Nigeria News

NIGERIA: Court begins trial of A.G Moeller boss over alleged fraud

LAGOS—A Federal High Court sitting in Lagos, yesterday, began the trial of a businessman and Chief Executive Officer of A.G Moeller Limited, Olukemi Adeloye, who is being prosecuted for alleged attempt to defraud the Chief Executive Officer of Cross-Country Transport Limited, Bube Okorodudu.
Trail judge in the matter is Justice Okon Abang.
Adeloye, is being prosecuted by the Force Criminal Investigation Department, FCID, of the Nigerian Police on a five count charge. He had pleaded not guilty to the charges.
At the resumed hearing in the matter, Okorodudu, who is the first prosecution witness, was cross-examined by Adeloye’s lawyer.
Adeloye was accused of transacting financial business without a valid license by the Central Bank of Nigeria, CBN, contrary to Section 57 of the Criminal Code Act, Cap C38, Laws of the Federation of Nigeria, 2004.
The alleged offence is said to be contrary to and punishable under Section 59 (6) (b) of Banks and Other Financial Institutions Act (BOFIA), Cap B3, Laws of the Federation of Nigeria, 2004.
Adeloye in the fourth count charge, was alleged to have  â€œWith intent to defraud, you did obtain the sum of N80 million from Okorodudu in excess of the capital sum of N140 million advanced to him through the medium of a contract of finance lease facility induced by false pretence and thereby committed an offence contrary to Section 1 (a-c) and Section 1 (2) and punishable under Section 1 (3) of the Advance Fee Fraud and Other Related Offences Act, 2006.”
Meanwhile, the court adjourned till April 2 for continuation of Okorodudu’s cross examination.
 

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