Former 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.