Three traders, Emeka Okoli; Joseph Onyeanu and Benjamin Echebiri, were today, arraigned before a Lagos Federal High Court, for alleged conspiracy, unlawful conversion and stealing the sum of N25, 917, 900 million.
The three traders, who are members of Lagos Island Electrical Dealers Association, were arraigned before the court presided over by Justice Peter Lifu, by the officers of the Police Special Fraud Unit (PSFU), Ikoyi, Lagos.
The prosecutor, Mr. Emmanuel Jackson, an Assistant Commissioner of Police (ACP) who is also the officer in charge of PSFU Legal department, told the the defendants committed the offences sometimes in July 2022.
ACP Jackson told the court the three traders fraudulently removed the money from the association purse on four tranches of N10, 961,450 million, N3 million, N3, 572,450 million and N7,389 million.
The prosecutor further told the court that the the traders actions contravened sections 18(a) and 15(a) of the money laundering (Prohibition) Act, 2011. And punishable under the same Act.
The three defendants pleaded not guilty to the charges.
Following their plea of not guilty, the asked the Court for a trial. And also urged the court to remand the traders in custody till the determination of the charges against them.
But their lawyer, told the court that he had filed his clients’ bail applications and same has been served on the prosecutor.
Justice Lifu while ruling on the bail applications, admitted bail to each of the defendants in the sum of N10 million with one surety each.
Justice Lifu also ordered the defendants to deposit their association identity card, evidence of residence in Lagos and evidence of tax payments.
The judge while ordered that all the defendants be remanded in the custody of the Nigerian Correctional Services (NCoS), till they meet the bail terms, thereafter adjourned to July 18, for hearing of addresses on whether the the case will continue or not.
