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Court denies 2 MDs bail over N120m land scam

By Evelyn Usman

Managing Director of Samadores Ltd and Aqua Rock Real Estate, Mr. Samuel Koneke and his counterpart at Iccon Communications Limited, Ifeanyi Ndigwe, had their bail applications rejected yesterday, by Justice Mojisola Dada of the Lagos State High Court, Ikeja, over alleged N120 million land scam.

Judicial symbol for justice

The duo and the Managing Director of Forthright Properties Ltd, Isaac Akintoye, are standing trial alongside four firms before the court on a 16-count charge on stealing and fraud preferred against them by the Economic and Financial Crimes Commission, EFCC.

However, Akintoye was granted bail in the sum of N500,000 with one surety in the like sum.

Counsel to the EFCC, Muhammed Bashir, said  the offences were committed in Lagos between November 14, 2005 and August 2014, alleging that the defendants received the N120m in tranches of N68,400,000, N1,800,000, N5,000,000, N6,000,000, N10,000,000 and N8,500,000.

While rejecting the bail application by the defense counsel, Justice Dada described the duo of Okeke and Ndigwe as flight risks.

He said: “ The first defendant’s bail was opposed by the prosecution on the ground that he jumped the administrative bail granted him at the EFCC office and evaded arrest until he was apprehended on May 10. The applicant’s counsel never replied to this weighty allegation in all the documents submitted before the court. I therefore hold that his application fails and bail is hereby refused.”

While also rejecting the third defendant’s application, the judge said “…not having a source of income or a traceable address, there are indications that he may not be available for his trial.”

 


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