Crime & Court
Ex-Bank PHB director, Adenmosun remanded in prison over alleged N26.6bn fraud
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.”
Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has raised concerns over widespread corruption in Nigeria’s electricity sector, attributing frequent national grid failures to fraudulent practices involving substandard materials.
Olukoyede made these remarks on Tuesday during a visit from the House of Representatives Committee on Anti-Corruption and Financial Crimes to the EFCC headquarters in Abuja.
He revealed that ongoing investigations in the power sector had exposed disturbing levels of malpractice, often resulting in compromised infrastructure and recurrent grid collapses.
“As I am talking to you now, we are grappling with electricity. If you see some of the investigations we are carrying out within the power sector, you will shed tears,” Olukoyede stated.
He further explained that contractors awarded projects to supply electrical equipment were substituting recommended materials with cheaper, inferior alternatives.
“People who were awarded contracts to supply electricity equipment, instead of using what they call 9.0 gauge, they will buy 5.0,” he said, noting that such fraudulent practices contribute significantly to the country’s unstable power supply.
“So, every time you see the thing tripping off gets burnt, and all of that, it’s part of our problems.”
The EFCC boss disclosed that the agency would be intensifying efforts toward crime prevention rather than focusing solely on asset recovery.
He emphasized that future scrutiny would prioritize spending by government ministries and agencies to curb misappropriation at the source.
Crime & Court
Nigerian Man Wanted for Child’s Murder Added to U.S. Marshals’ “15 Most Wanted” List, $25,000 Reward Offered
A Nigerian man, Olalekan Abimbola Olawusi, 48, is now among the U.S. Marshals Service’s “15 Most Wanted” list.
Authorities are offering a reward of up to $25,000 for any information that results in his arrest.
He is sought on charges including first-degree murder, causing serious bodily harm to a child, and unlawful flight to avoid prosecution, according to a report on the U.S. Marshals Service’s website.
Olawusi was charged with first-degree murder and two counts of causing serious bodily harm to a child after emergency personnel in Providence, Rhode Island, found his 3-month-old son with severe injuries on April 3, 2017.
The infant was in cardiac arrest and needed resuscitation to restore a pulse. A medical examination later revealed the child had 18 injuries in various stages of healing, consistent with prolonged abuse.
These injuries included a skull fracture, severe brain injury, and fractures to the ribs, clavicle, and limbs. Tragically, the child died six months later, despite life support efforts.
Providence Police initially arrested Olawusi on April 20, 2017, on charges of first-degree child abuse. He was released the same day but fled after the child’s death on October 31, 2017, at which point the charge was upgraded to murder.
In June 2017, Olawusi reportedly left the United States from John F. Kennedy International Airport in New York, traveling to Nigeria on his Nigerian passport. Authorities suspect he may be receiving support from relatives in Nigeria and have voiced concerns that he could pose a danger to other children.
“Mr. Olawusi is wanted for the abuse and murder of an innocent child, and has fled the country to avoid justice,” said U.S. Marshals Service Director Ronald L. Davis.
“We have placed Mr. Olawusi on our 15 Most Wanted list due to the heinous crimes he’s committed and the threat he continues to pose to the public. The USMS will exhaust all resources necessary to bring him to justice for his family and the community.”
Olawusi, also known as Olekun Olawusi, is described as approximately 5 feet 8 inches tall, weighing around 185 pounds, with black hair and brown eyes. Authorities encourage anyone with information regarding his whereabouts to contact the U.S. Marshals at 1-877-WANTED2 (926-8332) or via the USMS Tips App.
The “15 Most Wanted” fugitive programme, established in 1983, identifies some of the most dangerous and high-profile fugitives in the U.S. Known for their extensive criminal backgrounds, these fugitives often pose significant risks to public safety.
Since its creation, the programme has led to the capture of over 250 high-risk individuals, including murderers, sex offenders, and organized crime figures.
In collaboration with federal, state, and local law enforcement agencies, the U.S. Marshals Service plays a crucial role in fugitive investigations.
In fiscal year 2023 alone, USMS-led fugitive task forces arrested over 73,000 fugitives and resolved nearly 86,000 warrants, demonstrating their commitment to public safety and justice.
Justice Maryanne Anenih of the High Court of the Federal Capital Territory has issued a public summons for former Kogi State Governor Yahaya Bello to appear in court to respond to a fresh 16-count indictment.
The summons requires Bello to attend court on October 24 for his arraignment, alongside co-defendants Umar Oricha and Abdulsalami Hudu.
The public summons was ordered following an application by the Economic and Financial Crimes Commission (EFCC).
In her ruling, Justice Anenih directed the EFCC to publish the summons in a widely circulated newspaper to ensure proper notification.
Also, the court instructed the EFCC to post copies of the public summons at Bello’s last known address and in conspicuous locations within the court premises.
The EFCC has reported difficulties in serving the charges, which were filed on September 24, alleging that Bello and the two co-defendants committed a criminal breach of trust involving a staggering ₦110.4 billion.
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