EFCC Re-Arraigns Former Wema Bank Boss Over N1.2bn Theft

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A Former Chairman of Wema Bank, Mr Mohammed Olapade, was on Thursday re-arraigned at the Federal High Court, Lagos by the Economic and Financial Crimes Commission (EFCC) for an alleged theft of N1.2 billion.

Olapade, who was also the Chairman of AKS Steel, was re-arraigned alongside the former Managing Director of AKS Steel Nigeria Limited, Tony Obinwa and a director, Sanni Aliyu Mohammed.

The trio who were first arraigned on May 8, 2015 are standing trial on a 32-count charge bordering on fraud, stealing and conversion of funds belonging to the firm

The counsel to the EFCC, Toyosi Kuteyi, in his statement, explained to the court that the the case was for report of settlement, but said the talks had broken down following the transfer of the former judge handling the matter.

The prosecutor prayed to the court presided by Justice Babs Kuewunmi for the accused to be re-arraigned to enable the case to start afresh.

Kuteyi stated that the accused and others at large committed the alleged offences between January 2006 and March 2009.

He said they fraudulently obtained over N1.2 billion belonging to AKS Steel through some banks and transferred same to Dubai in the United Arab Emirates (UAE) and India.

The funds, he added, were transferred without the company’s board resolution, using another firm identified as 3 Brothers Concept Nigeria Ltd.

After the re-arraignment, Mr. Oladipopo Yeye, counsel to the first and second accused persons and Mr. Kunle Ayorinde, who represented the third accused, urged the court to allow them enjoy the bail granted them by the previous judge.

Justice Babs Kuewumi granted their application and adjourned the case till January 26, for continuation of hearing..

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