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EFCC arraigns Stella Obasanjo’s younger brother for alleged N120m fraud

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The Economic and Financial Crimes Commission (EFCC) on Monday arraigned Dr. John Abebe, the younger brother of a former First Lady, late Stella Obasanjo, at the Lagos State Special Offences Court, Ikeja, for alleged N120 million fraud.

He was arraigned alongside a former Head of First Bank Plc, in the United Kingdom, Kamoru Alade Oladimeji, on a six-count charge of conspiracy, stealing, and obtaining money under pretence.

One of the charges read: “That you, Dr. John Abebe and Kamoru Alade Oladimeji, on or about the 4th day of June 2013 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to commit felony to wit; stealing the sum of N120 million worth of property of Arsenal Technologies Limited.”

The defendants, however, pleaded not guilty to the charges.

Read also:EFCC arrests suspected owners of ‘Yahoo Yahoo’ school in Edo

The offences, according to EFCC, contravened Sections 280(1), (12), 8 (7), 285(1) and 278(1)(b) of the Criminal Laws of Lagos State, 2011.

The defense counsel, Anthony Popo and Sam Etaifo urged the court to grant their clients bail in the most liberal terms.

Justice Olubunmi Abike-Fadipe granted Abebe bail in the sum of N20 million with one surety in like sum.

She also granted Oladeji bail in the sum of N10m with one surety in like sum.

The judge ordered that the defendants shall continue to enjoy the administrative bail earlier granted to them by the EFCC but would be rearrested and detained in prison if they fail to perfect the bail condition after seven days.

She adjourned the case till December 6 for the commencement of trial.

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