How phony firms defrauded me of N360m, by EFCC witness

Lagos—An Economic and Financial Crimes Commission, EFCC, prosecution witness, Emmanuel Ugoakaeze, yesterday told a Lagos High Court sitting at Ikeja, of how a phony company, Nospecto Oil and Gas, allegedly defrauded him of N360 million by giving him a false information that his money had been invested in an industrial fuel business. Nospecto Oil and Gas, alongside four others are being tried on a five-count charge of conspiracy, stealing and collecting deposits illegally from the public without a licence, preferred against them by EFCC. They were accused of fraudulently converting the sums of N360m, property of Gladys Cho and Associates, and N180, 750,000, belonging to Rivotel International Ltd. The other defendants are Alhaji Yusha’u Maiyaki; Alhaji Al-Sidiq Manga; Alhaji Monday Sumanu Philemon; and Alhaji Najeem Yusuf. The offences, according to EFCC were committed between August 2006 and May 2007 respectively. The offences are punishable under Sections 516, 383(1); (2)(f); 390(9) of the Criminal Code Cap C17 Volume 2, Laws of Lagos 2003 (AS amended) and Sections 58(1) and 59(a)(b) of the Banks and Other Financial Institutions Act LFN 2004. At the resumed hearing of the matter yesterday, Ugoakaeze, who was testifying before Justice Kudirat Jose, the witness told the Court that he is a director at Rivotel International Company Ltd. The witness who was led in evidence by EFCC counsel, Mr. A.M. Ocholi, alleged that sometime in 2006, he was introduced to Alhaji Maiyaki, the chairman of Nospecto, by one Ambrose Okogie, a member of his church.

Read more at: http://www.vanguardngr.com/2016/03/phony-firms-defrauded-n360m-efcc-witness/

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