Banker, seven others face trial over alleged ₦710m fraud

Abimbola Joseph

A banker and seven other defendants have been arraigned before the Federal High Court in Lagos over an alleged ₦710m proof-of-funds fraud involving restricted bank accounts, suspected money laundering and disputed financial documents.

The defendants – Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhuenkpoewen, Nweke Nnamdi Emmanuel, Obinyan Esther, Egharevba Emmanuel Osagioduwa and Emmanuel Obinyan Osenonome, face a 12-count charge, according to the Police Special Fraud Unit (PSFU), Lagos.

The unit disclosed this in a statement signed by its Public Relations Officer, DSP Ovie Kenneth Ewhubare, on Wednesday.

The police said the case followed a petition to the Commissioner of Police alleging the fraudulent disbursement of ₦710m placed under Post-No-Debit (PND) restrictions across eight designated bank accounts.

Investigators alleged that Osenonome, a banker and senior relationship officer, conspired with Egharevba Emmanuel to obtain the cooperation and personal identification details of other individuals.

The details were allegedly used to facilitate the opening of accounts suspected of being used to launder the proceeds of the alleged fraud.

A forensic analysis conducted by the PSFU’s Corporate and Public Accounts Fraud Section reportedly traced significant movements of the suspected proceeds to accounts linked to individuals believed to be connected with the principal suspect.

The police identified some of those linked to the transactions as Nweke Nnamdi Emmanuel, Obinyan Ebehiemen Doris, said to be Osenonome’s sibling, Egharevba Emmanuel Osagioduwa and Esther Olohitare Obinyan, identified as Osenonome’s wife.

Further investigations allegedly uncovered the use of forged or disputed proof-of-funds documents, indemnities and PND documents to facilitate the transactions.

The police also said they had traced assets suspected to have been acquired with the proceeds of the alleged crime.

The assets reportedly include a 2020 Lexus RX 350 valued at ₦25m, two Toyota Camry cars worth ₦8m each and a plot of land in Magodo Phase I, Lagos, allegedly purchased for ₦40m.

Investigators further alleged that part of the suspected proceeds was used to settle personal financial obligations, fund gambling activities, invest ₦40m in CIBEX trading and establish and operate a spa and beauty business reportedly furnished at a cost of about ₦60m.

The Commissioner of Police in charge of the PSFU, CP Eloho Edwin Okpoziakpo, reaffirmed the unit’s commitment to thorough, professional and evidence-based investigations, particularly into complex financial transactions and the suspected abuse of banking procedures.

He said the unit would continue to investigate financial crimes through lawful procedures and ensure that relevant evidence was properly obtained, documented and presented before a competent court.