N437m Fraud: 3 BDC Operators Remanded In Prison Custody
Three Bureau-De-Change operators, Jimmy Ibrahim, Obianuju Tessy Umejesi and Uche Madubuko, who were alleged to have defrauded a firm of the sum of N437 million, were Wednesday, remanded in prison custody by a Federal High Court, Lagos.
Justice Nicholas Oweibo, who presided over the court, made the remand order after admitting each of the BDC operators to bail in the sum of N20 million with to two sureties in like sum.
Justice Oweibo also ordered that one of the sureties must be a landed property owner within the court’s jurisdiction, while the second surety must be a Grade Level 12 officer with the Lagos State of Federal government establishment. While adding that all the bail terms must be verified by the prosecuting agency.
The judge, however, ordered that they should be remanded in prison custody until the fulfilment of the bail terms.
The three BDC operators were first arraigned before the court on August 22, on charges bordering on conspiracy, obtaining under false pretence and fraud, by the men of Police Special Fraud Unit (PSFU) Ikoyi, Lagos.
PSFU in a charge marked FHC/L/292c/19, alleged that the three BDC Operators who operates under the names of Regis Bureau De Change, Jayjibs Ventures, Johim Ventures and Jajibs Bureau-De-Change had sometimes in January 2019, fraudulently obtained the sum of N437 million from a company with false pretence of giving him $1.2 million USD equivalent.
PSFU also alleged that one of the BDC Operators, Jimmy Ibrahim, had in April, May and June this year, issued three United Bank for Africa (UBA) cheques numbers: 77046252; 77046253 and 77046254, from account number 1015196430, with the total value of N73 million, which were dishonoured for insufficient funds.
The charges according to PSFU prosecutor, Mr. Chukwu Agwu, are contrary to and punishable under 8(a), 1(1)(a) of the Advance Fee Fraud and other related offences Act. No. 14, of 2006. And Section 1(a)(i) of the Dishonoured Cheques (offences) Act 2004.
The trio had pleaded not guilty to the charges and the court adjourned till today for hearing of their bail applications.
At the resumed hearing of the bail applications, the three BDC operators were represented by Adekunle Adesanya (SAN), U. G. Ezeaba and Agnes Uzulor, who argued the bail applications and urged the court to admit their clients to bail in most liberal terms.
In urging the court for bail in liberal terms defendants’ counsel cited sections 35(1), 36(5) of Nigeria 1999 Constitution as (amended) and sections162 and 165(1) of the Administration of Criminal Justice Act (ACJA) 2015. While adding that their clients are innocent of the alleged offences until contrary is proven.
In urging the court to refused the bail applications, the prosecutor, Mr. Agwu, told the court that others involved in the alleged offences are at large and granting the bail applications may jeopardize police efforts in getting them arrested.
Agwu also told the court that the three defendants’ applications are frivolous and that they are not entitle to court’s mercy for liberal terms. He therefore urged the court to refused the applications and asked for accelerated hearing of the case.
Ruling on the submissions of the parties, Justice Oweibo said: “in line with sections 36(5) of 1999 Nigeria Constitution and section 162 of Administration of Criminal Justice Act (ACJA), the three defendants are hereby admitted to bail in the sum of N20 million each in like sum.
The judge also ordered that one of the sureties must be a landed property owner and the second surety be a Grade Level 12 civil servant in Lagos State or Federal government establishment. Adding that the defendants be remanded in prison custody pending fulfilment of the bail terms.
The trial of the three defendants has been fixed for October 3.
