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Businessman arraigned in Borno over alleged N10m fraud

Auto dealer arraigned for laundering N207m

One Ali Kawu was, on Monday, arraigned before the Borno State High Court by the Economic and Financial Crimes Commission (EFCC), Maiduguri zonal office, over an alleged N10 million fraud.

According to the one count charge filed by the EFCC, the accused, through his company, Faruk Kawu Investment Ltd, allegedly misappropriated N10 million out of the total sum paid by one Wakil Bukar Lawan for the purchase of Premium Motor Spirit (PMS).

Kawu has however pleaded “not guilty” to the charge.

Counsel to the EFCC, Benjamin Manji, asked for a trial date to enable the prosecution present its witnesses, and further prayed that the defendant be remanded in prison.

The judge, Justice Aisha Kumaliya, adjourned the matter to August 1, 2019, ordering that the defendant be remanded in prison, and that the defence should bring before the court a formal bail application.

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EFCC’s count reads: “That you, Alhaji Ali Kawu, being the alter ego of Faruk Kawu Investment Ltd, a company registered in Nigeria, sometime between 27th September, 2017 and February 2018 respectively at Maiduguri, Borno State within the Jurisdiction of this Honourable Court, being entrusted with dominion over certain properties to wit: the gross sum of N18,120,000.00 (Eighteen Million One Hundred and Twenty Thousand Naira) by Hon. Wakil Bukar Lawan from Sabsabuwa Enterprises Nig. Ltd’s bank account domiciled with Zenith Bank Plc transferred into the bank account of Faruk Kawu Investment Ltd domiciled with Fidelity Bank Plc being payments for the purchase of Premium Motor Spirit (PMS) and dishonestly misappropriated the sum of N10,000,000.00 out of the said sum and you thereby committed an offence contrary to Section 311 of the Penal Code Act Cap. 102 Laws of Borno State of Nigeria and Punishable under Section 312 of the same Law.”

Ripples Nigeria

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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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