Former Afribank boss, 6 others docked over N87bn fraud

 By Abdulwahab Abdulah

LAGOS-A 36-count charge bordering on theft and alleged wrongful conversion of million of shares belonging to Afribank Plc, valued at N87 billion were, yesterday, brought against the former Chief Executive Officer of  the bank, Mr Sebastine Adigwe and six others, who were ordered to be remanded in Economic and Financial Crimes Commission, EFCC, custody by an Ikeja High Court.

Adigwe and others, who were docked before Justice Olabisi Akinlade by the EFCC, were accused of conspiracy, receiving stolen property and stealing the sum of N87 billion belonging to Afribank.

However, all of them after taken their plea pleaded not guilty to all the charges brought against them.

Those arraigned alongside Adigwe are Osa Osunde, Jibrin Isah, Isa Zailani, Chinedu Onyia, Henry Arogundade and Peter Ololo.

Adigwe was alleged to have committed the said offences, whilst he was the CEO of Afribank by conspiring with the other accused persons to steal the money between July 2008 and February 2009. The offences were said to be contrary to Section 516, Sections 390(7) and 427 of the Criminal Code Law, Cap 17, Laws of Lagos State, 2003.

The accused persons were alleged to have stolen the money which was fraudulently converted to the use of AIL Securities Limited, Asset Management Nominees Holding Limited and Falcons Securities Limited belonging to them.