N15b Fraud: Court Fixes March 14 For Ex-Gulf Bank MD’s Trial

A Federal High Court in Lagos on Wednesday fixed March 14 for the trial of a former Managing Director of the defunct Gulf Bank, Johnson Adebami, and three others over alleged N15 billion fraud. Justice Mohammed Yunusa granted the adjournment in accordance to the prayers of the prosecution.


 The News Agency of Nigeria (NAN) reports that Adebami is being tried alongside Uche Uwechia, a Briton, Gareth Wilcox, and his companies — Ibom Power Ltd and LYK Engineering.

 They are facing a 21-count offence bordering on fraud. At the resumed hearing of the case on Wednesday, the prosecutor, Mr Dania Abdullahi, told the court that another accused would soon be arraigned.


 He asked for an adjournment as a result of the new development. NAN also reports that the accused, who were arraigned on Dec. 23, 2013, had pleaded not guilty to the charges. The judge granted them bail in the sum of N200 million each with two sureties each in like sum.

 The accused were alleged to have converted over N15 billion, property of the defunct bank to personal use on the pretext of granting loans and overdrafts to various companies without records. In addition, the former MD and the others are also charged with appropriating 55.3 million dollars and about N3.7 billion belonging to the bank.

 Part of the money was also said to have been used to finance a non-existing refinery, while the rest funds were converted to personal use.

(NAN)  The offences contravened the provisions of Section 390 of the Criminal Code, Laws of the Federation, 2006.