Police Re-arraign Former Gulf Bank MD, Johnson Adeyeba, Others

Former Managing Director, defunct Gulf Bank Plc, Johnson Adeyeba, was yesterday re-arraigned before a Federal High Court in Lagos by the police for alleged N12 billion fraud.

Adeyeba was re-arraigned alongside seven others, including a Briton, Gareth Wilcox, charged with his companies-Ibom Power Company and LYK Engineering Company, as well as a lawyer, Uche Uwechia.

Other accused are Ignatius Ukpaka and John Ezugwu who are also charged with their company, Taurus Shelters Ltd.

The accused were re-arraigned on an amended 21-count charge bordering on fraud and financial malpractices.

They all pleaded not guilty to the charge.

The first to fifth accused had on December 23, 2013 been arraigned before the court to which they pleaded not guilty.

They were alleged to have converted over N12 billion from the defunct bank in the guise of granting loans and overdraft facilities to various companies without appropriate accounting records.

The accused were alleged to have converted and appropriated a total of $55.3million and over N3.7billion belonging to the bank.

Part of the money was said to have been used to finance a non-existing refinery, while the others where converted to personal use.

The alleged offence was said to have contravened Section 390 of the Criminal Code, Laws of the Federation, 2006.

Justice Mohammed Yunusa had granted them bail in the sum of N200 million each, with two sureties each in like sum.

When the case was called on yesterday, prosecuting counsel, Dania Abdullahi, informed the court of a consolidated charge, including the names of two more accused and their company, Ukpaka, Ezugwu and Taurus Shelters Limited.

Abdullahi prayed the court for the accused to be re-arraigned on the amended charge.

After their re-arraignment, counsel for the fifth accused, Revell Ogunde (SAN), prayed the court to allow the accused continue on the bail earlier granted by the court.

Lawyer representing the sixth to eight accused, Linus Omeye, also prayed the court to allow his clients enjoy the conditions of bail granted to the other accused who had previously been arraigned.

Justice Yunusa granted the prayers of defence counsel.

Meanwhile, Ogunde informed the court that he had filed a motion challenging the jurisdiction of the court to hear the suit.

He argued that the police had no constitutional right to prosecute financial crimes without the authority of the Economic and Financial Crimes Commission (EFCC).

Ogunde stressed that the offence against the accused is a general offence which was embedded on the residual list, and so, can only be entertained by the state High Court.

He, therefore, urged the court to strike out the charge against his client.

His submission was supported by the lawyer to the sixth to eight accused; hence the court adjourned the matter to April 14 for ruling.