EFCC arraigns former Afribank MD, others over N87.5bn theft
EFCC Politics, Latest Politics Thursday, June 2nd, 2011The Economic and Financial Crimes Commission (EFCC), on Wednesday, arraigned the former Managing Director of Afribank Plc, Sebastian Adigwe and six others — Osa Osunde; Jibrin Isah; Isa Zailani; Chinedu Onyia; Henry Arogundade and Peter Ololo – on a 36-count charge of stealing and conspiracy to commit felony of a total sum of N87 billion.
They were arraigned on 36-count charge bordering on conspiracy, stealing and receiving of stolen property before Justice Olabisi Akinlade of the Lagos High Court, Ikeja.
The EFCC alleged that Adigwe whilst being the Chief Executive Officer of Afribank conspired with the other defendants to steal over N87.5 billion belonging to the bank between July 2008 and February 2009.
The anti-graft commission also alleged that the stolen money was fraudulently converted to the use of AIL Securities Limited, Asset Management Nominees Holding Limited and Falcons Securities Limited belonging to them.
They were also alleged to have fraudulently converted two million units of Afribank Shares being property of 1, 258 subscribers of Afribank Nigeria Plc shares to the use of South Point Oil and Gas Company.
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on Jun 2 2011. Filed under EFCC Politics, Latest Politics.
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