By Ikechukwu Nnochiri 

Justice Adebukola Banjoko of an Abuja High Court, sitting at Gudu, has granted N20million bail to two brothers, Chinedu Ugochukwu and Udechukwu Ugochukwu, who were arraigned by the police on a nine-count charge bordering on impersonation, forgery and fraud.

The duo were alleged to have, between July and November 2009, at Abuja, conspired to commit theft, an offence punishable under Section 97 of the Penal Code Law. Udechukwu was alleged to have paraded himself as the Managing Director ?of Ugochukwu & Sons Limited, and fraudulently caused the transfer of 1,635,805 shares of a biscuit company worth N1billlion to his brother, Chinedu. The police alleged that the defendants used a forged letter-headed paper to perpetuate the fraud which, they said, was contrary to Sections 140, 287, 317, 319,  366 of the Penal Code. Meanwhile, the defendants pleaded not guilty to the charge, even as they persuaded the court to release them on bail, pending the determination of the case against them.

In granting them bail, Justice Banjoko ordered that, aside the N20m, the defendants must produce one surety each in like sum.

The court  fixed April 4 to commence hearing in the matter.