The accused fraudulently obtained huge sums of money, totaling N9.8 billion, from several individuals, the prosecutor said.
Justice Ibrahim Buba of the Federal High Court, Lagos, has adjourned until May 6, the trial of a “wonder bank operator’’, Fortune Etaba.
Mr. Etaba is charged with N9.8 billion fraud.
The case was fixed for continuation of trial, but could not go on as scheduled due to the absence of the defence counsel, Joseph Oshoke.
The judge, therefore, adjourned trial and remanded Mr. Etaba at the Kirikiri Prisons pending his trial.
Mr. Etaba is standing trial alongside his company, Establishment House Ltd., on an amended four-count charge bordering on fraud.
He was re-arraigned on January 21 on the amended charge; and pleaded not guilty to the charge.
The judge had granted him bail for N500 million with two sureties in like sum.
Mr. Buba also ordered the accused to submit his traveling documents to the court, with an undertaking not to travel outside Lagos during the pendency of the case.
He also ordered the accused to be remanded in prison, pending perfection of his bail conditions.
In the charge, the accused was said to have committed the offence between June 2009 and December 2009.
The prosecutor, Effiong Asuquo, had told the court that the accused fraudulently obtained huge sums of money, totaling N9.8 billion, from several individuals, especially businessmen at the Alaba International Market, Ojo, Lagos.
Mr. Asuquo said that the accused deceived the businessmen to believe that they would earn 50 per cent interest on their deposits after 21 days.
The prosecutor said the accused could neither repay the deposited sum or the “multiplied sum’’ as represented.
He said the offences contravened the provisions of Sections 1 (1) (a), 8, and 2 of the Advanced Fee Fraud and other Fraud Related Offences Act, 2004.
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.
TEXT AD: To advertise here . Call Willie +2347088095401...