The Economic and Financial Crimes Commission on Friday arraigned the acting Managing Director of Uda Community Bank (now Uda Microfinance Bank), Fredrick Ogbueifun , before Justice P.A. Ajoku of the Federal High Court , Benin, Edo State , for an alleged N 316 .9 m fraud.

The suspect , who was slammed with 33 charges, was accused of raising different overdrafts at different times in favour of several account holders above the limit laid down by the law and the bank ’s regulation.

Ogbueifun, however , pleaded not guilty to all the counts when they were read to him in court. One of the counts read , “ That you, Fredrick Ogbueifun, while being the acting Managing Director of Uda Community Bank Nigeria Limited (now Uda Microfinance Bank Limited ) on or about October 22 , 2007 within the jurisdiction of this honourable court, did knowingly grant and approve an overdraft in the sum of N 3,150,000, 600 in favour of Assurance Venture Ltd ., an account holder with account No . 1210200072 , which the said sum is above your limit as the acting Managing Director of the bank as laid down by the law and in accordance with the bank ’ s regulation and thereby committed an offence contrary to Section 15 (1 )(a )(b )
of the Failed Banks (Recovery of Debt ) and Financial Malpractices in Banks Act CAP F 2 of the Revised Edition (Laws of the Federation of Nigeria 2007 ) and punishable under Section 16 (1 ) (a ) of the same Act. ”

In view of his plea, the prosecution counsel , Sadiq Hussaini, asked the court to fix a date for the commencement of trial. However, the defence counsel , A. O. Ekpu , urged the court to grant his client bail with a promise that he would make himself
available for trial. Justice Ajoku granted the accused person bail in the sum of N1m with two sureties in like sum . The sureties must be public servants not below level 12 . The sureties must have property within the jurisdiction of the court.

The judge adjourned the matter till March 15 , 2017 for trial , while the accused person is to be remanded in prison custody pending the perfection of his bail.
In a similar development , the EFCC on Friday arraigned one Joseph Ishiguzo before Justice J. E. Inyang of the Federal High Court, Owerri , Imo State , on four charges bordering on conspiracy and obtaining money by false pretences.

Ishiguzo allegedly sold 18 plots of land to the complainant for N33.3 m, issued the complainant a handwritten receipt together with power of attorney even when he knew that the said plots ofland did not belong to him. The accused pleaded not guilty when the four counts were read to him.

In view of his plea , the prosecution counsel , M .T. Iko asked the court to fix a date for trial and to remand the accused person in custody. Justice Inyang granted the accused person bail in the sum of N10m or two sureties in like sum . The case was adjourned till February 16 and 17 2017 for trial.




http://punchng.com/efcc-arraigns-bank-md-n316-9m-fraud/

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USA community bank is in Ekpoma ryt?? Thieves everywhere smh