhibits.
Justice Liman had earlier in the proceedings, granted the defendants bail in the sum of N20 million each and two sureties in like sum. The sureties must be owners of landed properties within the jurisdiction of the court which will be verified by the lands registry.
The addresses of the defendants will also be verified by the court registrar.
Suspected herdsmen allegedly kill 2 in Edo
The matter was adjourned till March 4, 5, 6, while the defendants were remanded in prison custody pending the fulfilment of their bail conditions.
One of the counts preferred against the defendants that on December 29, 1994, they fraudulently procured a Barclays Bank cheque dated December 29, 1994 worth £2,556 billion payable to Gladstone Kukoyi and Associates as foreign investment in the construction of three refineries and petrochemical complex in Nigeria.
According to the prosecution, the offence is contrary to Section 1 (2) (a) of the Miscellaneous Offences Act, 1990 and punishable under the same section.
