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Forex scam : Spring Bank sues Police, EFCC

By Innocent Anaba

LAGOS — Determined to ensure proper investigation by the police and the Economic and Financial Crimes Commission (EFCC) into a N150 million forex scam involving one of its General Managers, Mr Steve Ogwa, Sterling Bank Plc has dragged the two government agencies before a  Federal High Court sitting in Lagos.

The bank in the suit is asking the court to restrain the Inspector-General of Police and the EFCC from doing anything on the case pending the determination of the suit. It is also praying the court to restrain the defendant from compelling it to release the fund in the middle of the alleged scam, without concluding investigations.

Other defendants in the suit are  customer of the bank, Mabadi Limited, a bureau de change operator, Adetunji Adewoye and his company Yaro Ventures and Trust Nigeria Limited. Trial judge in the matter is Justice Ibrahim Auta

Some bureau de change operators had petitioned the IGP and EFCC, alleging that some officials of Sterling Bank colluded with Adewoye to defraud them of N150 million, a development that led to the arrest and detention of the bank officials.

Starling Bank in its statement of claim, said in June 2009, Adetunji Adewoye walked into its Opebi branch, where he told the Manager that he was expecting some money to be transferred into his account 238466148110, which had been dormant for over 10 months and on June 25, the said account was credited with N105.4 million, which was paid into the account within the branch and other branches of the bank outside Lagos.


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