The businessman is accused of fraudulently obtaining a N430 million credit facility from Stanbic IBTC bank.
An Ikeja High Court on Wednesday dismissed an application filed by a businessman, Oluwaseun Ogunbambo, asking it to quash the N430 million fraud charge preferred against him.
The application was dismissed by Justice Olabisi Akinlade for lack of merit.
Mr. Ogunbambo was charged to court for allegedly using forged documents to obtain a N430 million credit facility from Stanbic IBTC Bank Plc.
He was arraigned by the Economic and Financial Crimes Commission (EFCC) alongside his company, Adeline Investment Ltd.
His counsel, Adebayo Adenipekun, in the application dated February 13, asked the court to dismiss the charge against his client.
Adenipekun said the subject matter before the court was purely a civil matter, which ordinarily should have been resolved amicably between Mr. Ogunbambo and the bank.
He said the defendant had paid part of the loan and had entered into an agreement to pay the balance.
Mr. Adenipekun said the charge, therefore, was an abuse of court process.
The EFCC counsel, Francis Usani, however, opposed the application, arguing that the charge before the court was competent.
Mr. Usani said the matter was criminal in nature because Ogunbambo had used documents claiming that he was earning over N10 million monthly, to obtain the loan from the bank.
He said the bank had no authority to withdraw the matter from court, and that it was only the Attorney-General who had the power to discontinue any criminal matter.
In a short ruling, the judge held that she had the jurisdiction to entertain the charge.
Mr. Akinlade further held that the charge was not an abuse of court process because Ogunbambo was not being prosecuted for the same offence before any other court.
The matter was adjourned to May 8 for trial.
Mr. Ogunbambo is also being prosecuted in another court for receiving billions of naira from the Nigerian government for petrol subsidy without importing any petrol. In one of the cases, Mr. Ogunbambo and three others were accused of collecting N4.4 billion subsidy payments using forged documents.