News

October 15, 2014

N430M Loan: Defendant’s counsel withdraws from case

By Onozure Dania & Hope Ofobike

Lagos—There was a mild drama at a Lagos High Court sitting at Igbosere yesterday as the lawyer who was representing an oil marketer, Oluwaseun Ogunbambo, who is being prosecuted over an alleged N430 million loan facility withdrew himself from the matter.

The Economic and Financial Crimes Commission, EFCC, charged Ogunbambo alongside his company, Adeline Investment Limited before Justice Olabisi Akinlade for fraudulently obtaining a credit facility worth over N430 million from Stanbic IBTC Bank Plc between February and September 2009.

Ogunbambo, who is facing separate charges of fuel subsidy fraud before another Lagos High Court was recently declared wanted and was said to have fled to Canada.

At the resumed hearing of the matter yesterday, Ogunbambo’s counsel, Raphael Oluyede, in a Motion on Notice brought pursuant to Section 234 of the Administration of Criminal Justice Law of Lagos State, 2011 prayed the court to allow him withdraw his representation for Ogunbambo.