Crime & Court

Ex-Bank PHB director, Adenmosun remanded in prison over alleged N26.6bn fraud

Published

5 years ago

March 4, 2022

File photo of Funmi Adenmosun.

Justice Daniel Osiagor of the Federal High Court, in Lagos, on Thursday ordered the remand of a former Director of Bank PHB (now Keystone), Funmi Adenmosun at the Nigerian Correctional Services (NCoS) in Ikoyi, following his inability to perfect his bail conditions.

The Economic and Financial Crimes Commission (EFCC) had on January 21 arraigned Adenmosun, before the court over alleged N26.6 billion money laundering.

The ex-Bank PHB director was arraigned alongside his company, Home Trust Savings and Loan limited and a private company, Rare Properties and Development Limited.

He was subsequently granted bail in the sum of N250 million with two sureties.

But, at the resumed trial on Thursday, Adenmosun who was initially remanded in EFCC custody urged the court to change his remand to Ikoyi Correctional Centre until he meets his bail conditions.

Justice Osiagor granted his request and ordered his remand at Ikoyi Correctional Centre.

The EFCC’s counsel, Sulaiman Sulaiman told the court that the verification of documents presented by the sureties is still ongoing.

He informed the court that he was ready to commence trial and that one of his witnesses was in court.

The judge, however wondered why the prosecution was taking too long on the verification of documents submitted by the sureties.

Justice Osiagor also observed that the anti-graft agency imposed conditions that were not in the original order made by the court.

The court. then stopped the EFCC from carrying out the verification of the sureties adding that only the court will carry out the exercise.

The EFCC , thereafter called its first witness, Mr. Segun Adesomoju, the Compliance Officer, First City Monument Bank Ltd (FCMB), who told the court that his bank received a letter from the EFCC requesting for account details of the defendants.

However, an attempt by the EFCC prosecutor to tender some of the account statements hit a brick wall as the defence lawyer, Senior Advocate of Nigeria, Wale Adesokan objected to their admissibility.

Following the objection, the EFCC lawyer, Sulaiman urged the court to adjourn the case to enable him to take certain steps to move the case forward.

The case has been adjourned to Friday 3rd of March for the continuation of trial.

The defendants were arraigned on a 10-count charge bordering on conspiracy, money laundering and fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc.

Adenmosun pleaded not guilty to all the counts.

Some of the counts against the defendant read: “That you, Funmi Adenmosun and Home Trust Savings and Loan Limited and Rare Properties and Development Limited sometimes in 2007 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to convert the sum of N26, 600, 000, 000 (Twenty Six Billion, Six Hundred Million Naira) which sum you reasonably ought to have known forms part of proceeds of fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary ta section 18 tab of the Money | laundering Prohibition Art, 2011 a8 amended and punishable under section 15 (2) (b) of the same Art.

“That you Funmi Adenmosun and Home Trust Savings and Loan Limited on or about the eighth day of November 2007, in Lagos within the jurisdiction of this Honourable Court indirectly transferred the sum of N450,000,000.00 (Four Hundred and Fifty-Five Million Naira) to Rare Properties and Development Limited which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Pic and you thereby committed an offence contrary to section 15 (2) (b) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.

“That you, Rare Properties and Development Limited or about the 8 day of November 2007 in Lagos within the jurisdiction of this Honourable Court retained the sum of N450,000,060.00 (Four Hundred and Fifty-Five Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2} (d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.

“That you, Funmi Adenmosun and Home Trust Savings and Loan Limited, on or about the 9th day of November 2007 in Lagos within the jurisdiction of this Honourabie Court indirectly transferred the sum of N610.600,000.00 (Six Hundred and Ten Million Naira) to Rare Properties and Development Limited which sum you reasonably ought to have known forms part of the proceeds of fraudulent Conversion of funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary ta section 15 (2) (b} of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.

“That you, Rare Properties and Development Limited on or about the 9” day of November, 2007 in Lagos within the jurisdiction of this Honourable Court retained the sum of N610,000,000,00 (Six Hundred and Ten Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (d) of the Money Laundering Prohibition Act, 2017 as amended and punishable under section 15 (3) of the same Act.

“That you, Funmi Adenmosun and Home Trust Savings and Loan Limited, on or about the 12th day of November, 2007 in Lagos within the jurisdiction of this Honourable Court indirectly transferred the sum of N702, 000, 000.00 (Seven Hundred and Two Million Naira} to Rare Properties and Development Limited which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Pic and you thereby, committed an offence contrary to section 15 (2} (b) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.

“That you, Rare Properties and Development Limited on or about the 12th day of November, 2007 in Lagos within the jurisdiction of this Honourable Court retained the sum of N702, 000, 000. 00 (Seven Hundred and Two Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (d) of the Money Laundering. Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.

“That you, Funmi Adenmosun and Home Trust Savings and Loan Limited on or about the 13th day of November 2007, within the Jurisdiction of this Honourable Court indirectly transferred the sum of N706,000,000.00 (Seven Hundred and six million) to Rare Properties and Development Limited which you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscriber to the private placement conducted in the name of investment & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2)(4) Of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same act.”

Related Topics:Adenmosun remanded in prison over alleged N26.6bn fraud Ex-Bank PHB director

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Crime & Court

FCMB staff, ex-worker remanded over alleged $25,000 cyber fraud

Published

2 weeks ago

August 20, 2026

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A Federal High Court in Lagos has ordered the remand of a Service Administrator with First City Monument Bank Plc, Gideon Bakpa Aghogho, and a former employee of the bank, Oscar Ebere Chukwuebuka, over an alleged $25,000 cyber fraud.

Justice Friday Ogazi gave the order on Wednesday following the arraignment of the two men by the Economic and Financial Crimes Commission on charges bordering on conspiracy, cybercrime and fraud.

The EFCC alleged that Aghogho, Chukwuebuka and a man identified as Scott, who is still at large, conspired between July 24 and 26, 2026, to gain unauthorised access to the bank’s server and siphon $25,000.

The prosecution counsel, Bilikisu Buhari-Bala, told the court that Aghogho allegedly released his access code to Chukwuebuka, who was said to have approached him to facilitate access to the bank’s system.

According to the prosecutor, the access code, which was linked to the bank’s local Administrative Credential, known as ITSD, was allegedly used to gain access to the FCMB Virtual Centre Platform.
Buhari-Bala further alleged that after the money was siphoned, Aghogho received $2,000, while Chukwuebuka allegedly received $400.

The prosecutor said the alleged offences violated provisions of the Cybercrimes (Prohibition, Prevention, Etc) Act, 2015, as amended in 2024, and the Money Laundering (Prevention and Prohibition) Act, 2022.

When the charges were read to them, Aghogho pleaded not guilty, while Chukwuebuka pleaded guilty.
Following their pleas, Justice Ogazi adjourned the case until August 27, 2026, for a review of the facts relating to the charges against Chukwuebuka.

The judge also ordered that the two defendants be remanded in the custody of the Nigerian Correctional Service pending the next hearing.

Before the arraignment, counsel to the defendants, N. Egah and Livingstone Madu, told the court that their clients were willing to enter into a plea bargain agreement.

The prosecutor, however, said the EFCC was not aware of any plea bargain arrangement involving the defendants.
One of the counts alleged that Aghogho, Chukwuebuka and Scott conspired to provide and use Aghogho’s access code to the FCMB system, thereby enabling unauthorised access to the bank’s Virtual Centre Platform.

Another count accused Aghogho of unlawfully disclosing access credentials, including the bank’s server IP and domain credentials, which allegedly facilitated access to the bank’s database.

The EFCC also alleged that Aghogho retained $2,000 on July 26, 2026, while Chukwuebuka retained $400, knowing or having reasonable grounds to believe that the sums were proceeds of an unlawful act.

The defendants have not been convicted of the allegations.

The case was adjourned until August 27 for further proceedings.

Crime & Court

Police Arrest 10 Suspected Human Parts Dealers in Oyo

Published

3 weeks ago

August 15, 2026

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Operatives of the Oyo State Police Command have arrested 10 suspected human parts dealers in Iseyin and Saki areas of the state following months of intelligence gathering and surveillance.

The suspects were arrested by the Command’s Monitoring Unit after operatives had closely monitored their activities, the Police Public Relations Officer, DSP Ayanlade Olayinka, disclosed in a statement made available to journalists on Friday.

According to the statement, the arrests followed “sustained intelligence gathering, discreet surveillance and close monitoring” of the suspects.

Those arrested were Adam Ibrahim, 42; Nasiru Kabiru, 22; Tijani Wasiu, 54; Abiola Nasiru, 45; Amusa Gbadamosi, 57; Raheem Taofeek, 46; Jimoh Muritala, 35; Suleiman Busari, 47; Ganiyu Nurudeen, 36; and Usman Abdullahi, 52.

Police said several suspected human parts and charms were recovered during searches of the suspects’ hideouts.

The exhibits included a suspected human heart, human flesh, pieces of human skull and assorted charms.

The command said the recovered items had been secured for forensic examination as investigations continued.

Olayinka said the suspects had confessed to dealing in human parts for ritual purposes, adding that they were assisting investigators in tracing the source, procurement and intended use of the recovered items.

He said efforts were ongoing to arrest other members of the alleged syndicate.

The Commissioner of Police, Oyo State Command, CP Abimbola Ayodeji Olugbenga, commended the operatives for what he described as a painstaking intelligence-led operation.

The CP reaffirmed the command’s determination to rid the state of criminal elements and protect the sanctity of human life.

He urged residents to remain vigilant and provide credible information to the police to aid crime prevention and detection.

Crime & Court

Ex-DSS Officer Arraigned Over Alleged IPOB Membership, Terror Charges

Published

4 weeks ago

August 7, 2026

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The Department of State Services has arraigned one of its retired officers, Nwaogu Ihechimere Ezeakolam, before the Federal High Court in Abuja over his alleged involvement with the proscribed Indigenous People of Biafra.

Ezeakolam was docked before Justice Mohammed Umar on a four-count charge bordering on alleged membership of the separatist group, providing support for its activities and using social media to promote its cause.

The charges were instituted by the Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN), on behalf of the Federal Government. The prosecution alleged that the offences were committed in Abuja and Abia State between 2025 and 2026.

According to the charge, the retired operative allegedly rendered moral support to IPOB by disseminating information in favour of the group through the internet and his social media platforms. The prosecution said the action contravened provisions of the Terrorism (Prevention and Prohibition) Act, 2022.

The Federal Government also accused him of becoming a member of IPOB despite the group’s proscription by the court. It maintained that the alleged act is punishable under the Terrorism (Prevention and Prohibition) Act.

In another count, the prosecution alleged that Ezeakolam knowingly posted messages on social media designed to persuade members of the public to support IPOB. It further claimed that the posts amounted to aiding and abetting the activities of the proscribed organisation.

The fourth charge accused the defendant of publishing messages online to advance the cause of IPOB, an offence the prosecution said is contrary to the provisions of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015, as amended.

When the charges were read, Ezeakolam pleaded not guilty to all four counts. Following his plea, prosecuting counsel, Memunat Oladunjoye, urged the court to fix a date for the commencement of trial.

Counsel for the defendant, Godfirst Maduka, informed the court that he intended to file a bail application on behalf of his client. Justice Umar directed that the application should be filed accordingly and fixed October 29 for the commencement of trial.

The judge subsequently ordered that the defendant be remanded in the Kuje Custodial Centre pending the hearing and determination of his bail application.