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Failed banks: Obieri, 6 others challenge EFCC’s action

By Innocent Anaba

LAGOS—Former chairman of the Intercontinental Bank Plc, Chief Raymond Obieri, and six other former Directors of the Bank, who are facing corrupt charges preferred against them by the Economic and Financial Crimes Commission, EFCC, before a Federal High Court sitting in Lagos, have challenged the amended charge brought against them by the commission.

Standing trial alongside Obieri in the 12-counts charge, are Hyacinth Enuha, Christopher Adebayo Alabi, Samuel Adegbite, Alhaji Isyaku Umar, Bayo Dada and Elder Sanni Adams.

Meanwhile the trial judge in the matter, Justice Dan Abutu, who is also the Chief Judgeof the Federal High Court, has ordered parties to file written addresses.

The  EFCC had on 19 January 2010 filed amended corruption charges against the accused persons, hinging its action on fresh facts available to the commission

Obieri and the other accused persons, were said to have granted credit facilities in the sum of N8 billion to companies, which they are either directors or had interest in, without security, contrary to Intercontinental Bank Plc’s regulations and offence contrary to section 15(1) (a) and (c) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act Cap F2, Laws of the Federation of Nigeria, 2004 and punishable under Section 16(1) (a) and (2) of the same Act.


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