LAGOS – The Economic and Financial Crimes Commission (EFCC) on Wednesday in Lagos arraigned a businessman, Frank Amah, over alleged laundering of N102.4 million.
Amah is standing trial on an amended four-count charge bordering on money laundering at a Federal High Court, Lagos.
The accused was first arraigned in 2007 with Justice Peter Olayiwola, now retired, as the trial judge.
The case was transferred to other judges before his re-arraignment before Justice Chukwujekwu Aneke.
Also joined in the suit is his company — Chy Frank Nig. Ltd.
At Wednesday’s proceeding, the prosecutor, Saidu Atteh, asked the court to read the amended charge to the accused for him to take a fresh plea.
Atteh told the court that the accused fraudulently obtained N102. 4 million from one Mr Donatus Dunu on pretext of selling some goods to him, but instead converted the money to personal use.
The accused used N94.8 million out of the N102 .4 million to purchase a house at Ikoyi area of Lagos, he added.
“The remaining money was used to purchase shares of the defunct Chartered Bank now Stanbic IBTC Bank.’’
He said the offences, which were committed on March 10, 2005 in Ikoyi, contravened Section 14 of the Money Laundering (Prohibition) Act, 2004.
The accused, however, pleaded not guilty to the charges.
Counsel to the accused, Mr J. Ezike, asked the court to quash the charges because the prosecution had failed to disclose any offence known to law.
Ezike also noted that the prosecution did not comply with the condition precedent to the suit by not swearing to an affidavit in support of the charge.
On the application for bail by the defence counsel, Justice Aneke allowed the accused to continue to enjoy bail on the terms earlier granted him.
The case was adjourned to May 26 for trial. (NAN)
