Alleged N26.6bn Fraud: Court Remands Ex-Bank PHB Director, Adenmosun in Ikoyi Prison

Wale Igbintade

Justice Daniel Osiagor of the federal high court in Lagos, yesterday ordered the remand of a former director of Bank PHB (now Keystone), Funmi Adenmosun at the Ikoyi Correctional Centre following his inability to perfect his bail conditions.

The Economic and Financial Crimes Commission, (EFCC) had on January 21, arraigned Adenmosun, before the court over alleged N26.6 billion money laundering.

He was arraigned alongside his company, Home Trust Savings and Loan limited and a private company, Rare Properties and Development Limited. He was subsequently granted bail in the sum of N250 million with two sureties.

However, when the trial commenced yesterday, Adenmosun who was initially in the custody of the EFCC, however requested to be remanded in Ikoyi Correctional Centre until he meets his bail conditions. The request was granted by Justice Osiagor.

During the trial, EFCC prosecutor, Mr. Sulaiman I. Sulaiman informed the court that the verification of documents presented by the sureties was still ongoing.
He told the court that he was ready to commence trial and that one of his witnesses was in court.
But, Justice Osiagor wondered why the prosecution was taking too long on the verification of documents submitted by the sureties.

The judge observed that the anti-graft agency imposed conditions that were not in the original order made by the court.

Therefore, the court stopped the EFCC from carrying out the verification of the sureties adding only the court will carry out the exercise.
Meanwhile, the prosecution called its first witness, Mr. Segun Adesomoju, the Compliance Officer, City Monument Bank Ltd (FCMB), who told the court that the bank received a letter from the EFCC requesting for account details of the defendants.

However, an attempt by the EFCC prosecutor to tender some of the account statements hit a brick wall as the defence lawyer, Mr. Wale Adesokan objected to their admissibility.
Following the objection, EFCC lawyer, Sulaiman urged the court to adjourn the case to enable him to do what was needed.

The case was adjourned till today for the continuation of trial.
The defendants were arraigned on a 10-count charge bordering on conspiracy, money laundering and fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc.
Adenmosun pleaded not guilty to all the charges.

Some of the charges against the defendant read: “That you, Funmi Adenmosun and Home Trust Savings and Loan Limited and Rare Properties and Development Limited sometimes in 2007 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to convert the sum of N26, 600, 000, 000 which sum you reasonably ought to have known forms part of proceeds of fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 18 of the Money laundering Prohibition Act, 2011 as amended and punishable under section 15 (2) (b) of the same Act.”