Chizbu Kenneth, the deputy manager of an old generation bank’s branch in Ghana, was accused of defrauding the bank of N396.9 million by the police in Lagos on Friday.
Men from the Police Special Fraud Unit (PSFU) brought Kenneth before Justice Akintayo Aluko on a six-count charge of conspiracy, fraud, and money laundering.
Ikechukwu Iredia, the police prosecutor, had told the court that the defendant and other people who are still at large committed the crimes sometime around May 2022.
Iredia further claimed that the defendant deceitfully acquired the aforementioned cash from a client who conducts business as Aqua 10 Nigeria Limited under the pretense of changing the Naira to US dollars.
The defence alleged that rather than upholding his half of the deal, the defendant diverted the specified sum to his personal use.
Iredia further informed the court that the offenses violated Section 8(a) and were subject to punishment under Sections 1(3)(a) and 2(1)(a) of the Advance Fee Fraud and Other Fraud Related Offenses Act No. 14 of 2006.
Additionally, he insisted that money laundering violates section 15(2)(b) of the modified Money Laundering (Prohibition Act 2012).
But the accused entered a not guilty plea to the accusation.
Following this development, the defense attorney pleaded with the judge to grant his client the most lenient bail conditions possible.
Justice Aluko granted the defendant bail in the amount of N50 million with two sureties in the same amount in his decision.
One of the sureties must possess land within the court’s jurisdiction, according to Justice Aluko, while the second surety must be a Grade Level 12 public service officer or a businessperson with an account balance of N100 million.
The trial was subsequently postponed until February 23, 2023, and the defendant was ordered to remain in custody until all of the conditions of his bail were satisfied.
