Court grants 3 Bureau-De-Change operators N60m bail for alleged N437m fraud

Justice Nicholas Oweibo of the Federal High Court in Lagos on Wednesday granted three Bureau-De-Change operators N20 million bail each with two sureties in the like sum, following their arraignment for an alleged N437million fraud.

The Judge remanded the defendants – Jimmy Ibrahim, Obianuju Tessy Umejesi and Uche Madubuko – in prison custody pending their perfection of the bail terms.

One of the sureties must be a landed property owner in Lagos, while the second surety must be a Grade Level 12 officer with Lagos State of the Federal Government, the judge said.

The trio were arraigned on August 22 by the Police Special Fraud Unit (PSFU) Ikoyi, Lagos on a five-count charge of conspiracy, obtaining money by false pretence and fraud.

Each defendant pleaded not guilty, following which the judge adjourned to hear their bail applications.

Read also: EFCC operatives nab 60 internet fraudsters in Akwa Ibom

At the resumed hearing of proceedings yesterday, Mr. Adekunle Adesanya (SAN), U. G. Ezeaba and Agnes Uzulor, prayed the court to admit the defendants to bail “in the most liberal terms.”

But prosecution counsel Mr. Chukwu Agwu opposed them, arguing that others involved in the alleged offences are at large and granting the bail applications may jeopardise police efforts to arrest them.

But, in a bench ruling, Justice Oweibo held: “In line with Section 36(5) of 1999 Nigerian Constitution and Section 162 of Administration of Criminal Justice Act (ACJA), each defendant is hereby admitted to bail in the sum of N20million with two sureties in the like sum.”

He adjourned till October 3 for trial.

The SFU, in a charge marked FHC/L/292c/19, alleged that the defendants committed the offences while operating under the names of Regis Bureau De Change, Jayjibs Ventures, Johim Ventures and Jajibs Bureau-De-Change.

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