Former Union Bank boss, others re-arraigned.
The Economic and Financial Crimes Commission (EFCC) on Tuesday re-arraigned the former Managing Director of the Union Bank Nigeria, Bartholomew Ebong, for alleged fraud before a Federal High Court in Lagos.
Ebong and five others were arraigned over alleged misuse of depositors’ funds.
The others are Samuel Ayininuola, Niyi Opeodu, executive directors of the bank, Henry Onyemem, the Managing Director of Union Trustees Ltd, Peter Ololo, the Managing Director of Falcon Securities Ltd and his company.
The EFCC, in a 20-count charge, alleged that Ebong had in 2007 granted about N85 billion credit facilities to the accused persons without any collateral, contrary to the bank’s regulations.
It further said the accused persons acted as if they had purchased more than 600 million units of the bank’s shares, an act which was intended to deceive the investing public.
The commission also said the directors of the bank failed to take steps to ensure that the balance sheet of the bank in 2009 gave a true and fair view of its affairs.
After the charge was read to the accused persons, Ebong, Ololo and his company pleaded not guilty while Ayininuola, Opeodu and Onyemem refused to take their plea.
They urged the court to allow them to continue on the bail conditions already granted them when they were first arraigned in 2009.
The three accused, through their counsel, Messrs Rafiu Bello, Wale Olanipekun and Felix Fagbohungbe, told the court that their clients were objecting to the charge.
They said they had filed applications to quash it and served same on the prosecution.
Prosecution counsel Kola Awodein, however, informed the court that he needed time to respond to the accused persons’ application to quash the charge.
Justice Binta Murtala-Nyako ruled that the accused persons should continue on their previous bail and adjourned the case to June 14 for the hearing of the application to quash the charge.
The Economic and Financial Crimes Commission (EFCC) on Tuesday re-arraigned the former Managing Director of the Union Bank Nigeria, Bartholomew Ebong, for alleged fraud before a Federal High Court in Lagos.
Ebong and five others were arraigned over alleged misuse of depositors’ funds.
The others are Samuel Ayininuola, Niyi Opeodu, executive directors of the bank, Henry Onyemem, the Managing Director of Union Trustees Ltd, Peter Ololo, the Managing Director of Falcon Securities Ltd and his company.
The EFCC, in a 20-count charge, alleged that Ebong had in 2007 granted about N85 billion credit facilities to the accused persons without any collateral, contrary to the bank’s regulations.
It further said the accused persons acted as if they had purchased more than 600 million units of the bank’s shares, an act which was intended to deceive the investing public.
The commission also said the directors of the bank failed to take steps to ensure that the balance sheet of the bank in 2009 gave a true and fair view of its affairs.
After the charge was read to the accused persons, Ebong, Ololo and his company pleaded not guilty while Ayininuola, Opeodu and Onyemem refused to take their plea.
They urged the court to allow them to continue on the bail conditions already granted them when they were first arraigned in 2009.
The three accused, through their counsel, Messrs Rafiu Bello, Wale Olanipekun and Felix Fagbohungbe, told the court that their clients were objecting to the charge.
They said they had filed applications to quash it and served same on the prosecution.
Prosecution counsel Kola Awodein, however, informed the court that he needed time to respond to the accused persons’ application to quash the charge.
Justice Binta Murtala-Nyako ruled that the accused persons should continue on their previous bail and adjourned the case to June 14 for the hearing of the application to quash the charge.
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