{"id":77967,"date":"2021-01-27T17:23:25","date_gmt":"2021-01-27T16:23:25","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=77967"},"modified":"2021-01-27T17:23:25","modified_gmt":"2021-01-27T16:23:25","slug":"alleged-2-55bn-fraud-efcc-re-arraigns-4-directors-of-petro-union-oil-gas","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/alleged-2-55bn-fraud-efcc-re-arraigns-4-directors-of-petro-union-oil-gas\/","title":{"rendered":"Alleged \u00a32.55bn fraud: EFCC re-arraigns 4 directors of Petro Union Oil & Gas"},"content":{"rendered":"
\n
\n
The Economic and Financial Crimes Commission (EFCC) on Wednesday
\nre-arraigned four directors of Petrol Union Oil and Gas Company Ltd.
\ncharged with \u00a32.55 billion fraud.<\/p>\n

The defendants are Abayomi Kukoyi (said to be trading under the name and
\nstyle of Gladstone Kukoyi and Associates), Prince Kingsley Okpala,
\nPrince Chidi Okpalaeze and Prince Emmanuel Okpalaeze.<\/p>\n

The News Agency of Nigeria (NAN) reports that the defendants were
\ncharged\u00a0 before a Federal High Court in Lagos.<\/p>\n

They are facing trial along with Petro Union Oil and Gas Company Ltd.<\/p>\n

They were alleged to have committed the fraud between 1994 and 2007.<\/p>\n

The EFCC alleged that the defendants fraudulently procured a cheque from
\na Barclays Bank in London for \u00a32.55 billion on the pretext that it was
\nmeant to construct three petrochemical refinery complexes in Nigeria.<\/p>\n

They were also alleged to have, sometime in April 2007, forged a
\nstatement of account in the name of Goldmatic Ltd., meant for\u00a0 obtaining
\nthe alleged fraudulent sum.<\/p>\n

The defendants were first arraigned before Justice Mohammed Liman on
\nFeb. 13, 2020, on seven counts, in a suit marked FHC\/L\/46C\/2020.<\/p>\n

They, however, pleaded not guilty to the counts and were granted bail.<\/p>\n

Their re-arraignment on Wednesday followed an amendment of the charge by
\nthe EFCC.<\/p>\n

The defendants equally pleaded not guilty to the 13-count amended
\ncharge.<\/p>\n

After their\u00a0 pleas, trial continued in the case, and the prosecutor, Mr
\nRotimi Jacobs (SAN), called\u00a0 the fifth prosecution witness, Mrs Nenandi
\nUsman, a former Minister of Finance.<\/p>\n

Usman entered the witness box and\u00a0 swear to oath.<\/p>\n

She introduced herself as a businesswoman, testifying\u00a0 that between 2003
\nto 2007 she worked at the Federal Ministry of Finance, first as a
\nMinister of State and later as the Minister of Finance.<\/p>\n

Usman said that her duty then included sending and receiving mails on
\nbehalf of the ministry and representing the ministry.<\/p>\n

When asked what she\u00a0 remembers about the\u00a0 case, she told the court that
\nin February 2007, a letter signed by one Prince Isaac came to the Office
\nof the Minister of Finance.<\/p>\n

The former minister said that\u00a0 the writer requested for a mandate to be
\nissued to him to enable him to collect money from the Central Bank of
\nNigeria.<\/p>\n

She said that the\u00a0 letter was then directed to the permanent secretary
\nin the ministry who also directed it\u00a0 to the appropriate office.<\/p>\n

According to her, the ministry\u2019s position on the letter was to remind
\nthe party that in 1995 there was an amendment to the Foreign Exchange
\nAct, in which such mandate was no longer required.<\/p>\n

The prosecutor thereafter laid a foundation for tendering of documents
\nin that regard before the court.<\/p>\n

After some objections by defence counsel, the court admitted and marked
\nthe documents as Exhibit AA and AB.<\/p>\n

Under cross-examination, Usman agreed with defence counsel that all
\ntransactions relating to the charge pre-dated her assumption of office.<\/p>\n

She also told the court that she did not know any of the defendants in
\nthe charge.<\/p>\n

Trial in the case will resume on Feb. 3.<\/p>\n

The four directors were accused of altering a Barclays Bank cheque dated
\nDec. 29, 1994, for \u00a32.55 billion, made payable to the Union Bank account
\nof Gladstone Kukoyi and Associates, for purposes of constructing three
\npetrochemical refineries in Nigeria.<\/p>\n

They were alleged to have attempted to obtain money by false pretences
\nby demanding\u00a0 2.55 billion pounds from the Union Bank of Nigeria as well
\nas the Central Bank of Nigeria as proceeds of the Barclays Bank cheque.<\/p>\n

According to the EFCC, the offences contravene the provisions of
\nSections 1(2), 1(2)(a) of the Miscellaneous Offences Act of 1990.<\/p>\n

The EFCC also said that the alleged\u00a0 offences\u00a0 contravened the
\nprovisions of Sections 467(2)(I), 468 and 501of the Criminal Code Act,
\n2004. (NAN)<\/p>\n

<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Economic and Financial Crimes Commission (EFCC) on Wednesday re-arraigned four directors of Petrol Union Oil and Gas Company Ltd. charged with \u00a32.55 billion fraud. 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