Lagos – A Lagos High Court, Igbosere, on Thursday remanded a businessman, Chukwuemeka Ekwunife in a prison custody over alleged theft of N434.1 million.
Justice Abdulfatah Lawal, who issued the remanded order, had dismissed a bail application filed by the accused’s counsel, Mr J. H. Bashir.
The Economic and Financial Crimes Commission (EFCC) charged Ekwunife alongside his company Structured Energy Ltd, over alleged N434.1million theft.
He is standing trial on a seven-count charge bordering on theft and fraud.
Counsel to the EFCC, Mr G. C. Okaob, said the accused committed the alleged offences between 2013 to 2015, in Lagos.
He said that sometimes in 2013, the accused dishonestly converted the sums of N130 million, N99.6 million and N25 million to his personal use, which is property of Napal Oil and Gas Services Ltd.
The prosecutor also said that sometimes in 2015, Ekwunife converted the sums of N88 million, N85 million and N3 million to his personal use.
Similarly, Okaob said, in 2014 the accused converted the sum of N3.5 million, to his personal use.
He said the total amount allegedly stolen by the accused was N434.1 million, property of Nepal Oil and Gas Services Ltd.
He said the offences contravened Sections 285 (1), and 278 (b), of the Criminal Law of Nigeria.
Ekwunife pleaded not guilty.
Bashir, counsel to the accused, however, urged the court to grant him bail based on the conditions earlier granted to him by the EFCC.
Okaob, objected to the bail, stating that the accused might abscond.
Consequently, in his ruling, Justice Lawal, dismissed the bail application and ordered that the accused be remanded in prison custody.
The case was adjourned till Sept. 14 for trial. (NAN)
