EFCC arraigns man for N5m scam

EFCC Press Release

The Economic and Financial Crimes Commission,  EFCC, on Thursday, February 26, 2015 arraigned one Israel Audu before Justice Sylvanus C. Oriji of the Federal Capital Territory, FCT, High Court sitting in Apo, Abuja on one count charge of obtaining by false pretence to the tune of N5m (Five Million Naira).

Audu, a manager of a business outfit, Easy Trade Concept, sometime in 2009 allegedly collected the sum of N5 (five million naira) from one Ehiokhilen  Anthony upon a promise to give him 36 percent interest in ninety days.

According to the complainant, all efforts to recover the money after the expiry of the ninety days period yielded no result as the accused person neither returned the principal nor the accrued interest.  

Count one of the charge reads:

“That you, Isreal Audu  “m” and others now at large, on or  about the 20^th day of August, 2009 in Abuja, Federal Capital  Territory, within the jurisdiction of this Honourable Court, did  with intent to defraud, obtain the sum of N5, 000,000. 00 (Five  Million  Naira) from one Ehiokhilen  Anthony under false pretences of managing   the said sum for a period  of 90days at 36 percent interest as a  Portfolio Manager which you did not do and thereby   committed an offence contrary to section (1)(1)(b) of the  Advance Fee Fraud and Other Fraud Related Offences Act, 2006 and  punishable under section (1)(3) of the same Act”.

The Accused pleaded not guilty to the charge.

In view of his plea, counsel to EFCC, Deborah Ademuh-Eteh asked for a date for trial and pleaded that the  accused be remanded in prison custody. 

However, counsel to the accused, Max Ogar, through an oral application prayed the court to consider his client for bail. He argued that, the offence is bailable and that the accused has not breached the terms of the administrative bail earlier granted him by the Commission.

Justice Oriji granted the accused bail in the sum of N5m (five million naira) with two sureties in like sum. One of the sureties who must be resident within the jurisdiction of the court must be a level 12 officer. Both sureties are to swear to affidavit of means.

The case has been adjourned to March 26, 2015 for hearing.

Wilson Uwujaren

Head, Media & Publicity

26^th February, 2015