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Dana Air Managing Director Ranesh Faces Arrest Over N1.3bn Fraud Allegations

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The Managing Director of Dana Air, Ranesh, is under a court order for arrest due to his involvement in an alleged N1.3 billion fraud, raising concerns over corporate governance.
An arrest warrant has been issued by a Federal High Court in Abuja for Mr. Hathiramani Ranesh, the Managing Director of Dana Air, following his purported failure to appear in court.
The Attorney General of the Federation had brought a six-count charge against Ranesh and two additional individuals.
In the first count, Ranesh and the two companies, along with other unidentified individuals, were accused of committing a felony between September and December 2018 on the premises of DANA Steel Rolling Factory in Katsina.
They were accused of conspiring to remove, convert, and sell four industrial generators—specifically three units with a capacity of 9,000 KVA each and one unit with a capacity of 1,000 KVA. These items are valued at over N450 million and form part of the Deed of Asset Debenture that serves as collateral for a bond issued in your favor. This Deed remains valid at all relevant times.
In the third charge, it is alleged that the defendants and others not yet apprehended conspired at House No. 116 on Oshodi-Apapa Expressway in Isolo-Lagos to fraudulently divert N864 million between April 7th and 8th, 2014.
The funds, reportedly originating from Ecobank’s bond proceeds intended for revitalizing production at the Dana Steel Rolling Factory in Katsina, were allegedly used for unauthorized purposes.
In the fifth count, it is alleged that the defendants, along with others not currently in custody, “conspired to fraudulently withdraw and transfer N60,300,000 (Sixty Million Three Hundred Thousand Naira) into Atlantic Shrimpers Account No: 0001633175 at Access Bank.”
The total amount involved in the charge is ₦1,374,300,000.
Justice Obiora Egwuatu determined that Ranesh’s arrest was justified because he had been charged and subsequently failed to appear at several court hearings.
The judge stated that, under Section 184 of the Administration of Criminal Justice Act (ACJA), 2015, the court has the authority to issue an arrest warrant for any defendant who fails to appear.
Justice Egwuatu declared that the first defendant is required to appear before the court, and if he fails to do so, a warrant for his arrest may be issued by the court.
As a result, he issued an arrest warrant for Ranesh, mandating his court appearance on January 13, 2025, before any objections can be raised.
The case has been postponed to that date for further hearing.
The attorney for the Federal Government, Mojisola-Okeya Esho, had earlier requested a bench warrant due to Ranesh’s absence in relation to a fraud case involving N1.3 billion against him.
However, defense lawyer B. Ademola-Bello argued that they had submitted a preliminary objection concerning the court’s jurisdiction to hear the case, which had already been delivered to the prosecution.
Esho argued against the initial objection, stating that it was necessary for the defendants to be present.
Justice Egwuatu, in delivering the ruling, ordered that Ranesh be apprehended and presented to the court on the next scheduled date.
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