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Home Anti-Corruption Court Remands Business Woman for N25.9m Fraud
  • Anti-Corruption

Court Remands Business Woman for N25.9m Fraud

By
Wilson Uwujaren
-
May 4, 2016
court Judiciary
court Judiciary Justice

efccThe Economic and Financial Crimes Commission EFCC, on Tuesday May 3, 2016, arraigned Obiageli Funmilayo Nwagu on a six count charge of Obtaining Money by False Pretence and Issuance of Dud Cheques before Justice C. O Ajah of the State High Court, Enugu.

The accused person pleaded not guilty on all counts.

In view of the accused person’s plea, the defense counsel, O.A.U Onyema prayed the court to grant the accused bail. But the prosecuting counsel, M.A Shehu opposed the bail application and immediately drew the attention of the court to two separate applications for bail by the defense. The defense counsel immediately withdrew the earlier application, which the court granted.

The EFCC counsel then prayed the court to adjourn the case to enable the prosecution respond to the bail application. “Filing two different motions for bail for the same accused person in the same court is an abuse of court process hence I could not respond to any of the motions. I therefore pray the court to adjourn to allow prosecution file its counter to the motion.”  Shehu said.

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The court granted the prosecutions’ plea, and then adjourned to June 6, 2016, for hearing of the motion for bail and commencement of trial, while the accused person continued to enjoy the administrative bail granted her by the EFCC.

Nwagu allegedly took a loan of N8, 433,547.00 from a licensed money lender, and further introduced seven others who jointly took loans from same lender, with Nwagu standing as guarantor. The monies borrowed plus accrued interest amounted to a total sum of N25, 859,031.00, for which all seven borrowers and Obiageli issued cheques of different banks which when presented for payment were returned unpaid as the various accounts were not funded.

One of the charge reads: “That you, Obiageli Nwagu trading under the name  and style of Pizzaz Enterprises on or about the 2nd day of December, 2013 at Enugu within the jurisdiction of the High Court of Enugu State issued a First City Monument Bank Plc cheque No: 01952241 dated 2ndDecember, 2013, valued at N3,800,000.00 to Chinwe Uzakah, the said cheque when presented for payment within three months was dishonored on the grounds that insufficient funds were standing to the credit of the account upon which it was drawn and thereby committed an offence contrary to Section 1(1) of the Dishonored Cheque (Offences) Act, Cap D11, Laws of the Federation 2004 and punishable under Section 1(1) (b) of the same Act”.

Wilson Uwujaren
Head, Media & Publicity

PRNigeria encourages transparency in information management by institutions.

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Wilson Uwujaren
Wilson Uwujaren
https://prnigeria.com
PRNigeria is the pioneer Press Release Distribution agency in Nigeria. A member of image Merchant Promotions limited, PRNigeria encourages individuals and organisations to be more transparent in their information management. with dedicated Editorial staffs, the PRNigeria ensures that information provided on its platforms are timely, factual and authoritative Read more at: //prnigeria.com/about/
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