Former director and shareholder of the defunct Gulf Bank Plc, Mr Johnson Adeyeba, the Managing Director and Executive Officer Mr. Babajide Rogers and others have been re-arraigned over an alleged N15,761,176.24 bn fraud.
The defendants were re-arraigned by the Federal Government of Nigeria before Justice Daniel Osiagor of the Federal High Court, in Lagos.
Adeyeba was re-arraigned alongside a Briton, Gareth Wilcox, the Managing Director of Ibom Power Company; Lyk Engineering Company, and a lawyer, Mr. Uche Uwechia, who was the former Legal Advisor and Secretary to the defunct Gulf Bank Plc.
They are charged on 28 counts of the fifth amended charge bordering on stealing, and fraud.
At the resume of the proceedings, Counsel to the FG, Mr Rotimi Jacobs SAN, informed the court that it’s a case that has been going on since 2013, and had suffered several setbacks.
The counsel to the first defendant Mr Okaja Okaja, announced his appearance while Johnson Samuel also appeared for the second defendant.
The counsel to the third and fourth defendants (Briton) and Ibom power company, Mr Bababode Adesoji, announced his appearance, while Miss O. G. Bassey appeared for the sixth defendant.
Adeyeba, Rogers, and Uwechia, alongside others who are at large were accused of recklessly granting a loan facility of N450m, to Ibom power company limited, without adequate security and contrary to the accepted practice.
The prosecutor said the incident occurred on April 1, 2001, in Lagos.
Jacobs told the court that Gareth Wilcox, while being the managing director of Ibom power company, Lyk Engineering Company, limited alongside others who are at large, conspired with Adeyeba, Rogers, and Uwechia, recklessly granted a loan of N450m, to Ibom power company limited, without adequate security and contrary to the accepted practice.
The FG said the third defendant while being indepted to Gulf bank, willfully made a statement denying the liability of fourth and fifth, defendants in respect of the dollars and Naira loans granted them by the defunct Gulf bank PLC, knowing same to be false, so as to avoid the repayment of the loan granted.
The first, second and sixth defendants were alleged to have on December 24, 2002, recklessly granted a bridging loan facility of $20m, to Ibom power company limited without adequate security contrary to the accepted practice.
The first to third defendants were also said to have on the same day granted a loan of $9.2m, N150m, and N10m, to Ibom power company limited.
Adeyeba, Rogers, and Uwechia, were said to have on April 25, 2001, granted a loan of N1,454,000,000, to Lyk engineering company limited.
On the same day, Wilcox, while being the managing director of Ibom power, and Lyk Engineering Companies, limited, while being indepted to the bank, willfully made a statement in asset’s debenture stamped only for the said N10m, knowing same to be false so as to avoid the repayment of the loan granted to him.
Sometime in January 2001, they also granted a loan facility of $17m, to Lyk engineering company limited for the payment of equity contribution of Lyk engineering company, in Ibom power company, with no security as normally required in accordance with the Bank’s regulation.
Between January 2001 and 2004, Adeyeba, Rogers, and Uwechia, were alleged to have negligently granted a loan facility of $1.8m, to Lyk, for the operational and administrative, for the expenses of Lyk engineering company limited, in Ibom power company limited.
The six defendants were alleged to have between 2003 and 2004, converted the aggregate of N1.8bn, which was illegally taken from the then Gulf bank of Nigeria Plc, paid Lyk engineering company for it’s operational and administrative expenses the sum which they knew represented the proceed of crime.
Adeyeba, Rogers, and Uwechia, were further accused of recklessly granting a loan facility of $9.1m, for the payment of consultancies, conceptional design, rail designs and soil investigation for non-existing refinary project for Lyk engineering Nigeria company limited, Lyk corperation and Centum Overseas limited.
They were alleged to have between April 1, 2001, December 24, 2002; August 8, 2003 and some other dates, fraudulently used their various positions to convert the sum of N15, 761,176.24 to fund their private businesses.
The defendants were alleged to have also used their positions to defraud the defunct bank of the said amount to fund the Briton’s companies, while the two of them were also alleged to have used the money to purchase a vessel and finance a none existing refinery.
Adeyeba was specifically alleged to have also fraudulently converted to his personal property, two plots of land, Plot 22 and 23 Zone K, Federal Government Layout, Banana Island, Lagos State, with Certificate of Occupancy numbers: 27/27/96 and 7/7/96 dated 20 June, 2003, belonging to the defunct bank.
The lawyer, Mr. Uche Uwechia, was alleged to have aided the former bank chairman to convert the said lands to his personal properties. The value of the land is estimated to be N600m.
The offences according to the AGF are contrary to section 15(1)(c) (2) and (3) of the failed banks (recovery of debt) and financial malpractices in banks act Cap F2,2010 and punishable under section 16(1), (2),18(1)(2) and 19(4) of the failed banks (recovery of debt and Financial Malpractices.
The defendants were first arraigned in 2013, and subsequently, before they were re-arraigned on Tuesday.
However they pleaded not guilty to the charges against them.
They continued with the bail conditions earlier granted to them.
The former bank manager and the Briton to bail in the sum of N200m, each with two sureties each, while the lawyer was admitted to bail in the sum of N100m, with two sureties each in like sum.
The court ordered that the sureties must produce three years tax clearance and that they must be residing within the jurisdiction of the court; and that the defendants must deposit their international passports with the court.
Justice Osiagor thereafter adjourned the matter till December 13, 2024, for trial.
