EFCC re-arraigns ex-Wema Bank chairman

Forme2016_10_28_57024r Chairman of Wema Bank Plc, Mo­hammed Olapade, has been re-arraigned by the Economic and Finan­cial Crimes Commission (EFCC) before a Federal High Court in Lagos for allegedly stealing over N1.2 billion.
Olapade was re-ar­raigned on Thursday be­cause the judge handling the case was transferred out of Lagos jurisdiction and the case had to start afresh.
EFCC Prosecutor, Toyo­si Kuteyi, told the court that they were to report the out-of-court settlement but the parties had not made any meaningful progress.
He urged the court to re-arraign the accused to enable the case start afresh.
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 three accused per­sons are facing trial on a 32-count charge bordering on fraud, stealing and con­version of funds belonging to their firm.
They were first ar­raigned on May 8, 2015. Kuteyi said the accused and others at large com­mitted the alleged offences between January 2006 and March 2009.
He said the accused fraudulently acquired over N1.2 billion belonging to AKS Steel, through some Nigerian banks to Dubai in United Arab Emirates (UAE), and India.
According to Kuteyi, the accused persons trans­ferred funds without the company’s board resolu­tion, using another compa­ny identified as 3 Brothers Concept Nigeria Ltd.
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