BUSINESS MOGUL JIMOH IBRAHIM ARRAIGNED BY EFCC

The Economic and Financial Crimes Commission has asked an Ikeja High Court to adjourn the arraignment of a business mogul, Mr. Jimoh Ibrahim, till October 8, 2008.

Ibrahim was scheduled to be arraigned before the court on Wednesday over alleged N1bn fraud, but instead the EFCC asked for a new date to do so.

The businessman, who had on July 22 told THE PUNCH that he would be in court on Wednesday, was absent. No lawyer also made an appearance for him when the case was called by the court’s Registrar.

The lawyer to the EFCC, Mr. Ade Adetunji said, ”Your Lordship (Justice Joseph Oyewole), it will be recalled that this matter was adjourned till today (Wednesday) so that we will bring the defendant (Ibrahim) to court. Unfortunately however, all our efforts to produce him today (Wednesday) failed. We have not been able to get him.

“We are asking the court for adjournment so that we can bring him at the next adjourned date.”

The matter was then adjourned till October 8, 2008.

However, when contacted on Wednesday, Ibrahim said it would not be proper for him to comment on the claim by the EFCC that it was unable to “get him.”

Ibrahim is facing a six-count charge bordering on forgery, uttering, impersonation and obtaining money by false pretences.

The offences contravene sections 467, 468, 484, of the Criminal Code Law of Lagos State and section 1 (3) of the Advance Fee Fraud and Other Related Offences Act, Cap. A6, Vol. 1 Laws of Federation of Nigeria.

In the charge, he was alleged to have fraudulently obtained a N1bn loan from the Trade Bank Plc (in liquidation) by falsely presenting himself as the Managing Director of the VGC Communications Limited on September 30, 2005.

He was further alleged to have forged “a letter of application for a loan” in the name of VGC on September 26, 2005 for the purpose of obtaining the loan from the bank.

He was also said to have forged a resolution of the Board of Directors of VGC with alleged fraudulent intent to obtain the said loan from the bank.

In the proof of evidence attached to the charge, the commission listed 14 witnesses to establish its case against Ibrahim.

The witnesses include a representative of the Corporate Affairs Commission.

It was revealed in the proof of evidence that Ibrahim’s was sequel to a petition written by the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation, Mr. Ganiyu Ogunleye.

Ibrahim denied the offences in his statements to the EFCC on June 20, 2006 and August 8, 2006.

He admitted that although it was true that the company in which he had controlling shares, Global Fleet Limited, bought N2bn shares from the Trade Bank.

But he further explained that the sales of the shares were cancelled when Trade Bank failed to meet the capitalisation target of N25bn.

He said that the money was consequently refunded. Ibrahim also narrated a series of transactions between his companies and the bank but concluded that he committed no fraud against the bank.

He added that the petition written against him was unfair.

He had said, “In their letter to us dated January 4, 200, the bank (Trade Bank) put our total indebtedness at N924m which was paid to them and a discharged letter dated January 5, 2006 was given to us.”

“On the issue of VGC Communications, it does not belong to me, we only owned it for the period we were buying it and for any transaction done within that period we are bound, by it. The NDIC petition against me is unfair.”

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