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.”
A Chief Magistrate Court sitting in Iyaganku, Ibadan, has ordered the remand of three individuals in connection with last week’s tragic stampede at Bashorun Islamic High School, which claimed the lives of 35 children and left many others injured.
The accused include Abdullahi Fasasi, the school’s principal; Alhaji Oriyomi Hamzat, proprietor of Agidigbo FM; and Naomi Silekunola, estranged wife of the Ooni of Ife. The trio was arraigned by the Oyo State Police Command on Tuesday, before Chief Magistrate Olabisi Ogunkanmi.
The court proceedings, held under heightened security, drew a large crowd of family members and concerned citizens. According to the police prosecutor, the defendants face four counts, including charges under Section 324 of the Criminal Code, Cap. 38, Vol. II, Laws of Oyo State, 2000.
After hearing the charges, Chief Magistrate Ogunkanmi ruled that the accused be remanded at the Agodi Correctional Center, pending further directives from the state prosecutor.
Southern Governors Pay Condolence Visit
In a related development, Southern governors, led by the Chairman of the Southern Governors’ Forum (SGF) and Ogun State Governor, Dapo Abiodun, paid a condolence visit to Oyo State Governor, Seyi Makinde.
Addressing reporters after the visit, Governor Abiodun described the stampede as a tragic turn of events from a well-intentioned initiative. He urged non-governmental organizations to collaborate with government agencies to ensure better planning for charity programs.
“I am here on behalf of myself, my family, the people of Ogun State, and the Southern Governors’ Forum to commiserate with Governor Makinde and the people of Oyo State on the unfortunate incident of December 18, 2024,” Abiodun said.
“The entire Southern governors are deeply pained by this tragedy. In Ogun State, we believe anything that affects Oyo State affects us as well. Our prayer is that such an incident never happens again. We will continue to hold the bereaved families and the people of Oyo State in our prayers.”
The Southern Governors’ Forum also expressed solidarity with the affected families, praying for the repose of the departed souls and quick recovery for those injured.
A Magistrate Court sitting in Ado Ekiti, the Ekiti State capital, has granted human rights lawyer and activist, Dele Farotimi, bail to the tune of ₦30 million. The court also mandated Farotimi to provide three sureties with landed properties within its jurisdiction.
As part of the bail conditions, the court ordered Farotimi to refrain from granting media interviews and to submit his international passport to the authorities. The case has been adjourned to February 13, 2025, for further proceedings.
Farotimi, who had been remanded at a correctional center in Ado Ekiti, arrived at the court premises on Friday at approximately 9:45 a.m. He was conveyed in a prison van accompanied by a police escort. Upon arrival, the embattled lawyer raised his hands in appreciation of a cheering crowd that had gathered outside the court to show their solidarity.
The human rights advocate is facing prosecution for allegedly defaming a Senior Advocate of Nigeria (SAN), Afe Babalola. His arrest has ignited widespread public outcry, with many Nigerians and civil society groups condemning the action and demanding his immediate release.
Farotimi’s detention and subsequent arraignment have fueled debates about the boundaries of free speech and defamation laws in Nigeria, with critics arguing that the case may stifle dissenting voices in the country.
Police operatives have apprehended a 25-year-old man, Enediong Bassey, in possession of a pump-action gun concealed in a bag of rice at Nkwelle-Ezunaka.
The suspect, a native of Ikono Local Government Area in Akwa Ibom State, was arrested on November 22, 2024, at 6:38 pm following credible intelligence.
This was disclosed in a statement issued on Tuesday by the Police Public Relations Officer, Anambra State Command, SP Tochukwu Ikenga.
The statement revealed that officers attached to the 3-3 Divisional Headquarters, led by CSP Emeka Obi, acted swiftly to intercept Bassey.
During interrogation, he admitted to being a member of a local vigilante group but confessed to plans of absconding with the weapon to join a criminal gang involved in armed robbery and other illicit activities.
“Given the above and following other complaints and unprofessional conduct by some security outfits and vigilante members, the Commissioner of Police, CP Nnaghe Obono Itam, in line with the principles of community policing, reiterates the calls for profiling of security operatives assisting the police and other security agencies on anti-crime operations to improve safety in the state,” the statement read.
In light of the situation, the Commissioner of Police has directed the immediate transfer of the suspect to the command’s anti-robbery squad for a thorough investigation.
The Anambra State Police Command reassured residents of its commitment to ensuring the safety and security of lives and property, urging vigilance and collaboration with law enforcement.
-
Metro4 days agoGrim Friday: Man, Wife, Grandson Perish in Ibadan Fire
-
News4 days ago
NNPCL Refutes Shutdown Claims: Port Harcourt Refinery Fully Operational
-
News5 days ago
Bank Robberies Now History in Lagos Since 2014 – IGP
-
Crime & Court5 days ago
Human Rights Lawyer, Dele Farotimi, Granted ₦30m Bail
