Ibru, 14 others, remain in detention

Justice Dan Abutu, the presiding judge, also ordered that the accused persons be remanded in custody till then. At the hearing of the case at the Federal High Court Lagos, several placard carrying protesters stormed the court. Some of the inscriptions on the placards read: ‘EFCC has fallen by the wayside,’ ‘Hillary Clinton, Rule of […]

Justice Dan Abutu, the presiding judge, also ordered that the accused persons be remanded in custody till then. At the hearing of the case at the Federal High Court Lagos, several placard carrying protesters stormed the court.

Some of the inscriptions on the placards read: ‘EFCC has fallen by the wayside,’ ‘Hillary Clinton, Rule of Law is innocent until proven guilty,’ amongst others.

The former Managing Director of Afribank Plc, Sebastine Adigwe and Peter Ololo, the Managing Director of Falcon Securities Limited, are to be in prison custody while the rest, including the seven executive directors of Intercontinental Bank Plc are to be remanded in EFCC custody.

In the meantime, the anti-graft commission has opposed the bail applications of all the accused persons.

In its counter affidavit to the bail application of the Ex-MD of Oceanic Bank Plc, Mrs. Cecilia Ibru, the EFCC disclosed that it embarked on an investigation of the bank’s management upon the receipt of a petition sometimes in August, 2009.

The commission stated further that its investigations revealed that Mrs. Ibru granted unsecured credit facilities running into billions of naira to some companies after the board of directors of the bank had refused to grant same.

It was also alleged that Oceanic Bank’s monthly returns to the Central Bank of Nigeria (CBN) were falsified by Mrs. Ibru.

The commission stated further that if the accused person is granted bail by the court, she will use her position as a former managing director to interfere with the prosecution witnesses.

However, the arguments were countered by the accused person in her bail application as she asked the court through her lawyer, Akin Olujimi(SAN) to grant her bail pending the hearing and determination of the substantive suit.

In the EFCC’s counter affidavit to the bail application of Okey Nwosu, the Ex-MD of  Finbank Nigeria Plc, the commission disclosed that it conducted an investigation into the running of the bank upon the receipt of a petition from the CBN sometime in August.

The EFCC stated further that investigations showed that Mr. Nwosu made the bank to borrow the sum of N44.8 billion from the CBN through expanded discount window and itsstanding credit facility was still outstanding as at 23rd July, 2009.

The commission also alleged that the bank’s monthly return to the CBN were falsified by the accused person and that he will not be available for trial if granted bail.

 The accused person, speaking through his lawyer, Chief Wole Olanipekun (SAN), asked that he be granted bail by the court in liberal terms.

On the Ex-MD of Union Bank, Bartholomew Bassey Ebong and his co-accused, Henry Onyemem and Niyi Albert Opeodu, the EFCC disclosed in its counter-affidavit that the accused conspired amongst themselves to manipulate the bank’s shares.

Counsel to Ebong, Prof. Alfred Kasumu (SAN), asked the court to grant his client bail on self recognition as an Ex-MD.

In his own submission, Anthony Idigbe(SAN), counsel to Henry Onyemem informed the court that his client was absent due to ill health and accused the EFCC of filing the proof of evidence after accused person’s bail application has been filed.

He urged the court to admit his client to bail on the grounds of ill-health. Chief Wole Olanipekun (SAN) who argued for the 3rd accused, Niyi Albert Opeodu, also canvassed for his client’s bail application.

The commission also countered the bail applications of Ex-MD of Afribank Plc, Sebastine Adigwe; Peter Ololo of Falcon Securities Ltd and the seven executive directors of Intercontinental Bank, Plc.

The seven executive directors are: Raymond C. Obieri; Hyacinth U.F. Enuha; Christopher Adebayo Alabi; Samuel Adegbite; Alhaji Isyaku Umar; Bayo Dada and Elder(Dr). Sanni Adams.