Home News N1bn BOI Fraud: EFCC Arraigns 4 at Ikeja High Court

N1bn BOI Fraud: EFCC Arraigns 4 at Ikeja High Court


By Paul Dada

The Economic and Financial Crimes Commission (EFCC) has arraigned four men- Johnson Salako,  Toritseju Jemide,  Enoche  Ugbabe and Enebeli Theophilus before Justice Oluwatoyin Ipaye of a Lagos High Court,  Ikeja, over an alleged N1,424billion  Bank of Industry  fraud.

Two of them, Enoche and Enebeli, were arraigned on a five- count charge. Salako and Jemide  were absent in court. 

The prosecuting counsel,  Babatunde Sonoiki,  said the  defendants conspired to commit felony and steal contrary to Section 516 of the Criminal Code Law of Lagos State. ‘

They were further alleged to have stolen the sum of N1, 424, 774, 000 property of Bank of Industry (BOI) “by falsely representing to the bank that the facility was meant to finance a project.”

The prosecution alleged that the defendants, contrary to Section 467 of  the Criminal code Law of Lagos State,  forged a Certificate of Occupancy (C of O) of Lands Registry of Lagos State, which you pledged as security to obtain the facility.

They allegedly forged two title deeds  and presented same  to the Bank of Industry to obtain the facility.

But they pleaded not guilty to the charge.

The court, however, remanded them in prison custody pending the hearing of their bail applications.

The matter was adjourned till February 4, 2016.

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