ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Thursday, February 25, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
EFCC intercepted N15.5BN at Airport in 2012- Lamorde

Man docked for allegedly duping victims of N390 million

byPremium Times
January 16, 2014
2 min read

Bright was charged for obtaining money under false pretence.

An Ikeja High Court on Thursday began substantive hearing of the trial of a fund manager, Segun Bright, charged with N390 million fraud.

Mr. Bright, who is the Managing Director of Wexford Global Resources Ltd., is standing trial before Justice Oluwatoyin Ipaye.

The 37-year-old man, who is being prosecuted by the Economic and Financial Crimes Commission, EFCC, faces a 21-count charge of obtaining money under false pretences.

Mr. Bright pleaded not guilty on arraignment, and was granted bail in the sum of N3 million with two sureties in like sum.

On Thursday, the EFCC Counsel, Emmanuel Jackson, called the first prosecution witness, Patrick Akwalanu, to testify against the accused.

Mr. Akwalanu said that he met Mr. Bright in May 2010 during a seminar organised by Wexford Global Resources Ltd. at the company’s premises at Abule Egba, Lagos. He said Mr. Bright introduced various investment schemes to participants, and that this attracted his attention.

“The first scheme was the Cash Stream Concept which requires an investor to register with N15,000. Under this scheme, if you buy products from the company worth N5,000, the accused will pay you N21,000 as interest at the end of the month,’’ the witness said.

Mr. Akwalanu said that Bright also promised to pay N3,750 as a commission to an investor who introduced any other to the company. He said that the accused assured investors that the initial N15,000 deposit would be refunded to them after two months.

RelatedNews

VIDEO: What Bawa told Senate about himself

Facebook to invest $1bn in news industry

Group writes Buhari, lists ‘ignored’ N900 billion corruption cases

Nigeria needs urgent action on food as population surges — Osinbajo

According to him, the second scheme, the Wexford Cooperative Programme, lured members with over a hundred per cent return on investment.

“If you invested N300,000, after three months, you will be expecting N750,000,”the witness said.

Mr. Akwalanu told the court that he invited his family members and friends to invest on both schemes, adding that their total investment was over N20 million.

Dangote adbanner 728x90_2 (1)

He said, “On the whole, I introduced about 2,000 persons who invested in both schemes. I invested over N300,000. My wife, son and daughter invested over N60,000 each. From my activities, the accused now appointed me as his Coordinator in Port Harcourt, Rivers State. He was supposed to give me a car as the best marketer. In fact, I took photographs with the car but I did not enter inside.”

The witness said that in September 2010, the accused gave him a Skye Bank cheque for N900,000, which was rejected when presented to the bank.

Mr. Akwalanu said that, thereafter, Mr. Bright became incommunicado and did not respond to his telephone calls. He said that this caused panic among the investors. He said that the development prompted him to report the matter to the police for investigation.

“The accused was later arrested in Ilesha in Osun State. We petitioned the EFCC which eventually took over the case,” the witness said.

The case was adjourned till January 22 for cross-examination of the witness.

(NAN)

ADVERTISEMENT
  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (1)
premiumtimes



PT Mag Campaign AD

Previous Post

Blame yourself not Tinubu for Rivers crisis, APC tells PDP

Next Post

Finally, Tukur quits as PDP chairman

Premium Times

Premium Times

More News

Electricity prepaid meters used to illustrate the story.

Nigeria electricity regulator seeks citizens’ ideas on mass metering

February 24, 2021
Nigerian Investment Promotion Commission – NIPC

Nigerian Investment Promotion Council staff hold protest, shut office

February 24, 2021
Reps in Plenary

Reps ask defence minister, service chief to reinstate 15 NDA cadets

February 24, 2021
Governor Muhammad Badaru (

Nigerian governor signs law approving death sentence for rapists

February 24, 2021
EFCC Officials

Court acquits defendants of N170million FIRS contract fraud

February 24, 2021
Obinwanne Okeke

EXCLUSIVE: Obinwanne Okeke to restitute $10.7million, forfeits wedding ring, cars to U.S.

February 24, 2021
Next Post
PDP lawmakers dismiss Tukur’s threat to declare their seats vacant

Finally, Tukur quits as PDP chairman

Jonah Jang says God helped him “defeat” Amaechi

Plateau residents urge Jang to constitute peace committee

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,624,023 other subscribers.

Advertisement






netherland biz school Advert

Zenith Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.