EFCC arraigns 2 over N120m World Bank loan scam

Posted by admin EFCC Politics Friday, June 15th, 2012

THE Economic and Financial Crimes Commission (EFCC), on Thursday, arraigned Mr Adegboye London and Mr Sylvanus Benedict before an Abuja High Court for alleged criminal breach of trust and fraudulent conversion of funds totalling N120 million.

The duo pleaded not guilty to the two-count charge tabled before Justice Idris Kutigi.

Before taking their plea, the prosecution counsel, Gift Odibo, sought the court’s consent to file a motion on notice to amend a two count charge filed earlier in the court which was granted.

But counsel to the accused persons, Mr J.A. Ako, informed the court that he had filed a motion for bail. But the prosecution counsel, Odibo, objected to the application on the ground that she was only served the motion in the court. She added that she could not respond orally and would need time to prepare a written response to the bail application.

While adjourning the matter to June 19th, 2012, for hearing of the bail application, Justice Kutigi ordered that the suspects be remanded in EFCC custody.

The accused persons, who are chairman and secretary respectively of Mbatoo Cooperative Society, were arrested following a petition from the Ministry of Mines and Steel Development.

The petitioner claimed that the accused persons fraudulently diverted a grant of N4,826,850 awarded from the N120 million World Bank/IDA loan. The facility was part of the $10 million micro grant programme designed as a poverty alleviation scheme for artisanal and small scale miners and mining communities.

According to the petition, the accused persons were given the N4,826,850 for the procurement of Atlas Copco XAS 47 air compressor, jack hammer with accessories and diaphragm water pump, but fraudulently converted the grant for other purposes.

-Vanguardwp_posts