Court orders Adigwe and 5 other Afribank executives remanded in EFCC custody.
An Ikeja High Court on Wednesday ordered the former Managing Director of Afribank Nigeria Plc., Mr Sebastian Adigwe, and five others remanded in EFCC custody till June 9.
Justice Olabisi Akinlade, who gave the order following arguments from both the counsel to the Economic and Financial Crimes Commission (EFCC) and the accused, will give ruling on their bail applications on June 9.
Adigwe was arraigned alongside Osa Osunde, Jibrin Isah, Isa Zailani, Chinedu Onyia and Henry Arogundade on a 36-count charge bordering on conspiracy, stealing and receiving of stolen property.
The EFCC alleged that Adigwe whilst being the chief executive officer of Afribank conspired with the other accused persons to steal more than N87.5 billion belonging to the bank between July 2008 and February 2009.
The commission said the stolen money was fraudulently converted to the use of AIL Securities Ltd., Asset Management Nominees Holding Ltd., and Falcons Securities Ltd., belonging to them.
They were also accused of fraudulently converting two million units of Afribank shares, being property of 1,258 subscribers of Afribank Nigeria Plc, to the use of South Point Oil and Gas Company.
The EFCC said the alleged offences contravened Sections 390(7) and 427 of the Criminal Code Law, Cap 17, Laws of Lagos State, 2003.
The six accused pleaded not guilty to all the charges.
Adigwe’s counsel, Nnamdi Dimgba, urged the court to grant his client bail on the grounds that he was facing similar charges at the Federal High Court where he was at present on bail.
Dimgba, in the bail application, argued that Adigwe and the other accused persons would not jump bail and urged the court to exercise its discretionary powers in their favour.
However, EFCC counsel, Sebastine Hon, opposed the applications and prayed the court not to grant them bail.
Hon said The mere fact that an offence is bailable does not mean bail should be granted as a matter of course. It is granted based on Your Lordship’s discretion.
An Ikeja High Court on Wednesday ordered the former Managing Director of Afribank Nigeria Plc., Mr Sebastian Adigwe, and five others remanded in EFCC custody till June 9.
Justice Olabisi Akinlade, who gave the order following arguments from both the counsel to the Economic and Financial Crimes Commission (EFCC) and the accused, will give ruling on their bail applications on June 9.
Adigwe was arraigned alongside Osa Osunde, Jibrin Isah, Isa Zailani, Chinedu Onyia and Henry Arogundade on a 36-count charge bordering on conspiracy, stealing and receiving of stolen property.
The EFCC alleged that Adigwe whilst being the chief executive officer of Afribank conspired with the other accused persons to steal more than N87.5 billion belonging to the bank between July 2008 and February 2009.
The commission said the stolen money was fraudulently converted to the use of AIL Securities Ltd., Asset Management Nominees Holding Ltd., and Falcons Securities Ltd., belonging to them.
They were also accused of fraudulently converting two million units of Afribank shares, being property of 1,258 subscribers of Afribank Nigeria Plc, to the use of South Point Oil and Gas Company.
The EFCC said the alleged offences contravened Sections 390(7) and 427 of the Criminal Code Law, Cap 17, Laws of Lagos State, 2003.
The six accused pleaded not guilty to all the charges.
Adigwe’s counsel, Nnamdi Dimgba, urged the court to grant his client bail on the grounds that he was facing similar charges at the Federal High Court where he was at present on bail.
Dimgba, in the bail application, argued that Adigwe and the other accused persons would not jump bail and urged the court to exercise its discretionary powers in their favour.
However, EFCC counsel, Sebastine Hon, opposed the applications and prayed the court not to grant them bail.
Hon said The mere fact that an offence is bailable does not mean bail should be granted as a matter of course. It is granted based on Your Lordship’s discretion.
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