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EFCC re-arraigns Adigwe, 6 others

By Innocent Anaba
Former Chief Executive Officer of Afribank, Sebastian Adigwe and six others, including Chairman of the bank, Mr Osa Osunde, were Wednesday re-arraigned before a Federal High Court sitting in Lagos, by the Economic and Financial Crimes Commission, EFCC.

The accused persons were charged over an alleged N38 billion fraud.

Three board members of Afribank —  Isa Zailani, Chinedu Onyia, Henry Arogundade and a stockbroker, Peter Ololo, along side his firm, Falcons Securities Limited— are also included in the charge.

The accused persons, in the 33-count charge, are facing charges  ranging from criminal grant of loans worth billions of naira without collateral, abuse of office, manipulation of the bank’s shares to granting loan beyond the limit laid down by the regulations of the bank.

EFCC, in the charge, alleged that the accused persons recklessly approved the grant of a credit facility in the sum of N32 billion to five companies— Larix Company Limited, Suletical Nigeria Limited, Broworks Nigeria Limited, Alsmiths Nigeria Limited and Rehoboth Assets Limited — without adequate security and contrary to the regulation of the bank.

While other accused person were granted bail by court, the EFCC counsel opposed the granting of bail to Adigwe.

The court, however, ordered that Adigwe be remanded in the EFCC custody until April 26 when he would rule on the argument canvassed by counsel.


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